Cornerstone Wealth Group LLC Increases Stock Position in Booking Holdings Inc. $BKNG

Cornerstone Wealth Group LLC increased its holdings in Booking Holdings Inc. (NASDAQ:BKNG) by 3,000.0% in the 1st quarter, Holdings Channel reports. The institutional investor owned 4,278 shares of the business services provider’s stock after purchasing an additional 4,140 shares during the period. Booking accounts for 1.1% of Cornerstone Wealth Group LLC’s investment portfolio, making the stock its 20th largest holding. Cornerstone Wealth Group LLC’s holdings in Booking were worth $18,012,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. KERR FINANCIAL PLANNING Corp bought a new position in shares of Booking in the third quarter worth $26,000. Daytona Street Capital LLC bought a new stake in shares of Booking during the 4th quarter valued at $27,000. Legacy Bridge LLC purchased a new stake in Booking during the 4th quarter worth about $27,000. Camelot Portfolios LLC purchased a new stake in Booking during the 4th quarter worth about $27,000. Finally, Osbon Capital Management LLC bought a new position in Booking in the 4th quarter worth about $27,000. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on BKNG shares. Robert W. Baird reduced their target price on Booking from $234.00 to $215.00 and set an “outperform” rating for the company in a report on Wednesday, April 29th. Mizuho lowered their price target on shares of Booking from $230.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, April 29th. Wall Street Zen cut shares of Booking from a “buy” rating to a “hold” rating in a research note on Sunday, March 29th. BTIG Research reaffirmed a “buy” rating and set a $250.00 target price on shares of Booking in a report on Friday, May 29th. Finally, The Goldman Sachs Group lowered their target price on shares of Booking from $226.00 to $223.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $227.14.

Insider Buying and Selling at Booking

In other Booking news, CEO Glenn D. Fogel sold 16,726 shares of Booking stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $185.36, for a total transaction of $3,100,331.36. Following the completion of the sale, the chief executive officer owned 298,174 shares of the company’s stock, valued at $55,269,532.64. The trade was a 5.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Peter J. Millones sold 62,500 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $163.67, for a total value of $10,229,375.00. Following the completion of the transaction, the vice president owned 425,075 shares of the company’s stock, valued at $69,572,025.25. The trade was a 12.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 80,351 shares of company stock worth $13,545,706 over the last 90 days. Corporate insiders own 0.16% of the company’s stock.

Key Headlines Impacting Booking

Here are the key news stories impacting Booking this week:

• Positive Sentiment: BTIG reportedly initiated or reiterated a Buy rating on Booking Holdings, adding to the generally optimistic analyst backdrop. Booking Holdings (BKNG) Gets a Buy from BTIG
• Positive Sentiment: Some investors view the recent selloff as a buying opportunity, arguing that Booking remains a high-quality travel platform with strong cash flow, margins, and fair-to-attractive valuation. Booking Holdings: Selloff May Be More Of An Opportunity Than Warning
• Positive Sentiment: Another bullish note said Booking has a strong earnings track record, leadership in online travel, and potential upside from temporary concerns being overdone. Booking Holdings: Strong Track Record At A Discount
• Positive Sentiment: Booking shares rallied after crude oil prices fell below $70, a move seen as potentially lowering travel costs and boosting booking demand. Booking (BKNG) Shares Skyrocket, What You Need To Know
• Neutral Sentiment: Several articles focused on Wall Street’s generally bullish consensus on Booking, with the average brokerage recommendation at Buy, though the pieces also questioned how useful analyst ratings are as a signal. Is Booking Holdings (BKNG) a Buy as Wall Street Analysts Look Optimistic?
• Neutral Sentiment: Bernstein was reported to have a Hold rating on BKNG, which may temper some of the more upbeat sentiment around the stock. Booking Holdings (BKNG) Receives a Hold from Bernstein
• Negative Sentiment: Booking also saw a recent one-day decline that outpaced the broader market, reflecting some ongoing volatility after the stock’s earlier run-up. Here’s Why Booking Holdings (BKNG) Fell More Than Broader Market

Booking Trading Up 2.5%

Shares of NASDAQ BKNG opened at $181.46 on Friday. The business has a 50-day moving average of $169.06 and a 200-day moving average of $182.47. The firm has a market capitalization of $140.61 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 1.08 and a beta of 1.08. Booking Holdings Inc. has a 12 month low of $150.14 and a 12 month high of $233.58.

Booking (NASDAQ:BKNG) last announced its earnings results on Tuesday, April 28th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.06. Booking had a net margin of 22.23% and a negative return on equity of 117.14%. The business had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.52 billion. During the same period in the previous year, the business posted $0.99 earnings per share. Booking’s revenue for the quarter was up 16.2% on a year-over-year basis. On average, analysts predict that Booking Holdings Inc. will post 10.44 earnings per share for the current year.

Booking Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Friday, June 5th. Booking’s dividend payout ratio is currently 22.11%.

Booking Profile

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.