HBK Sorce Advisory LLC has made a notable investment in Nasdaq, Inc., acquiring a new position valued at approximately $244,000 during the second quarter of 2023. According to the firm’s latest 13F filing with the U.S. Securities and Exchange Commission (SEC), the institutional investor purchased 2,734 shares of the financial services provider’s stock.
This investment adds to a growing trend among large institutional investors, with several others also recently adjusting their positions in Nasdaq. For instance, FUKOKU MUTUAL LIFE INSURANCE Co entered the market in the first quarter with a purchase worth $222,000. Additionally, 111 Capital significantly increased its stake in Nasdaq by 67.0% during the second quarter, now holding 11,089 shares valued at $992,000 after acquiring an extra 4,450 shares.
IFM Investors Pty Ltd also raised its position by 7.9% in the first quarter, resulting in ownership of 96,686 shares worth $7,059,000. Moreover, the Teacher Retirement System of Texas boosted its holdings by an impressive 192.2% in the same quarter, now owning 177,192 shares valued at $13,442,000 after purchasing an additional 116,545 shares. FORA Capital LLC made a new investment in Nasdaq during the first quarter, valued at about $664,000. Collectively, these institutional investors now hold approximately 72.47% of the company’s stock.
Current Stock Performance and Dividend Announcement
On the trading day following the investment announcement, shares of Nasdaq opened at $85.49, experiencing a slight decline of 0.2%. The stock’s performance over the past fifty days shows a moving average of $90.46, while the two-hundred day moving average stands at $87.71. Nasdaq’s current market capitalization is approximately $48.81 billion, with a price-to-earnings (PE) ratio of 30.53 and a price-to-earnings-growth (PEG) ratio of 1.79. The financial company has a debt-to-equity ratio of 0.72, indicating a stable financial structure.
In addition to the investment news, Nasdaq recently announced a quarterly dividend of $0.27 per share, scheduled for payment on December 19, 2023. Shareholders on record as of December 5, 2023 will receive this dividend, translating to an annualized payout of $1.08 and a yield of 1.3%. The company’s dividend payout ratio currently stands at 38.57%.
Analyst Ratings and Market Outlook
A number of research analysts have provided insights into Nasdaq’s stock performance, with several upgrading their ratings. UBS Group recently elevated Nasdaq from a “neutral” rating to a “buy” rating, increasing its price target from $95.00 to $115.00 as of July 25, 2023. Similarly, Cowen reiterated a “hold” rating on the stock in a report issued on October 22, 2023, while Barclays set a price objective of $109.00 with an “overweight” rating on the same day.
Another significant update came from Raymond James Financial, which reissued an “outperform” rating with a price target of $100.00, adjusted from $99.00. Additionally, Citigroup maintained a “neutral” rating on Nasdaq shares as of July 9, 2023. Currently, the consensus rating among analysts is “Moderate Buy,” with an average target price set at $98.56.
As Nasdaq continues to attract significant institutional investment and garners positive analyst ratings, the company is positioned for ongoing scrutiny and interest in the financial markets.
