Summit Financial LLC Grows Stake in Cboe Global Markets, Inc. (BATS:CBOE)

Summit Financial LLC boosted its position in shares of Cboe Global Markets, Inc. (BATS:CBOE) by 5.0% in the second quarter, Holdings Channel reports. The fund owned 12,668 shares of the company’s stock after purchasing an additional 606 shares during the quarter. Summit Financial LLC’s holdings in Cboe Global Markets were worth $2,154,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Cboe Global Markets during the 4th quarter valued at $226,557,000. Perpetual Ltd bought a new position in shares of Cboe Global Markets in the first quarter worth about $74,868,000. Allianz Asset Management GmbH lifted its position in shares of Cboe Global Markets by 439.5% during the 4th quarter. Allianz Asset Management GmbH now owns 317,631 shares of the company’s stock valued at $56,716,000 after buying an additional 258,753 shares in the last quarter. Panagora Asset Management Inc. grew its stake in shares of Cboe Global Markets by 1,202.0% during the 4th quarter. Panagora Asset Management Inc. now owns 141,735 shares of the company’s stock valued at $25,308,000 after acquiring an additional 130,849 shares during the period. Finally, Adams Diversified Equity Fund Inc. purchased a new stake in Cboe Global Markets in the 1st quarter worth approximately $22,930,000. Institutional investors own 81.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CBOE. JPMorgan Chase & Co. upgraded shares of Cboe Global Markets from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $168.00 to $195.00 in a research report on Monday, August 5th. Piper Sandler reaffirmed an “overweight” rating and issued a $210.00 target price (up previously from $203.00) on shares of Cboe Global Markets in a report on Monday, August 5th. Oppenheimer raised their price target on Cboe Global Markets from $199.00 to $209.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Barclays boosted their price objective on Cboe Global Markets from $194.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Finally, Rosenblatt Securities increased their target price on Cboe Global Markets from $200.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $199.64.

Insider Activity

In other Cboe Global Markets news, COO Christopher A. Isaacson sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $175.00, for a total transaction of $1,050,000.00. Following the sale, the chief operating officer now directly owns 51,855 shares in the company, valued at $9,074,625. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Catherine R. Clay sold 600 shares of Cboe Global Markets stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $203.23, for a total transaction of $121,938.00. Following the completion of the transaction, the executive vice president now directly owns 4,328 shares of the company’s stock, valued at approximately $879,579.44. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Christopher A. Isaacson sold 6,000 shares of the stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $175.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the chief operating officer now directly owns 51,855 shares in the company, valued at $9,074,625. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,639 shares of company stock worth $3,079,461. 0.51% of the stock is currently owned by corporate insiders.

Cboe Global Markets Price Performance

Shares of Cboe Global Markets stock opened at $205.40 on Monday. 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, Inc. has a 12 month low of $103.82 and a 12 month high of $139.00. The stock has a 50 day moving average of $188.25 and a 200 day moving average of $183.59. The firm has a market cap of $21.79 billion, a PE ratio of 105.88 and a beta of 0.61.

Cboe Global Markets (BATS:CBOE) last posted its earnings results on Friday, August 2nd. The company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.05. Cboe Global Markets had a net margin of 5.77% and a return on equity of 20.05%. The firm had revenue of $513.80 million during the quarter, compared to analyst estimates of $514.51 million. During the same period last year, the firm posted $1.78 earnings per share. Cboe Global Markets’s revenue for the quarter was up 10.0% compared to the same quarter last year. On average, research analysts expect that Cboe Global Markets, Inc. will post 6.41 EPS for the current fiscal year.

Cboe Global Markets Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be issued a $0.63 dividend. The ex-dividend date is Friday, August 30th. This is an increase from Cboe Global Markets’s previous quarterly dividend of $0.55. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.23%. Cboe Global Markets’s payout ratio is 98.97%.

Cboe Global Markets declared that its board has approved a share repurchase plan on Friday, August 16th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

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.