Cornerstone Wealth Group LLC Acquires 4,140 Shares of Booking Holdings Inc. $BKNG

Cornerstone Wealth Group LLC raised its stake in shares of Booking Holdings Inc. (NASDAQ:BKNG) by 3,000.0% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 4,278 shares of the business services provider’s stock after purchasing an additional 4,140 shares during the period. Booking makes up approximately 1.1% of Cornerstone Wealth Group LLC’s portfolio, making the stock its 20th biggest holding. Cornerstone Wealth Group LLC’s holdings in Booking were worth $18,012,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BKNG. Brighton Jones LLC raised its position in Booking by 34.9% in the 4th quarter. Brighton Jones LLC now owns 251 shares of the business services provider’s stock valued at $1,249,000 after buying an additional 65 shares during the last quarter. Revolve Wealth Partners LLC purchased a new position in Booking during the 4th quarter worth $209,000. Sivia Capital Partners LLC boosted its holdings in Booking by 25.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 165 shares of the business services provider’s stock worth $955,000 after acquiring an additional 33 shares during the last quarter. Schnieders Capital Management LLC. grew its stake in shares of Booking by 50.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 87 shares of the business services provider’s stock worth $504,000 after acquiring an additional 29 shares in the last quarter. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Booking in the 2nd quarter worth $179,000. 92.42% of the stock is owned by institutional investors.

Booking News Roundup

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

Insider Activity at Booking

In other Booking news, VP Peter J. Millones sold 62,500 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $163.67, for a total transaction of $10,229,375.00. Following the completion of the transaction, the vice president directly owned 425,075 shares of the company’s stock, valued at approximately $69,572,025.25. This represents a 12.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Glenn D. Fogel sold 16,726 shares of the firm’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $185.36, for a total value of $3,100,331.36. Following the completion of the sale, the chief executive officer directly owned 298,174 shares of the company’s stock, valued at $55,269,532.64. This represents a 5.31% 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. Over the last quarter, insiders have sold 80,351 shares of company stock worth $13,545,706. Insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

BKNG has been the subject of several analyst reports. Sanford C. Bernstein reissued a “market perform” rating on shares of Booking in a research report on Thursday, June 11th. BTIG Research reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Booking in a research report on Friday, May 29th. JPMorgan Chase & Co. decreased their price objective on shares of Booking from $224.00 to $208.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Cantor Fitzgerald reissued a “neutral” rating and set a $175.00 target price (down from $180.00) on shares of Booking in a research report on Wednesday, April 29th. Finally, BMO Capital Markets dropped their target price on shares of Booking from $248.00 to $240.00 and set an “outperform” rating on the stock in a research report 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 issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $227.14.

Booking Stock Performance

Shares of NASDAQ:BKNG opened at $181.46 on Friday. The company has a market capitalization of $140.61 billion, a P/E ratio of 23.87, a price-to-earnings-growth ratio of 1.08 and a beta of 1.08. The company’s 50-day moving average is $169.06 and its 200 day moving average is $182.47. Booking Holdings Inc. has a fifty-two week low of $150.14 and a fifty-two week high of $233.58.

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

Booking Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, June 5th. This represents a $1.68 annualized dividend and a yield of 0.9%. Booking’s dividend payout ratio is presently 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.