Massachusetts Financial Services Co. has raised its stake in Booking Holdings Inc. by 6.7% during the third quarter, according to the firm’s recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 72,604 shares of Booking, valued at approximately $392 million at the end of the period, after acquiring an additional 4,589 shares.
A number of other institutional investors have also adjusted their positions in Booking Holdings. Geode Capital Management LLC increased its stake by 1.1%, bringing its total to 854,838 shares, worth around $4.94 billion. Norges Bank acquired a new position during the same quarter, valued at about $2.21 billion. Invesco Ltd. expanded its holdings by 6.8%, owning 379,583 shares now worth $2.20 billion, while Schroder Investment Management Group raised its stake by 4.9%. Finally, Laurel Wealth Advisors LLC recorded an extraordinary increase of 578,824.0%, acquiring 289,462 shares worth approximately $1.68 billion. Currently, institutional investors and hedge funds own 92.42% of Booking’s stock.
In related news, CEO Glenn D. Fogel sold 953 shares on January 15, 2024, at an average price of $5,181.34, totaling about $4.94 million. Following this transaction, Fogel retains 19,615 shares, valued at around $101.63 million, reflecting a 4.63% decrease in his ownership. The details of the transaction were disclosed in SEC filings.
Additionally, insider Paulo Pisano sold 200 shares on November 7, 2023, for an average price of $5,000.00, amounting to $1 million. Post-transaction, Pisano owns 1,514 shares, valued at approximately $7.57 million, marking an 11.67% reduction in his position. Over the past 90 days, insiders have sold a total of 3,324 shares worth $17.19 million, while insider ownership stands at 0.16%.
Recent Financial Performance and Dividend Announcement
Booking Holdings last reported its earnings on October 28, 2023, revealing earnings per share (EPS) of $99.50, exceeding analysts’ estimates of $95.56 by $3.94. The company generated revenue of $9.01 billion, surpassing expectations of $8.71 billion. Year-over-year, this reflects a revenue increase of 12.7%, compared to the same quarter last year when EPS was $83.39. Analysts project an EPS of $209.92 for the current fiscal year.
Additionally, Booking Holdings announced a quarterly dividend of $9.60 per share, paid on December 31, 2023. Shareholders of record on December 5, 2023, received this dividend, which indicates an annualized yield of 0.8%. The company’s payout ratio stands at 24.96%.
Analyst Ratings and Market Outlook
Several analysts have recently updated their ratings for Booking. KeyCorp raised its price target from $6,450.00 to $6,630.00, assigning an “overweight” rating. Wedbush upgraded the stock from “neutral” to “outperform,” setting a target price of $6,000.00. BTIG Research reiterated a “buy” rating, issuing a price target of $6,250.00. Barclays also increased its price target to $6,250.00 while maintaining an “overweight” rating. Currently, one analyst has rated the stock as a Strong Buy, while twenty-eight have given a Buy rating, and eight have issued a Hold rating. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” with an average price target of $6,225.56.
Booking Holdings Inc. is a leading global online travel company, initially founded as Priceline in the late 1990s. It offers a comprehensive range of travel services through its consumer-facing websites and apps, focusing on accommodations, transportation, and related services. The company is headquartered in Norwalk, Connecticut, and rebranded to Booking Holdings in 2018.
