Massachusetts Financial Services Co. has increased its stake in Booking Holdings Inc. (NASDAQ: BKNG) by 6.7% during the third quarter of 2023. According to the firm’s latest Form 13F filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 72,604 shares of the travel services provider’s stock, having purchased an additional 4,589 shares during the period. At the end of the quarter, Massachusetts Financial Services owned approximately 0.22% of Booking, valued at $392,009,000.
Other institutional investors have also adjusted their positions in Booking. For instance, Geode Capital Management LLC increased its stake by 1.1%, owning now 854,838 shares worth $4,936,132,000 after acquiring an additional 9,333 shares. Similarly, Norges Bank established a new position valued at about $2,210,917,000, and Invesco Ltd. grew its holdings by 6.8%, now owning 379,583 shares worth $2,197,495,000. Notably, Laurel Wealth Advisors LLC made headlines by increasing its position by 578,824.0%, owning 289,462 shares valued at $1,675,765,000. Currently, institutional investors and hedge funds own 92.42% of Booking’s stock.
In related news, CEO Glenn D. Fogel sold 953 shares of Booking on January 15, 2024, for an average price of $5,181.34, totaling $4,937,817.02. Following this transaction, Fogel holds 19,615 shares valued at approximately $101,631,984.10. Meanwhile, insider Paulo Pisano sold 200 shares on November 7, 2023, for $1,000,000, reducing his stake to 1,514 shares valued at around $7,570,000. In total, insiders sold 3,324 shares worth $17,190,323 over the past 90 days, representing 0.16% of the company’s stock.
Quarterly Earnings Report and Dividend Announcement
Booking Holdings released its earnings results on October 28, 2023, reporting an earnings per share (EPS) of $99.50, surpassing analysts’ expectations of $95.56 by $3.94. The company generated revenue of $9.01 billion, well above the forecast of $8.71 billion. Year-over-year, revenue increased by 12.7%, compared to $83.39 EPS from the same quarter the previous year. Analysts expect Booking Holdings to post an EPS of 209.92 for the current fiscal year.
The company also declared a quarterly dividend of $9.60 per share, paid to shareholders of record on December 5, 2023. This dividend represents an annualized amount of $38.40, yielding approximately 0.8%. The ex-dividend date was also December 5, 2023, and Booking’s payout ratio currently stands at 24.96%.
Analyst Ratings and Future Outlook
Recent analyst evaluations reflect a generally positive outlook for Booking Holdings. KeyCorp raised its price target from $6,450.00 to $6,630.00 with an “overweight” rating. Wedbush upgraded the stock from “neutral” to “outperform,” setting a target price of $6,000.00. Additionally, BTIG Research reiterated a “buy” rating with a price target of $6,250.00, while Barclays raised its price objective to $6,250.00 as well.
Overall, one analyst rates the stock as a Strong Buy, while twenty-eight analysts have given it a Buy rating, and eight have designated a Hold rating. According to data from MarketBeat, the stock enjoys a consensus rating of “Moderate Buy” with an average price target of $6,225.56.
As a leading player in the online travel industry, Booking Holdings operates a diverse portfolio of consumer brands and technology platforms that facilitate travel service bookings. Originally founded as Priceline in the late 1990s, the company rebranded to Booking Holdings in 2018 and is headquartered in Norwalk, Connecticut. Its services include online reservations for accommodations, flight and car rental searches, as well as ancillary travel services.
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