Allen Investment Management LLC Trims Holdings in The Priceline Group Inc. (PCLN)
Allen Investment Management LLC cut its holdings in shares of The Priceline Group Inc. (NASDAQ:PCLN) by 7.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 57,489 shares of the business services provider’s stock after selling 4,468 shares during the quarter. The Priceline Group accounts for about 5.2% of Allen Investment Management LLC’s portfolio, making the stock its 5th largest holding. Allen Investment Management LLC owned about 0.12% of The Priceline Group worth $107,534,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Shine Investment Advisory Services Inc. purchased a new position in shares of The Priceline Group during the 2nd quarter valued at approximately $105,000. Webster Bank N. A. increased its holdings in shares of The Priceline Group by 24.0% during the 1st quarter. Webster Bank N. A. now owns 62 shares of the business services provider’s stock valued at $110,000 after purchasing an additional 12 shares in the last quarter. Assetmark Inc. increased its holdings in shares of The Priceline Group by 12.5% during the 1st quarter. Assetmark Inc. now owns 63 shares of the business services provider’s stock valued at $112,000 after purchasing an additional 7 shares in the last quarter. Capital Advisors Ltd. LLC purchased a new position in shares of The Priceline Group during the 2nd quarter valued at approximately $112,000. Finally, Signature Estate & Investment Advisors LLC purchased a new position in shares of The Priceline Group during the 1st quarter valued at approximately $123,000. 94.53% of the stock is owned by institutional investors.
Several research firms have recently weighed in on PCLN. Credit Suisse Group reaffirmed an “outperform” rating and set a $2,070.00 target price (down from $2,150.00) on shares of The Priceline Group in a report on Wednesday, August 9th. Needham & Company LLC reaffirmed a “buy” rating on shares of The Priceline Group in a report on Wednesday, June 21st. MKM Partners reaffirmed a “buy” rating and set a $2,050.00 target price (up from $2,030.00) on shares of The Priceline Group in a report on Wednesday, May 17th. UBS AG reaffirmed an “overweight” rating on shares of The Priceline Group in a report on Thursday, August 24th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $2,100.00 price target on shares of The Priceline Group in a research note on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The Priceline Group presently has an average rating of “Buy” and a consensus price target of $1,924.32.
In related news, CEO Gillian Tans sold 122 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $1,814.00, for a total transaction of $221,308.00. Following the completion of the transaction, the chief executive officer now owns 6,044 shares in the company, valued at approximately $10,963,816. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jan L. Docter sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $1,875.90, for a total value of $4,689,750.00. Following the transaction, the director now owns 320 shares of the company’s stock, valued at approximately $600,288. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,867 shares of company stock valued at $5,380,180. Insiders own 0.42% of the company’s stock.
Shares of The Priceline Group Inc. (NASDAQ:PCLN) opened at 1850.82 on Tuesday. The stock has a 50 day moving average price of $1,921.27 and a 200 day moving average price of $1,834.39. The firm has a market capitalization of $90.80 billion, a P/E ratio of 39.31 and a beta of 1.47. The Priceline Group Inc. has a 12-month low of $1,402.67 and a 12-month high of $2,067.99.
The Priceline Group (NASDAQ:PCLN) last issued its earnings results on Tuesday, August 8th. The business services provider reported $15.14 EPS for the quarter, topping the consensus estimate of $14.25 by $0.89. The company had revenue of $3.02 billion during the quarter, compared to analyst estimates of $2.99 billion. The Priceline Group had a return on equity of 33.10% and a net margin of 20.51%. The business’s revenue was up 18.3% on a year-over-year basis. During the same quarter last year, the firm earned $13.93 EPS. Equities analysts anticipate that The Priceline Group Inc. will post $74.77 earnings per share for the current fiscal year.
About The Priceline Group
The Priceline Group Inc is a provider of travel and restaurant online reservation and related services. The Company, through its online travel companies (OTCs), connects consumers wishing to make travel reservations with providers of travel services across the world. It offers consumers an array of accommodation reservations (including hotels, bed and breakfasts, hostels, apartments, vacation rentals and other properties) through its Booking.com, priceline.com and agoda.com brands.
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