Cboe Global Markets (BATS:CBOE) to Repurchase $550.00 million in Outstanding Shares

Cboe Global Markets (BATS:CBOE) announced that its Board of Directors has initiated a stock buyback program on Thursday, October 22nd, RTT News reports. The company plans to repurchase $550.00 million in shares. This buyback authorization authorizes the company to repurchase up to 1.6% of its shares through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CBOE. Wells Fargo & Company boosted their price objective on Cboe Global Markets from $301.00 to $309.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 14th. Zacks Research lowered Cboe Global Markets from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 8th. Piper Sandler lowered their target price on Cboe Global Markets from $355.00 to $320.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 15th. The Goldman Sachs Group raised Cboe Global Markets from a “hold” rating to a “strong-buy” rating in a report on Monday, October 12th. Finally, JPMorgan Chase & Co. lifted their price target on Cboe Global Markets from $277.00 to $288.00 and gave the stock an “underweight” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $321.91.

Cboe Global Markets Stock Performance

Shares of BATS:CBOE traded up $8.90 on Thursday, reaching $327.72. 954,896 shares of the company’s stock were exchanged, compared to its average volume of 1,129,717. The company has a fifty day moving average of $290.30 and a 200-day moving average of $294.32. Cboe Global Markets has a twelve month low of $227.15 and a twelve month high of $371.18. The company has a market capitalization of $34.76 billion, a price-to-earnings ratio of 168.93 and a beta of 0.61. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.60.

Cboe Global Markets (BATS:CBOE) last announced its earnings results on Friday, July 31st. The company reported $3.56 EPS for the quarter, topping the consensus estimate of $3.49 by $0.07. Cboe Global Markets had a net margin of 5.77% and a return on equity of 20.05%. The company had revenue of $731.60 million for the quarter, compared to analysts’ expectations of $716.61 million. During the same period last year, the firm earned $2.46 earnings per share. The business’s revenue for the quarter was up 24.6% on a year-over-year basis. On average, research analysts predict that Cboe Global Markets will post 6.41 EPS for the current fiscal year.

Cboe Global Markets Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were given a dividend of $0.86 per share. This is an increase from Cboe Global Markets’s previous quarterly dividend of $0.72. This represents a $3.44 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Monday, August 31st. Cboe Global Markets’s dividend payout ratio (DPR) is currently 98.97%.

Insider Transactions at Cboe Global Markets

In related news, Director Janet Froetscher sold 937 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $278.95, for a total transaction of $261,376.15. Following the sale, the director owned 12,870 shares of the company’s stock, valued at $3,590,086.50. This represents a 6.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.51% of the stock is owned by corporate insiders.

About Cboe Global Markets

Cboe Global Markets, Inc, through its subsidiaries, operates as an options exchange worldwide. It operates through six segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital. The Options segment trades in listed market indices. The North American Equities segment trades in listed U.S. and Canadian equities. This segment also offers exchange-traded products (ETP) transaction and listing services. The Europe and Asia Pacific segment provides pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts, as well as ETP listings and clearing services.