Envestnet Asset Management Inc. Lowers Stake in Cannae Holdings, Inc. $CNNE

Envestnet Asset Management Inc. cut its position in Cannae Holdings, Inc. (NYSE:CNNE) by 95.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,898 shares of the company’s stock after selling 210,772 shares during the period. Envestnet Asset Management Inc.’s holdings in Cannae were worth $206,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Cannae in the 1st quarter worth $1,507,000. XTX Topco Ltd boosted its stake in shares of Cannae by 470.9% in the first quarter. XTX Topco Ltd now owns 61,541 shares of the company’s stock worth $1,128,000 after acquiring an additional 50,762 shares during the period. Alberta Investment Management Corp purchased a new stake in shares of Cannae during the first quarter worth about $7,790,000. Levin Capital Strategies L.P. raised its stake in Cannae by 22.4% during the 1st quarter. Levin Capital Strategies L.P. now owns 192,594 shares of the company’s stock valued at $3,530,000 after purchasing an additional 35,197 shares during the period. Finally, Vanguard Group Inc. raised its stake in Cannae by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 5,844,675 shares of the company’s stock valued at $107,133,000 after purchasing an additional 205,785 shares during the period. 88.12% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Zacks Research raised shares of Cannae from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cannae in a research note on Tuesday, October 14th. Finally, Royal Bank Of Canada reduced their price target on shares of Cannae from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Wednesday, November 12th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $20.50.

Cannae Stock Performance

Shares of NYSE:CNNE opened at $16.10 on Friday. The firm has a fifty day simple moving average of $17.55 and a two-hundred day simple moving average of $18.92. Cannae Holdings, Inc. has a 52 week low of $15.05 and a 52 week high of $21.96. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $793.41 million, a P/E ratio of -2.08 and a beta of 1.11.

Cannae (NYSE:CNNE) last announced its quarterly earnings results on Monday, November 10th. The company reported ($1.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.94). Cannae had a negative net margin of 108.39% and a negative return on equity of 23.16%. The business had revenue of $106.90 million during the quarter, compared to the consensus estimate of $104.80 million. During the same period in the previous year, the business posted ($0.22) EPS. The firm’s revenue was down 6.1% on a year-over-year basis. On average, analysts expect that Cannae Holdings, Inc. will post -3.14 earnings per share for the current fiscal year.

Cannae Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be given a $0.15 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a yield of 3.7%. Cannae’s dividend payout ratio (DPR) is currently -7.76%.

Insider Transactions at Cannae

In other Cannae news, Director Frank R. Martire sold 26,478 shares of Cannae stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $18.43, for a total transaction of $487,989.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 10.90% of the stock is currently owned by corporate insiders.

Cannae Company 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.