CBOE Holdings, Inc. (CBOE) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of CBOE Holdings, Inc. (NASDAQ:CBOE) from a buy rating to a hold rating in a research report sent to investors on Friday morning.

According to Zacks, “Shares of CBOE Holdings have outperformed the industry, year to date. Moreover, the company has witnessed its 2017 and 2018 estimates moving north over the last 60 days. CBOE Holdings remains focused on expansion of its proprietary product offering, while extending its global customer reach. Diversified product portfolio and core competencies fuel its growth prospects. Also, the acquisition of Bats Global Markets is a strategic fit as it will expand and diversify CBOE Holdings’ product portfolio and boost margins. However, intense competition and escalating costs remain concerns for CBOE Holdings. The company estimates capital expenditure in 2017 between $55 million and $60 million.”

CBOE has been the topic of several other research reports. Citigroup Inc. assumed coverage on CBOE Holdings in a research note on Wednesday, July 12th. They issued a neutral rating and a $93.00 price target on the stock. Barclays PLC assumed coverage on CBOE Holdings in a research note on Friday, September 8th. They issued an equal weight rating and a $105.00 price target on the stock. BidaskClub cut CBOE Holdings from a strong-buy rating to a buy rating in a research note on Monday, July 31st. Jefferies Group LLC reiterated a hold rating and issued a $92.00 price target (up previously from $85.00) on shares of CBOE Holdings in a research note on Monday, July 17th. Finally, Royal Bank Of Canada set a $100.00 price target on CBOE Holdings and gave the stock a buy rating in a research note on Monday, September 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. CBOE Holdings has an average rating of Buy and a consensus target price of $80.09.

Shares of CBOE Holdings (NASDAQ:CBOE) opened at 105.49 on Friday. CBOE Holdings has a 12 month low of $61.58 and a 12 month high of $106.53. The firm has a market cap of $11.90 billion, a price-to-earnings ratio of 57.68 and a beta of 0.49. The stock’s 50 day moving average price is $99.40 and its 200 day moving average price is $89.08.

CBOE Holdings (NASDAQ:CBOE) last released its quarterly earnings results on Friday, August 4th. The financial services provider reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.01. CBOE Holdings had a return on equity of 17.45% and a net margin of 17.81%. The business had revenue of $266.90 million for the quarter, compared to analysts’ expectations of $266.22 million. During the same quarter in the previous year, the firm posted $0.60 earnings per share. The company’s revenue was up 85.2% compared to the same quarter last year. Equities research analysts predict that CBOE Holdings will post $3.39 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.02%. This is a boost from CBOE Holdings’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, August 30th. CBOE Holdings’s dividend payout ratio is presently 59.67%.

In other news, Director Christopher Mitchell sold 200,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $97.65, for a total transaction of $19,530,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Carole E. Stone sold 1,520 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $97.14, for a total value of $147,652.80. Following the sale, the director now owns 14,241 shares in the company, valued at $1,383,370.74. The disclosure for this sale can be found here. Insiders have sold a total of 214,240 shares of company stock worth $20,981,248 over the last quarter. Insiders own 1.86% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. W. E. Donoghue & Co. LLC acquired a new stake in shares of CBOE Holdings during the 2nd quarter worth approximately $203,000. Lord Abbett & CO. LLC raised its position in shares of CBOE Holdings by 24.2% during the 2nd quarter. Lord Abbett & CO. LLC now owns 76,148 shares of the financial services provider’s stock worth $6,960,000 after purchasing an additional 14,845 shares during the period. USA Financial Portformulas Corp acquired a new stake in shares of CBOE Holdings during the 2nd quarter worth approximately $1,054,000. Sentry Investment Management LLC raised its position in shares of CBOE Holdings by 1.0% during the 2nd quarter. Sentry Investment Management LLC now owns 6,466 shares of the financial services provider’s stock worth $591,000 after purchasing an additional 66 shares during the period. Finally, Toronto Dominion Bank raised its position in shares of CBOE Holdings by 31.5% during the 2nd quarter. Toronto Dominion Bank now owns 31,234 shares of the financial services provider’s stock worth $2,854,000 after purchasing an additional 7,481 shares during the period. Institutional investors and hedge funds own 82.45% of the company’s stock.

CBOE Holdings Company Profile

CBOE Holdings, Inc is a holding company. The Company’s principal business is operating markets that offer for trading options on various market indexes (index options), on an exclusive basis, and futures contracts, as well as on non-exclusive multiply listed options, such as options on the stocks of individual corporations (equity options), and options on other exchange-traded products (ETP options), such as exchange-traded funds (ETF options) and exchange-traded notes (ETN options).

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Analyst Recommendations for CBOE Holdings (NASDAQ:CBOE)

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