Banque Pictet & Cie SA holds $6.67 million stock position in Intercontinental Exchange Inc.

Banque Pictet & Cie SA cut its stake in Intercontinental Exchange Inc. (NYSE: ICE) by 47.4% during the fourth quarter, according to the firm’s latest 13F filing with the U.S. Securities and Exchange Commission. The fund held 41,160 shares of ICE after selling 37,097 shares in the quarter. Its remaining position was valued at $6,666,000 at the end of the period.

Institutional trading activity

Several other institutional investors also adjusted their positions in Intercontinental Exchange:

• Knuff & Co LLC increased its stake by 73.3% in the second quarter, owning 175 shares valued at $32,000 after buying 74 additional shares.
• Holos Integrated Wealth LLC bought a new position in the fourth quarter valued at about $28,000.
• Private Wealth Management Group LLC raised its holding by 59.5% in the third quarter, owning 177 shares worth $30,000 after adding 66 shares.
• Caitlin John LLC acquired a new stake in the third quarter valued at about $32,000.
• Capital A Wealth Management LLC increased its stake by 26,000.0% in the second quarter, owning 261 shares valued at $48,000 after acquiring 260 additional shares.

Overall, 89.30% of ICE shares are held by institutional investors.

Analysts set new price targets

Equities analysts issued updated views on ICE:

• Raymond James Financial reaffirmed a “strong-buy” rating and set a $211.00 price target (report dated Tuesday, January 6).
• Morgan Stanley set a $183.00 price objective and an “equal weight” rating (report dated Tuesday, February 10).
• Weiss Ratings restated a “buy (b-)” rating (research dated Monday, December 29).
• Piper Sandler restated an “overweight” rating and set a $195.00 target price, down from $202.00 (research note dated Wednesday, January 14).
• TD Cowen reaffirmed a “buy” rating (research report dated Friday, February 6).

One analyst rated the stock as Strong Buy, nine assigned Buy ratings, and one assigned a Hold rating. Based on MarketBeat.com data, the average rating is “Buy” with a consensus price target of $191.20.

Insider transactions

Intercontinental Exchange insiders also reported share sales:

• CFO Warren Gardiner sold 2,490 shares on Thursday, February 19, at an average price of $154.00, for $383,460.00. After the sale, he directly owned 27,679 shares, valued at $4,262,566, representing an 8.25% decrease in ownership.
• President Benjamin Jackson sold 3,865 shares on Thursday, February 19, at an average price of $153.73, for $594,166.45. After the sale, he directly owned 165,304 shares valued at approximately $25,412,183.92, a 2.28% decrease in ownership.

Over the last 90 days, insiders sold 348,418 shares valued at $54,196,631. Insiders own 1.00% of the stock.

Market performance and valuation metrics

ICE shares rose, with the stock up 3.1%. Shares opened at $163.02 on Friday. The company has a market capitalization of $92.34 billion, a price-to-earnings ratio of 28.25, a P/E/G ratio of 1.71, and a beta of 1.03. Liquidity ratios reported include a quick ratio of 1.02 and a current ratio of 1.02, with a debt-to-equity ratio of 0.64. The stock’s 12-month range is $143.17 to $189.35, and moving averages are $161.39 (50-day) and $160.63 (200-day).

Latest quarterly results

Intercontinental Exchange released quarterly earnings on Thursday, February 5. The company reported earnings of $1.71 per share, beating the consensus estimate of $1.67 by $0.04. Return on equity was 13.99% and net margin was 26.23%. Revenue for the quarter was $3.14 billion, compared with analyst estimates of $2.51 billion. In the prior-year quarter, ICE posted $1.52 EPS, and revenue increased 7.8% year over year. Analysts expect ICE to report 6.73 EPS for the current fiscal year.

Dividend details

Intercontinental Exchange declared a quarterly dividend payable on Thursday, December 31. Shareholders of record as of Wednesday, December 16 will receive a $0.52 dividend per share. The dividend represents an annualized $2.08 payout and a 1.3% yield. The ex-dividend date is Wednesday, December 16. The dividend payout ratio is 36.05%.

Company profile

Intercontinental Exchange (NYSE: ICE) is a global operator of exchanges, clearing houses, and data services. The company provides infrastructure for trading, clearing, settlement, and information needs across financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, ICE has expanded through organic growth and acquisitions to operate a portfolio spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.