PNC Financial Cuts Stake in Booking Holdings Amid Analyst Upgrades

PNC Financial Services Group Inc. has reduced its stake in Booking Holdings Inc. (NASDAQ: BKNG) by 17.2% during the second quarter of 2023, as disclosed in its recent Form 13F filing with the Securities and Exchange Commission (SEC). The financial institution now holds 8,784 shares of the online travel services provider after selling 1,820 shares during this period. At the close of the quarter, PNC’s holdings in Booking were valued at approximately $50.85 million.

A variety of institutional investors have also made moves regarding Booking shares. For example, Wealth Preservation Advisors LLC initiated a position in the first quarter valued at about $28,000. Similarly, Atwood & Palmer Inc. acquired shares worth approximately $29,000 in the second quarter. Notably, Westside Investment Management Inc. increased its holdings by an impressive 400% during the same period, now owning five shares valued at $29,000 after acquiring four additional shares. Hedge funds collectively own 92.42% of Booking’s stock.

Analysts Project Target Price Increases

Recent reports from analysts suggest a positive outlook for Booking Holdings. Piper Sandler has reaffirmed a “neutral” rating on the stock while raising its target price from $5,077.00 to $5,750.00. Meanwhile, Gordon Haskett adjusted their target price down slightly from $5,680.00 to $5,620.00, maintaining a “hold” rating. Deutsche Bank Aktiengesellschaft has shown more optimism, increasing its price objective from $6,723.00 to $6,790.00 and issuing a “buy” rating.

Additional upgrades have come from DA Davidson, which raised its target price to $6,600.00 while maintaining a “buy” rating. Erste Group Bank has also upgraded Booking from a “hold” to a “buy” rating. Overall, three analysts have given the stock a “Strong Buy” rating, and 23 analysts have assigned a “Buy” rating, with nine maintaining a “Hold” rating. According to MarketBeat.com, Booking currently has a consensus rating of “Moderate Buy” with a target price of $6,121.23.

Stock Performance and Earnings Report

As of the latest trading session, shares of NASDAQ BKNG opened at $5,075.61. The stock has experienced a range between a one-year low of $4,096.23 and a one-year high of $5,839.41. Its 50-day moving average stands at $5,270.88, while the 200-day average is $5,410.67. Currently, Booking Holdings has a market capitalization of $163.61 billion, a price-to-earnings (P/E) ratio of 32.99, and a beta of 1.34.

In terms of financial performance, Booking reported its earnings results on October 28, 2023. The company achieved earnings per share (EPS) of $99.50, surpassing the consensus estimate of $95.56 by $3.94. The firm generated $9.01 billion in revenue during the quarter, exceeding analyst estimates of $8.71 billion. Notably, Booking’s revenue increased by 12.7% year-over-year, compared to an EPS of $83.39 in the same quarter last year.

Booking has set its fiscal year 2025 guidance at an undisclosed EPS, with analysts predicting an EPS of 209.92 for the current fiscal year.

Dividend and Insider Trading Updates

Recently, Booking announced a quarterly dividend to be paid on December 31, 2023. Shareholders on record as of December 5 will receive a dividend of $9.60, resulting in an annualized dividend of $38.40 and a yield of 0.8%. The company’s dividend payout ratio stands at 24.96%.

In related news, Director Larry Quinlan sold 64 shares of Booking stock on September 8, 2023, at an average price of $5,587.11, bringing the total transaction value to $357,575.04. Following this sale, Quinlan holds 195 shares valued at approximately $1.09 million. Director Robert J. Mylod, Jr. also sold 40 shares on November 7 at an average price of $5,000.00, totaling $200,000.00. This transaction reduces Mylod’s holdings to 960 shares, valued at $4.8 million.

Over the past three months, insiders have sold a total of 2,424 shares of Booking stock, amounting to $12.91 million. Corporate insiders now own only 0.16% of the company’s shares.

Booking Holdings Inc., formerly known as The Priceline Group Inc., is a leading provider of travel and restaurant online reservation services, connecting consumers with travel service providers worldwide through platforms such as Booking.com, priceline.com, and agoda.com.