State of Michigan Retirement System Increases Stock Position in CME Group Inc. (NASDAQ:CME)

State of Michigan Retirement System boosted its holdings in CME Group Inc. (NASDAQ:CME) by 5.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 104,344 shares of the financial services provider’s stock after acquiring an additional 5,700 shares during the quarter. State of Michigan Retirement System’s holdings in CME Group were worth $20,514,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in CME Group by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 33,451,194 shares of the financial services provider’s stock valued at $7,044,821,000 after purchasing an additional 215,044 shares during the period. Capital International Investors lifted its holdings in shares of CME Group by 24.1% during the 1st quarter. Capital International Investors now owns 15,809,175 shares of the financial services provider’s stock valued at $3,403,557,000 after buying an additional 3,069,806 shares during the period. Capital World Investors boosted its stake in shares of CME Group by 8.7% in the 4th quarter. Capital World Investors now owns 14,589,867 shares of the financial services provider’s stock worth $3,072,654,000 after buying an additional 1,172,575 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of CME Group by 2.9% in the first quarter. Bank of New York Mellon Corp now owns 6,793,988 shares of the financial services provider’s stock worth $1,462,678,000 after acquiring an additional 189,842 shares during the period. Finally, Parnassus Investments LLC increased its position in CME Group by 0.4% during the fourth quarter. Parnassus Investments LLC now owns 5,667,384 shares of the financial services provider’s stock valued at $1,193,551,000 after acquiring an additional 23,583 shares during the last quarter. 87.75% of the stock is currently owned by hedge funds and other institutional investors.

CME Group Price Performance

Shares of CME Group stock opened at $208.43 on Tuesday. The company has a market capitalization of $75.05 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 6.27 and a beta of 0.52. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.10. The stock’s 50-day simple moving average is $199.93 and its 200-day simple moving average is $207.22. CME Group Inc. has a 52 week low of $190.70 and a 52 week high of $223.80.

CME Group (NASDAQ:CME) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.03. CME Group had a return on equity of 12.82% and a net margin of 56.98%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the firm earned $2.30 EPS. The firm’s revenue was up 12.7% compared to the same quarter last year. As a group, analysts expect that CME Group Inc. will post 9.8 earnings per share for the current fiscal year.

CME Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Investors of record on Monday, September 9th will be given a dividend of $1.15 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.21%. CME Group’s dividend payout ratio is 52.33%.

Insider Activity at CME Group

In other news, Director Daniel R. Glickman sold 650 shares of CME Group stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $201.44, for a total value of $130,936.00. Following the sale, the director now directly owns 14,008 shares of the company’s stock, valued at $2,821,771.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Charles P. Carey sold 3,000 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $195.44, for a total value of $586,320.00. Following the sale, the director now directly owns 7,163 shares in the company, valued at approximately $1,399,936.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniel R. Glickman sold 650 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $201.44, for a total transaction of $130,936.00. Following the sale, the director now owns 14,008 shares in the company, valued at $2,821,771.52. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Piper Sandler reissued an “overweight” rating and issued a $225.00 target price on shares of CME Group in a research report on Tuesday, August 20th. Barclays boosted their target price on shares of CME Group from $208.00 to $209.00 and gave the company an “equal weight” rating in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft increased their price target on shares of CME Group from $193.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. Keefe, Bruyette & Woods boosted their price objective on shares of CME Group from $212.00 to $213.00 and gave the company a “market perform” rating in a research report on Thursday, July 25th. Finally, JPMorgan Chase & Co. raised their target price on CME Group from $187.00 to $191.00 and gave the stock an “underweight” rating in a report on Thursday, July 25th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, CME Group has a consensus rating of “Hold” and a consensus target price of $213.27.

CME Group Company Profile

CME Group Inc, together with its subsidiaries, operates contract markets for the trading of futures and options on futures contracts worldwide. It offers futures and options products based on interest rates, equity indexes, foreign exchange, agricultural commodities, energy, and metals, as well as fixed income and foreign currency trading services.