Portland Hill Asset Management Ltd Cuts Stake in Booking Holdings Inc. (BKNG)
Portland Hill Asset Management Ltd reduced its position in shares of Booking Holdings Inc. (NASDAQ:BKNG) by 19.9% during the 1st quarter, HoldingsChannel reports. The fund owned 2,615 shares of the business services provider’s stock after selling 649 shares during the quarter. Booking accounts for 3.3% of Portland Hill Asset Management Ltd’s investment portfolio, making the stock its 11th biggest holding. Portland Hill Asset Management Ltd’s holdings in Booking were worth $4,580,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dodge & Cox raised its stake in Booking by 61.4% in the 3rd quarter. Dodge & Cox now owns 1,111,386 shares of the business services provider’s stock valued at $2,204,990,000 after acquiring an additional 423,004 shares during the period. Geode Capital Management LLC raised its position in shares of Booking by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 615,306 shares of the business services provider’s stock worth $1,057,996,000 after acquiring an additional 23,591 shares in the last quarter. Northern Trust Corp raised its position in shares of Booking by 0.9% in the 4th quarter. Northern Trust Corp now owns 540,722 shares of the business services provider’s stock worth $931,352,000 after acquiring an additional 4,935 shares in the last quarter. Norges Bank bought a new position in shares of Booking in the 4th quarter worth $788,351,000. Finally, Investec Asset Management LTD raised its position in shares of Booking by 6.0% in the 4th quarter. Investec Asset Management LTD now owns 422,709 shares of the business services provider’s stock worth $728,082,000 after acquiring an additional 23,870 shares in the last quarter. 92.22% of the stock is currently owned by hedge funds and other institutional investors.
In other Booking news, CEO Gillian Tans sold 294 shares of the stock in a transaction that occurred on Tuesday, January 15th. The stock was sold at an average price of $1,695.00, for a total transaction of $498,330.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey E. Epstein sold 250 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $1,715.00, for a total value of $428,750.00. The disclosure for this sale can be found here. Insiders have sold 865 shares of company stock valued at $1,489,405 in the last three months. Insiders own 0.24% of the company’s stock.
Booking (NASDAQ:BKNG) last announced its earnings results on Wednesday, February 27th. The business services provider reported $22.49 EPS for the quarter, beating analysts’ consensus estimates of $19.39 by $3.10. Booking had a return on equity of 44.63% and a net margin of 27.52%. The business had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.23 billion. During the same quarter in the prior year, the firm earned $16.86 earnings per share. The business’s revenue was up 14.6% compared to the same quarter last year. As a group, research analysts anticipate that Booking Holdings Inc. will post 101.67 EPS for the current fiscal year.
Several research analysts have recently commented on BKNG shares. Bank of America reissued a “buy” rating and issued a $2,400.00 price target (up from $2,300.00) on shares of Booking in a research report on Tuesday, February 26th. Morgan Stanley downgraded Booking from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $2,100.00 to $2,050.00 in a research note on Wednesday, January 9th. Deutsche Bank upgraded Booking from a “hold” rating to a “buy” rating and upped their target price for the stock from $2,150.00 to $2,370.00 in a research note on Tuesday, February 5th. SunTrust Banks restated a “buy” rating and issued a $2,150.00 target price on shares of Booking in a research note on Thursday, February 28th. Finally, Zacks Investment Research downgraded Booking from a “buy” rating to a “hold” rating in a research note on Friday, January 11th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twelve have issued a buy rating to the company. Booking currently has an average rating of “Hold” and a consensus price target of $2,121.68.
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Booking Company Profile
Booking Holdings Inc, formerly The Priceline Group Inc, is a provider of travel and restaurant online reservation and related services. The Company, through its online travel companies (OTCs), connects consumers wishing to make travel reservations with providers of travel services across the world. It offers consumers an array of accommodation reservations (including hotels, bed and breakfasts, hostels, apartments, vacation rentals and other properties) through its Booking.com, priceline.com and agoda.com brands.
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