Zacks Investment Research upgraded shares of CBOE Holdings, Inc. (NASDAQ:CBOE) from a hold rating to a strong-buy rating in a research report report published on Friday, May 12th. They currently have $98.00 price target on the financial services provider’s stock.
According to Zacks, “CBOE Holdings’ first-quarter earnings beat estimates on sustained improvement in index trading. The company witnessed record trading in SPX options. CBOE Holdings also closed the acquisition of Bats Global on Feb 28, expanding and diversifying its product portfolio and boosting margins. Shares of CBOE Holdings have outperformed the Zacks categorized Securities Exchanges industry, year to date. CBOE Holdings remains focused on expansion of its proprietary product offering, while extending its global customer reach. Diversified product portfolio and core competencies fuel its growth prospects. Also, the acquisition of Bats Global Markets is a strategic fit as it will expand and diversify CBOE Holdings’ product portfolio. However, intense competition and escalating costs remain concerns for CBOE Holdings. The company estimates capital expenditure in 2017 between $55 million and $60 million.”
A number of other brokerages have also commented on CBOE. Deutsche Bank AG boosted their price objective on CBOE Holdings from $76.00 to $79.00 and gave the stock a hold rating in a report on Thursday, April 6th. Bank of America Corporation raised CBOE Holdings from an underperform rating to a buy rating and set a $85.00 price objective for the company in a report on Tuesday, January 31st. Royal Bank Of Canada reaffirmed an outperform rating and issued a $90.00 target price on shares of CBOE Holdings in a report on Friday, March 31st. Jefferies Group LLC reaffirmed a hold rating and issued a $85.00 target price on shares of CBOE Holdings in a report on Monday, April 10th. Finally, Credit Suisse Group raised CBOE Holdings from a neutral rating to an outperform rating in a report on Friday, January 13th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $73.63.
CBOE Holdings (NASDAQ CBOE) traded down 1.08% during trading on Friday, reaching $88.57. The company’s stock had a trading volume of 3,292,159 shares. The firm has a market cap of $9.92 billion, a P/E ratio of 49.43 and a beta of 0.53. CBOE Holdings has a 52 week low of $61.58 and a 52 week high of $90.29. The stock’s 50 day moving average is $85.89 and its 200-day moving average is $79.91.
CBOE Holdings (NASDAQ:CBOE) last issued its earnings results on Tuesday, May 9th. The financial services provider reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.10. CBOE Holdings had a return on equity of 24.30% and a net margin of 18.03%. The business had revenue of $193.40 million during the quarter, compared to analyst estimates of $208.30 million. During the same period in the previous year, the company posted $0.60 EPS. The firm’s revenue was up 35.2% compared to the same quarter last year. On average, equities research analysts forecast that CBOE Holdings will post $3.37 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 16th. Stockholders of record on Friday, June 2nd were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date was Wednesday, May 31st. CBOE Holdings’s payout ratio is 54.64%.
In related news, Chairman Edward T. Tilly sold 5,000 shares of CBOE Holdings stock in a transaction on Monday, June 5th. The shares were sold at an average price of $86.85, for a total transaction of $434,250.00. Following the transaction, the chairman now owns 80,611 shares in the company, valued at approximately $7,001,065.35. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christopher Mitchell sold 225,000 shares of CBOE Holdings stock in a transaction on Friday, June 9th. The shares were sold at an average price of $89.17, for a total transaction of $20,063,250.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 242,316 shares of company stock valued at $21,543,210. Insiders own 0.96% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TrimTabs Asset Management LLC boosted its position in CBOE Holdings by 89.0% in the first quarter. TrimTabs Asset Management LLC now owns 1,580 shares of the financial services provider’s stock worth $128,000 after buying an additional 744 shares during the period. Massmutual Trust Co. FSB ADV purchased a new position in CBOE Holdings during the fourth quarter worth $130,000. Royce & Associates LP purchased a new position in CBOE Holdings during the first quarter worth $180,000. Oppenheimer & Co. Inc. purchased a new position in CBOE Holdings during the first quarter worth $201,000. Finally, Bessemer Group Inc. purchased a new position in CBOE Holdings during the fourth quarter worth $205,000. Institutional investors own 78.70% of the company’s stock.
About CBOE Holdings
CBOE Holdings, Inc is a holding company. The Company’s principal business is operating markets that offer for trading options on various market indexes (index options), on an exclusive basis, and futures contracts, as well as on non-exclusive multiply listed options, such as options on the stocks of individual corporations (equity options), and options on other exchange-traded products (ETP options), such as exchange-traded funds (ETF options) and exchange-traded notes (ETN options).
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