Cboe Global Markets, Inc. (BATS:NYSE:CBOE) EVP, Global President Dave Howson sold 2,500 shares of the company's stock on July 22, according to a recent Form 4 filing with the Securities and Exchange Commission. The shares were sold at an average price of $186.67, totaling approximately $466,674.
The transactions occurred in a range of prices from $186.50 to $187.00, as detailed in the filing footnotes. Howson's sale was conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying and selling stocks at a time when they are not in possession of material non-public information.
Following the sale, Howson still owns 15,073 shares of Cboe Global Markets stock, directly. The 10b5-1 trading plan under which the sale was made was adopted on March 11, 2024.
Cboe Global Markets, headquartered in Chicago, operates the largest options exchange and the third-largest stock exchange in the U.S. The company's shares are traded on the BATS exchange under the ticker symbol CBOE. The sale by Howson represents a part of the ongoing transactions by company executives, as regularly reported in SEC filings.
In other recent news, CBOE Holdings has experienced a series of significant developments. Analysts from Oppenheimer, JPMorgan (NYSE:JPM), and Rosenblatt Securities have adjusted their price targets for the company, reflecting a mix of positive and slower growth areas. Despite a lowered target by Oppenheimer due to slowing SPX options growth, the firm raised its second-quarter 2024 adjusted earnings per share (EPS) estimate to $2.11, slightly above the consensus estimate, attributing this to a stronger-than-anticipated performance in VIX futures.
JPMorgan revised its price target for CBOE Holdings to $166, following the release of CBOE's first-quarter 2024 earnings and the latest trading statistics. Rosenblatt Securities increased its target to $205, in response to the company's record-level index options activity and the highest VIX futures volumes observed since the pandemic.
CBOE Holdings also reported a 7% increase in net revenues to a record $502 million and a 13% rise in adjusted diluted earnings per share to $2.15, driven by the performance of its derivatives and Data and Access Solutions businesses. The company announced plans to consolidate its digital asset business, anticipating future cost savings after absorbing near-term impairment charges. These are the latest in a series of recent developments, demonstrating CBOE's momentum in the financial markets.
InvestingPro Insights
As Cboe Global Markets, Inc. (BATS:CBOE) continues to navigate the financial markets, recent data from InvestingPro shows a mix of financial metrics that investors may find noteworthy. The company's P/E Ratio, standing at 24.46, suggests a valuation that is balanced against its near-term earnings growth. This aligns with one of the InvestingPro Tips indicating that Cboe is trading at a low P/E ratio relative to near-term earnings growth.
Another InvestingPro Tip highlights that Cboe has raised its dividend for 9 consecutive years and has maintained dividend payments for 15 consecutive years. This consistency is further reflected in the company's Dividend Growth over the last twelve months as of Q1 2024, which was at 10.35%, showcasing the company's commitment to returning value to shareholders.
Despite a noted sales decline in the current year by analysts, as per another InvestingPro Tip, the company's financial health remains stable with a Gross Profit Margin of 52.07% in the last twelve months as of Q1 2024. Additionally, Cboe has a PEG Ratio of just 0.15, implying potential for growth when considering the earnings outlook.
For those looking to delve deeper into Cboe's financial performance and future potential, InvestingPro offers additional insights. There are a total of 9 InvestingPro Tips available, which can be accessed by visiting: https://www.investing.com/pro/CBOE. To gain a more comprehensive understanding and to benefit from the full range of features, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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