Bey Douglas LLC Reduces Stake in Booking Holdings by 26.5%

Bey Douglas LLC has reduced its stake in Booking Holdings Inc. (NASDAQ: BKNG) by 26.5% during the third quarter of 2023. According to the company’s recent filing with the Securities and Exchange Commission, Bey Douglas LLC sold 518 shares, bringing its total holdings to 1,438 shares valued at approximately $7.77 million. This reduction positions Booking as the fourth largest holding in Bey Douglas LLC’s portfolio, comprising around 5.8% of its total investments.

Several other institutional investors have also adjusted their positions in Booking. Notably, Westside Investment Management Inc. increased its stake by a staggering 400% during the second quarter, acquiring a total of 5 shares valued at $29,000 after purchasing an additional 4 shares. Similarly, Halbert Hargrove Global Advisors LLC enhanced its holdings by 150% in the third quarter, now owning 5 shares worth $27,000. Other firms, including Barnes Dennig Private Wealth Management LLC and Davis Capital Management, have also made recent investments in Booking, reflecting a broader interest among institutional investors in the company.

As of Thursday, shares of Booking Holdings opened at $5,163.61, marking a 2.7% increase from previous trading sessions. The company boasts a market capitalization of $166.42 billion, a price-to-earnings ratio of 33.56, and a beta of 1.23. Over the past year, the stock has fluctuated significantly, with a low of $4,096.23 and a high of $5,839.41.

Booking Holdings recently announced its earnings for the third quarter, reporting earnings per share of $99.50, exceeding analysts’ expectations of $95.56 by $3.94. The company generated revenue of $9.01 billion, surpassing the consensus estimate of $8.71 billion and showing a 12.7% increase compared to the same period last year. Analysts predict that Booking Holdings will report an earnings per share of $209.92 for the current fiscal year.

Dividend Announcement and Analyst Ratings

Moreover, Booking Holdings disclosed a quarterly dividend of $9.60, which was paid to investors of record on December 5, 2023. This payout represents an annualized dividend of $38.40, yielding 0.7% and reflecting a payout ratio of 24.96%.

In terms of market perception, Booking has captured the attention of analysts, with numerous research reports influencing its stock ratings. BNP Paribas Exane set a price objective of $6,100.00 on the stock, while B. Riley raised its target from $6,700.00 to $6,800.00, maintaining a “buy” rating. Other firms, including Barclays and Citigroup, have similarly provided optimistic forecasts, contributing to an overall average rating of “Moderate Buy” with a consensus price target of $6,229.61.

Insider Transactions and Company Overview

In insider trading, CEO Glenn D. Fogel sold 953 shares on January 15, 2024, at an average price of $5,181.34, totaling approximately $4.94 million. Following this transaction, Fogel holds 19,615 shares valued at around $101.63 million. Additionally, Director Vanessa Ames Wittman sold 15 shares on the same date for $77,867.25, reducing her holdings to 687 shares.

Booking Holdings, headquartered in Norwalk, Connecticut, is a global leader in online travel services. The company operates various consumer brands that facilitate travel-related bookings, including accommodations and transportation. Originally founded as Priceline in the late 1990s, it rebranded as Booking Holdings in 2018.

The recent adjustments in institutional investments and positive financial reporting underscore Booking Holdings’ significant position in the travel and technology sectors, attracting continued interest from both analysts and investors alike.