Royal Bank of Canada Initiates Coverage on Cboe Global Markets (BATS:CBOE)

Equities researchers at Royal Bank of Canada started coverage on shares of Cboe Global Markets (BATS:CBOE) in a report released on Friday, Marketbeat reports. The firm set a “sector perform” rating and a $220.00 price target on the stock. Royal Bank of Canada’s price target suggests a potential upside of 8.59% from the stock’s previous close.

Several other brokerages have also issued reports on CBOE. Keefe, Bruyette & Woods raised their price objective on Cboe Global Markets from $197.00 to $198.00 and gave the stock a “market perform” rating in a report on Monday, August 5th. Oppenheimer raised their price objective on Cboe Global Markets from $199.00 to $209.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. TD Cowen started coverage on Cboe Global Markets in a report on Thursday. They set a “hold” rating and a $205.00 price target on the stock. Barclays raised their price target on Cboe Global Markets from $194.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. raised Cboe Global Markets from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $168.00 to $195.00 in a report on Monday, August 5th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $201.62.

Cboe Global Markets Stock Performance

BATS:CBOE opened at $202.60 on Friday. The firm has a market capitalization of $21.49 billion, a PE ratio of 104.43 and a beta of 0.61. The business’s fifty day moving average price is $202.98 and its 200 day moving average price is $186.36. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.21 and a quick ratio of 1.21. Cboe Global Markets has a 12 month low of $103.82 and a 12 month high of $139.00.

Cboe Global Markets (BATS:CBOE) last issued its quarterly earnings data on Friday, August 2nd. The company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.05. The company had revenue of $513.80 million for the quarter, compared to analyst estimates of $514.51 million. Cboe Global Markets had a return on equity of 20.05% and a net margin of 5.77%. The business’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.78 earnings per share. On average, sell-side analysts anticipate that Cboe Global Markets will post 6.41 earnings per share for the current fiscal year.

Cboe Global Markets announced that its Board of Directors has approved a share buyback plan on Friday, August 16th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Cboe Global Markets

In other news, EVP Catherine R. Clay sold 600 shares of Cboe Global Markets stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 4,328 shares in the company, valued at approximately $879,579.44. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Catherine R. Clay sold 600 shares of Cboe Global Markets stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 4,328 shares in the company, valued at approximately $879,579.44. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Jill Griebenow sold 1,622 shares of Cboe Global Markets stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $213.33, for a total transaction of $346,021.26. Following the sale, the chief financial officer now owns 8,844 shares of the company’s stock, valued at $1,886,690.52. The disclosure for this sale can be found here. Insiders sold a total of 18,261 shares of company stock worth $3,604,822 over the last 90 days. Company insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CBOE. Tandem Investment Advisors Inc. grew its stake in Cboe Global Markets by 4.4% in the 2nd quarter. Tandem Investment Advisors Inc. now owns 835,216 shares of the company’s stock worth $142,037,000 after acquiring an additional 35,336 shares during the period. Los Angeles Capital Management LLC grew its stake in Cboe Global Markets by 66.5% in the 2nd quarter. Los Angeles Capital Management LLC now owns 617,041 shares of the company’s stock worth $104,934,000 after acquiring an additional 246,442 shares during the period. Dimensional Fund Advisors LP grew its stake in Cboe Global Markets by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 566,657 shares of the company’s stock worth $96,367,000 after acquiring an additional 55,876 shares during the period. Marshall Wace LLP grew its stake in Cboe Global Markets by 306.6% in the 2nd quarter. Marshall Wace LLP now owns 533,839 shares of the company’s stock worth $90,785,000 after acquiring an additional 402,547 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in Cboe Global Markets by 19.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 526,423 shares of the company’s stock worth $93,998,000 after acquiring an additional 85,433 shares during the period. 81.73% of the stock is owned by hedge funds and other institutional investors.

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.