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 company’s latest Form 13F filing with the Securities and Exchange Commission (SEC), this institutional investor now holds 72,604 shares after acquiring an additional 4,589 shares. This investment represents approximately 0.22% of Booking Holdings, valued at around $392 million.
Several other institutional investors have also adjusted their positions in Booking. Geode Capital Management LLC increased its stake by 1.1% in the second quarter, now owning 854,838 shares worth approximately $4.94 billion. Norges Bank entered a new position in Booking during the same quarter with a value of about $2.21 billion. Additionally, Invesco Ltd. raised its holdings by 6.8%, now possessing 379,583 shares valued at about $2.20 billion. Schroder Investment Management Group and Laurel Wealth Advisors LLC also made significant increases in their investments.
Currently, institutional investors and hedge funds collectively own approximately 92.42% of Booking’s stock.
Insider Transactions and Stock Performance
In related news, CEO Glenn D. Fogel sold 953 shares on January 15, 2024, at an average price of $5,181.34, totaling around $4.94 million. Following this transaction, Fogel’s direct ownership dropped to 19,615 shares, valued at nearly $101.63 million. Another insider, Paulo Pisano, sold 200 shares on November 7, 2023, for $1 million, marking an 11.67% decrease in his holdings. Over the past 90 days, insiders have sold 3,324 shares valued at $17.19 million, with insiders owning approximately 0.16% of the company’s stock.
Booking Holdings reported its earnings on October 28, 2023, revealing earnings per share (EPS) of $99.50, surpassing analysts’ expectations of $95.56. The company generated revenue of $9.01 billion for the quarter, exceeding projected figures of $8.71 billion. Booking’s revenue increased by 12.7% year-over-year, compared to $83.39 EPS from the same quarter last year.
Dividends and Analyst Ratings
The company has also declared a quarterly dividend of $9.60 per share, paid on December 31, 2023, to shareholders on record as of December 5, 2023. This dividend results in an annualized payment of $38.40, with a yield of 0.8%. The dividend payout ratio stands at 24.96%.
Recent analyst assessments of Booking’s stock generally reflect positive sentiment. KeyCorp raised its price target from $6,450 to $6,630 and maintained an “overweight” rating. Similarly, Wedbush upgraded its rating from “neutral” to “outperform” with a target price of $6,000. Other firms, including BTIG Research and Barclays, echoed this optimism, setting targets of $6,250 and reaffirming “buy” ratings.
As of now, one investment analyst has rated Booking with a “Strong Buy” while twenty-eight others have given a “Buy” rating. The consensus rating for the stock is classified as “Moderate Buy,” with an average price target set at $6,225.56.
Booking Holdings Inc., based in Norwalk, Connecticut, operates a global online travel platform that facilitates accommodation and transportation bookings. Originally founded as Priceline in the late 1990s, it rebranded to Booking Holdings in 2018. The company continues to focus on providing comprehensive travel services through its various consumer-facing platforms and partnerships.
