Redwood Investment Management LLC Invests $1.16 Million in Booking Holdings Inc. $BKNG

Redwood Investment Management LLC bought a new stake in Booking Holdings Inc. (NASDAQ:BKNG) during the second quarter, Holdings Channel reports. The institutional investor bought 6,492 shares of the business services provider’s stock, valued at approximately $1,157,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of BKNG. BlackRock Inc. acquired a new stake in shares of Booking during the second quarter worth about $11,646,302,000. Deutsche Bank AG purchased a new position in shares of Booking during the second quarter worth about $1,691,186,000. Bank of New York Mellon Corp acquired a new position in Booking in the 2nd quarter valued at about $1,370,455,000. Legal & General Group Plc acquired a new position in Booking in the 2nd quarter valued at about $992,026,000. Finally, Bank of America Corp DE purchased a new stake in Booking during the 2nd quarter valued at approximately $770,673,000. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Insider Transactions at Booking

In related news, VP Peter J. Millones sold 50,050 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $207.59, for a total value of $10,389,879.50. Following the sale, the vice president directly owned 375,025 shares of the company’s stock, valued at approximately $77,851,439.75. This represents a 11.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vanessa Ames Wittman sold 1,125 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $192.00, for a total transaction of $216,000.00. Following the transaction, the director owned 16,508 shares of the company’s stock, valued at $3,169,536. This trade represents a 6.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 77,550 shares of company stock worth $16,112,304. Corporate insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

BKNG has been the subject of a number of recent research reports. UBS Group increased their price objective on Booking from $266.00 to $274.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Piper Sandler reissued a “neutral” rating and issued a $215.00 target price (up from $195.00) on shares of Booking in a report on Wednesday, August 5th. Weiss Ratings upgraded Booking from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. Robert W. Baird set a $230.00 price target on Booking in a report on Wednesday, August 5th. Finally, Cantor Fitzgerald increased their price target on Booking from $175.00 to $220.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $236.45.

Booking Price Performance

Shares of NASDAQ:BKNG opened at $202.56 on Friday. The firm has a market capitalization of $152.20 billion, a price-to-earnings ratio of 22.42, a price-to-earnings-growth ratio of 1.26 and a beta of 1.07. The business’s 50 day simple moving average is $191.50 and its 200-day simple moving average is $177.49. Booking Holdings Inc. has a 12 month low of $150.14 and a 12 month high of $226.63.

Booking (NASDAQ:BKNG) last released its quarterly earnings data on Monday, August 3rd. The business services provider reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.11. The firm had revenue of $7.35 billion during the quarter, compared to the consensus estimate of $7.19 billion. Booking had a negative return on equity of 102.96% and a net margin of 25.53%.Booking’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period last year, the business posted $55.40 EPS. On average, equities analysts anticipate that Booking Holdings Inc. will post 10.47 earnings per share for the current year.

Booking Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, September 11th will be given a $0.42 dividend. The ex-dividend date is Friday, September 11th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.8%. Booking’s dividend payout ratio (DPR) is currently 18.58%.

About Booking

Booking Holdings Inc is a global online travel company that operates a portfolio of consumer brands and technology platforms that facilitate the search for and booking of travel services. The company’s businesses focus on accommodations, transportation and related travel services through consumer-facing websites and apps as well as partner distribution channels. Booking Holdings was originally founded as Priceline in the late 1990s and adopted the Booking Holdings name in 2018; it is headquartered in Norwalk, Connecticut.

Its core offerings include online reservations for hotels, vacation rentals and other lodging; flight and car rental search and booking; and ancillary services that support travel planning and on-property experiences.