Crossmark Global Holdings Inc. significantly reduced its shareholding in Cboe Global Markets, Inc. (NASDAQ:CBOE) by 60.3% during the third quarter of 2023, according to a report from Holdings Channel. After selling 6,706 shares, the fund now holds 4,419 shares in the company, which were valued at approximately $1,084,000 in its latest filing with the U.S. Securities and Exchange Commission (SEC). This strategic move reflects broader trends among institutional investors regarding their positions in Cboe Global Markets.
Several other prominent investors have either increased or decreased their stakes in Cboe Global Markets recently. Notably, Norges Bank acquired a new stake in the company valued at about $324.2 million during the second quarter. Meanwhile, AllianceBernstein L.P. boosted its holdings by 4.1%, now owning 9,854,571 shares, which are worth approximately $2.3 billion following the purchase of an additional 390,034 shares. Invesco Ltd. also increased its stake by 27.3%, bringing its total to 1,728,015 shares, valued at around $403 million.
Further increasing their stake, Man Group plc raised its holdings by an impressive 106.5%, now owning 546,734 shares valued at about $127.5 million. Finally, Vanguard Group Inc. raised its position by 1.5% and now possesses 12,833,038 shares, which are valued at roughly $2.99 billion. Currently, institutional investors collectively hold 82.67% of Cboe Global Markets’ stock.
Analysts Maintain Varied Ratings on Cboe Global Markets
Cboe Global Markets has drawn attention from several analysts, with a mix of ratings reflecting varied market sentiment. TD Cowen reaffirmed a “hold” rating on January 14, while UBS Group maintained a “neutral” rating, setting a price target of $290.00. Conversely, Loop Capital set a more optimistic target of $317.00 on February 9. Piper Sandler raised its target from $290.00 to $295.00 with an “overweight” rating. Barclays, reflecting a similar outlook, increased its target from $295.00 to $317.00, also rating the stock as “overweight.”
Overall, one analyst has issued a Strong Buy rating, four have assigned Buy ratings, six analysts have maintained Hold ratings, and one has given a Sell rating. As of now, the average rating stands at “Hold” with a consensus price target of $279.00, according to MarketBeat.
Cboe Global Markets’ Performance and Financial Outlook
On February 6, Cboe Global Markets reported its quarterly earnings, revealing earnings per share of $3.06, surpassing the consensus estimate of $2.95 by $0.11. The company experienced a year-over-year revenue increase of 28.0%, reflecting strong operational performance. Analysts anticipate that Cboe Global Markets will report an EPS of $8.96 for the current fiscal year.
The company’s stock opened at $299.20 on Tuesday, with a 52-week range between a low of $200.88 and a high of $305.68. The stock’s 50-day moving average stands at $274.80, while the 200-day moving average is at $255.83. Cboe Global Markets boasts a market capitalization of $31.32 billion and a price-to-earnings ratio of 41.44.
Additionally, Cboe Global Markets announced a quarterly dividend of $0.72 per share, which will be distributed on March 13, 2024, to stockholders on record as of February 27. This dividend represents an annualized yield of 1.0% and a payout ratio of 27.64%.
In related news, insider trading activity has been notable. Director Edward J. Fitzpatrick sold 3,947 shares at an average price of $285.87, totaling approximately $1.13 million. Following this transaction, he retains 12,921 shares valued at around $3.69 million. Additionally, Chief Accounting Officer Allen Wilkinson sold 248 shares for approximately $72,612, reducing his ownership stake by 37.69%.
Cboe Global Markets, established in 1973 as the Chicago Board Options Exchange, has evolved into a global market infrastructure company, facilitating exchanges across various asset classes. Its product offerings include options and futures markets, equities exchanges, and proprietary benchmark indices like the Cboe Volatility Index (VIX).
