Penobscot Investment Management Company Inc. Lowers Stake in Nasdaq, Inc. (NASDAQ:NDAQ)

Penobscot Investment Management Company Inc. lowered its stake in shares of Nasdaq, Inc. (NASDAQ:NDAQ) by 4.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 45,226 shares of the financial services provider’s stock after selling 2,135 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Nasdaq were worth $2,629,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in NDAQ. The Manufacturers Life Insurance Company boosted its stake in shares of Nasdaq by 214.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 6,281,617 shares of the financial services provider’s stock worth $305,224,000 after acquiring an additional 4,280,846 shares in the last quarter. LGT Capital Partners LTD. raised its holdings in Nasdaq by 136.5% in the 4th quarter. LGT Capital Partners LTD. now owns 1,264,990 shares of the financial services provider’s stock valued at $73,547,000 after acquiring an additional 730,200 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Nasdaq by 16.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,787,784 shares of the financial services provider’s stock valued at $232,564,000 after acquiring an additional 681,238 shares during the last quarter. Flossbach Von Storch AG increased its holdings in shares of Nasdaq by 230.9% during the 3rd quarter. Flossbach Von Storch AG now owns 795,943 shares of the financial services provider’s stock worth $38,675,000 after buying an additional 555,412 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Nasdaq by 34.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 2,070,450 shares of the financial services provider’s stock worth $100,603,000 after buying an additional 533,086 shares during the last quarter. 72.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Nasdaq

In other Nasdaq news, EVP Bryan Everard Smith sold 7,400 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $62.91, for a total value of $465,534.00. Following the sale, the executive vice president now owns 61,672 shares of the company’s stock, valued at $3,879,785.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Bryan Everard Smith sold 7,400 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $62.91, for a total value of $465,534.00. Following the completion of the sale, the executive vice president now owns 61,672 shares of the company’s stock, valued at $3,879,785.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Dubai Ltd Borse sold 31,000,000 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $58.00, for a total transaction of $1,798,000,000.00. Following the completion of the sale, the insider now directly owns 58,341,545 shares of the company’s stock, valued at approximately $3,383,809,610. The disclosure for this sale can be found here. Insiders own 0.75% of the company’s stock.

Nasdaq Price Performance

NDAQ traded down $0.33 on Tuesday, hitting $59.75. 1,359,729 shares of the company were exchanged, compared to its average volume of 3,164,855. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.01 and a current ratio of 0.99. The business’s fifty day moving average is $60.02 and its 200 day moving average is $56.63. Nasdaq, Inc. has a fifty-two week low of $46.88 and a fifty-two week high of $64.25. The firm has a market capitalization of $34.37 billion, a P/E ratio of 31.62, a price-to-earnings-growth ratio of 2.79 and a beta of 0.93.

Nasdaq (NASDAQ:NDAQ) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.02). Nasdaq had a return on equity of 17.00% and a net margin of 15.98%. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the company posted $0.69 earnings per share. The company’s quarterly revenue was up 22.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Nasdaq, Inc. will post 2.71 EPS for the current year.

Nasdaq Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.24 per share. This is a positive change from Nasdaq’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 1.61%. The ex-dividend date is Friday, June 14th. Nasdaq’s dividend payout ratio is presently 46.32%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Barclays cut their price target on shares of Nasdaq from $76.00 to $73.00 and set an “overweight” rating for the company in a report on Friday. UBS Group lifted their target price on shares of Nasdaq from $56.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, January 24th. Citigroup lifted their target price on shares of Nasdaq from $56.00 to $63.00 and gave the company a “neutral” rating in a report on Friday, January 12th. The Goldman Sachs Group raised shares of Nasdaq from a “neutral” rating to a “buy” rating and set a $73.00 price target for the company in a research report on Tuesday, March 26th. Finally, Piper Sandler raised their price target on shares of Nasdaq from $70.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.92.

Nasdaq Company Profile

Nasdaq, Inc operates as a technology company that serves capital markets and other industries worldwide. It operates in three segments: Capital Access Platforms, Financial Technology, and Market Services. The Capital Access Platforms segment sells and distributes historical and real-time market data; and develops and licenses Nasdaq-branded indices and financial products.