Geode Capital Management LLC Decreases Position in Cannae Holdings, Inc. (NYSE:CNNE)

Geode Capital Management LLC trimmed its stake in Cannae Holdings, Inc. (NYSE:CNNE) by 1.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,276,056 shares of the company’s stock after selling 15,570 shares during the period. Geode Capital Management LLC’s holdings in Cannae were worth $25,348,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Spire Wealth Management bought a new stake in Cannae in the fourth quarter worth $45,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of Cannae in the 4th quarter worth about $76,000. R Squared Ltd purchased a new position in shares of Cannae during the 4th quarter worth about $78,000. Nomura Asset Management Co. Ltd. grew its holdings in Cannae by 133.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company’s stock valued at $85,000 after purchasing an additional 2,436 shares during the last quarter. Finally, Blue Trust Inc. raised its position in Cannae by 457.9% in the 4th quarter. Blue Trust Inc. now owns 4,949 shares of the company’s stock worth $94,000 after purchasing an additional 4,062 shares during the period. Hedge funds and other institutional investors own 88.12% of the company’s stock.

Cannae Trading Down 0.2 %

Shares of NYSE:CNNE opened at $17.33 on Friday. The company has a market capitalization of $1.09 billion, a PE ratio of -3.60 and a beta of 0.89. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.10. Cannae Holdings, Inc. has a 12-month low of $15.92 and a 12-month high of $22.36. The business’s fifty day simple moving average is $18.15 and its 200-day simple moving average is $19.26.

Cannae Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.12 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.48 dividend on an annualized basis and a yield of 2.77%. Cannae’s dividend payout ratio is presently -10.17%.

Cannae announced that its Board of Directors has approved a stock repurchase plan on Tuesday, March 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CNNE shares. Royal Bank of Canada reduced their target price on Cannae from $27.00 to $23.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Oppenheimer reduced their target price on shares of Cannae from $27.00 to $22.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th.

Cannae Profile

Cannae Holdings, Inc is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. It takes both minority and majority stakes. Cannae Holdings, Inc was founded in 2014 and is based in Las Vegas, Nevada.