CIBC Asset Management Inc Acquires 376 Shares of MarketAxess Holdings Inc. (NASDAQ:MKTX)

CIBC Asset Management Inc raised its stake in shares of MarketAxess Holdings Inc. (NASDAQ:MKTX) by 7.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,240 shares of the financial services provider’s stock after purchasing an additional 376 shares during the quarter. CIBC Asset Management Inc’s holdings in MarketAxess were worth $1,342,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MKTX. Retirement Planning Co of New England Inc. grew its holdings in MarketAxess by 2.9% in the second quarter. Retirement Planning Co of New England Inc. now owns 1,566 shares of the financial services provider’s stock worth $314,000 after purchasing an additional 44 shares during the period. Asset Management One Co. Ltd. increased its holdings in shares of MarketAxess by 0.3% during the third quarter. Asset Management One Co. Ltd. now owns 15,431 shares of the financial services provider’s stock valued at $3,953,000 after acquiring an additional 50 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of MarketAxess by 0.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,376 shares of the financial services provider’s stock worth $1,479,000 after purchasing an additional 52 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in MarketAxess by 1.0% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 5,080 shares of the financial services provider’s stock valued at $1,287,000 after purchasing an additional 52 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in MarketAxess by 4.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,616 shares of the financial services provider’s stock valued at $324,000 after purchasing an additional 76 shares in the last quarter. 99.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MKTX has been the subject of several analyst reports. Bank of America reduced their price target on shares of MarketAxess from $193.00 to $185.00 and set an “underperform” rating for the company in a research report on Thursday, October 3rd. Keefe, Bruyette & Woods upped their price target on MarketAxess from $270.00 to $276.00 and gave the company a “market perform” rating in a report on Thursday, November 7th. Citigroup increased their price objective on MarketAxess from $310.00 to $325.00 and gave the company a “buy” rating in a research report on Friday, October 4th. StockNews.com raised MarketAxess from a “sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, UBS Group raised their price target on shares of MarketAxess from $330.00 to $335.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $267.50.

Insiders Place Their Bets

In other MarketAxess news, Chairman Richard M. Mcvey sold 10,000 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $267.67, for a total value of $2,676,700.00. Following the completion of the sale, the chairman now owns 562,029 shares in the company, valued at approximately $150,438,302.43. This represents a 1.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.66% of the stock is owned by company insiders.

MarketAxess Trading Down 0.6 %

Shares of MKTX stock opened at $265.44 on Thursday. The company has a 50 day simple moving average of $273.07 and a two-hundred day simple moving average of $237.04. The stock has a market cap of $10.01 billion, a P/E ratio of 35.97, a P/E/G ratio of 11.81 and a beta of 1.05. MarketAxess Holdings Inc. has a 12 month low of $192.42 and a 12 month high of $297.97.

MarketAxess (NASDAQ:MKTX) last announced its earnings results on Wednesday, November 6th. The financial services provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.05. The company had revenue of $206.70 million for the quarter, compared to analysts’ expectations of $207.17 million. MarketAxess had a return on equity of 20.93% and a net margin of 34.32%. MarketAxess’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the firm earned $1.46 EPS. As a group, equities analysts forecast that MarketAxess Holdings Inc. will post 7.33 earnings per share for the current year.

MarketAxess Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 20th will be issued a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 1.12%. The ex-dividend date is Wednesday, November 20th. MarketAxess’s dividend payout ratio is 40.11%.

MarketAxess announced that its board has initiated a stock repurchase program on Tuesday, August 6th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 2.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

MarketAxess Profile

MarketAxess Holdings Inc, together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. The company offers trading technology that provides liquidity access in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S.