DAVENPORT & Co LLC Increases Stock Holdings in Cannae Holdings Inc (NYSE:CNNE)

DAVENPORT & Co LLC boosted its position in Cannae Holdings Inc (NYSE:CNNE) by 41.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,883,314 shares of the company’s stock after acquiring an additional 549,420 shares during the quarter. DAVENPORT & Co LLC owned 2.05% of Cannae worth $70,172,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of CNNE. Azora Capital LP bought a new stake in Cannae in the second quarter valued at about $72,639,000. Vanguard Group Inc. increased its stake in shares of Cannae by 12.9% during the 2nd quarter. Vanguard Group Inc. now owns 7,808,750 shares of the company’s stock worth $320,939,000 after purchasing an additional 895,105 shares during the last quarter. Eminence Capital LP acquired a new position in shares of Cannae during the 2nd quarter worth about $28,672,000. Confluence Investment Management LLC increased its stake in shares of Cannae by 77.3% during the 1st quarter. Confluence Investment Management LLC now owns 1,092,419 shares of the company’s stock worth $36,585,000 after purchasing an additional 476,252 shares during the last quarter. Finally, Parian Global Management LP acquired a new position in shares of Cannae during the 2nd quarter worth about $19,341,000. Institutional investors own 84.81% of the company’s stock.

Separately, Zacks Investment Research upgraded shares of Cannae from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Thursday.

Shares of Cannae stock traded down $0.10 on Friday, reaching $39.90. 282,917 shares of the stock were exchanged, compared to its average volume of 633,997. The firm’s 50 day moving average is $37.26 and its 200-day moving average is $36.12. Cannae Holdings Inc has a one year low of $20.51 and a one year high of $44.87. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.70 and a current ratio of 5.74. The firm has a market cap of $3.66 billion, a PE ratio of 2.66 and a beta of 0.65.

Cannae (NYSE:CNNE) last released its quarterly earnings data on Friday, August 7th. The company reported $5.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $5.85. Cannae had a net margin of 144.78% and a return on equity of 60.74%. The business had revenue of $102.60 million during the quarter, compared to analysts’ expectations of $109.70 million. During the same period in the prior year, the company earned $0.27 EPS. The firm’s quarterly revenue was down 62.3% compared to the same quarter last year. On average, equities research analysts expect that Cannae Holdings Inc will post 14.1 EPS for the current fiscal year.

In related news, CEO Richard N. Massey bought 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were acquired at an average cost of $36.95 per share, with a total value of $184,750.00. Following the completion of the purchase, the chief executive officer now directly owns 265,087 shares in the company, valued at $9,794,964.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 6.80% of the company’s stock.

About Cannae

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 is based in Las Vegas, Nevada.

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Institutional Ownership by Quarter for Cannae (NYSE:CNNE)

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