Zacks Investment Research upgraded shares of Cboe Global Markets (NASDAQ:CBOE) from a hold rating to a strong-buy rating in a report released on Tuesday. Zacks Investment Research currently has $147.00 price objective on the financial services provider’s stock.
According to Zacks, “Shares of Cboe Global Markets have outperformed the industry in a year. The company also witnessed 2018 moved north over the last 60 days. Cboe Global Markets 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 Global Markets’ product portfolio and boost margins, besides generating expense synergies. However, intense competition and escalating costs remain concerns for Cboe Global Markets. The company estimates capital expenditure between $49 million and $53 million for 2017. The company is set to report fourth quarter results on Feb 9. Our proven model shows that the company will deliver positive surprise given its Zacks Rank #1 and Earnings ESP of 1.74%.”
CBOE has been the subject of a number of other research reports. Bank of America raised their target price on shares of Cboe Global Markets from $113.00 to $120.00 and gave the company a buy rating in a research report on Monday, October 9th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $108.00 target price on shares of Cboe Global Markets in a research report on Thursday, October 12th. Wells Fargo & Co raised their target price on shares of Cboe Global Markets from $4.75 to $138.00 and gave the company an outperform rating in a research report on Friday, January 5th. Deutsche Bank raised their target price on shares of Cboe Global Markets from $106.00 to $108.00 and gave the company a hold rating in a research report on Wednesday, November 8th. Finally, Citigroup raised their target price on shares of Cboe Global Markets from $93.00 to $115.00 and gave the company a neutral rating in a research report on Thursday, October 19th. Seven analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $114.10.
Cboe Global Markets (NASDAQ:CBOE) last issued its quarterly earnings data on Tuesday, November 7th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. The business had revenue of $269.70 million for the quarter, compared to analyst estimates of $270.14 million. Cboe Global Markets had a net margin of 10.55% and a return on equity of 14.70%. The firm’s quarterly revenue was up 98.0% on a year-over-year basis. During the same period last year, the business posted $0.72 earnings per share. analysts predict that Cboe Global Markets will post 3.43 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend was Thursday, November 30th. Cboe Global Markets’s dividend payout ratio (DPR) is presently 58.70%.
In other news, Director Frank E. Jr. English sold 300 shares of Cboe Global Markets stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $123.80, for a total value of $37,140.00. Following the completion of the transaction, the director now owns 4,214 shares of the company’s stock, valued at approximately $521,693.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Edward T. Tilly sold 5,000 shares of Cboe Global Markets stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $126.28, for a total transaction of $631,400.00. Following the completion of the transaction, the chairman now directly owns 70,611 shares of the company’s stock, valued at approximately $8,916,757.08. The disclosure for this sale can be found here. In the last three months, insiders sold 12,989 shares of company stock valued at $1,622,840. Insiders own 1.86% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in CBOE. Vanguard Group Inc. grew its position in shares of Cboe Global Markets by 23.8% in the 2nd quarter. Vanguard Group Inc. now owns 9,823,514 shares of the financial services provider’s stock valued at $897,869,000 after acquiring an additional 1,886,113 shares during the period. FMR LLC grew its position in shares of Cboe Global Markets by 16.1% in the 2nd quarter. FMR LLC now owns 10,979,841 shares of the financial services provider’s stock valued at $1,003,557,000 after acquiring an additional 1,519,882 shares during the period. BlackRock Inc. grew its position in shares of Cboe Global Markets by 30.7% in the 2nd quarter. BlackRock Inc. now owns 6,411,674 shares of the financial services provider’s stock valued at $586,026,000 after acquiring an additional 1,507,072 shares during the period. BT Investment Management Ltd bought a new stake in shares of Cboe Global Markets during the 2nd quarter worth about $108,155,000. Finally, State Street Corp boosted its holdings in shares of Cboe Global Markets by 17.2% during the 2nd quarter. State Street Corp now owns 4,114,972 shares of the financial services provider’s stock worth $376,120,000 after buying an additional 604,328 shares during the period. 83.65% of the stock is owned by institutional investors.
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About Cboe Global Markets
Cboe Global Markets, Inc, formerly CBOE Holdings, Inc, is a holding company. The Company provides trading and investment solutions to investors around the world. It offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, United States and European equities, exchange-traded products (ETPs), global foreign exchange (FX) and multi-asset volatility products based on the Cboe Volatility Index (VIX Index).
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