Taikang Asset Management Hong Kong Co Ltd Invests $29.99 Million in Futu Holdings Limited Sponsored ADR $FUTU

Taikang Asset Management Hong Kong Co Ltd purchased a new position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU) during the fourth quarter, Holdings Channel reports. The fund purchased 182,605 shares of the company’s stock, valued at approximately $29,986,000. Futu makes up about 3.0% of Taikang Asset Management Hong Kong Co Ltd’s investment portfolio, making the stock its 9th biggest position.

A number of other institutional investors have also recently made changes to their positions in FUTU. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Futu by 805.2% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,126,633 shares of the company’s stock worth $195,933,000 after buying an additional 1,002,171 shares during the last quarter. Aspex Management HK Ltd increased its holdings in shares of Futu by 37.5% in the 4th quarter. Aspex Management HK Ltd now owns 3,371,597 shares of the company’s stock worth $553,650,000 after buying an additional 919,724 shares during the last quarter. Tredje AP fonden increased its holdings in shares of Futu by 3,579.1% in the 3rd quarter. Tredje AP fonden now owns 688,000 shares of the company’s stock worth $119,650,000 after buying an additional 669,300 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Futu by 25,558,100.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 511,164 shares of the company’s stock worth $83,938,000 after buying an additional 511,162 shares during the last quarter. Finally, Tree Line Advisors Hong Kong Ltd. bought a new position in shares of Futu in the 3rd quarter worth $64,250,000.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $87.00 target price (down from $300.00) on shares of Futu in a report on Friday, May 22nd. Jefferies Financial Group reaffirmed a “buy” rating and set a $170.50 target price on shares of Futu in a report on Thursday, May 28th. Barclays reduced their target price on shares of Futu from $236.00 to $200.00 and set an “overweight” rating on the stock in a report on Monday, March 16th. Wall Street Zen lowered shares of Futu from a “hold” rating to a “sell” rating in a report on Saturday, May 30th. Finally, Zacks Research lowered shares of Futu from a “hold” rating to a “strong sell” rating in a report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $162.80.

Futu Stock Performance

FUTU stock opened at $96.01 on Wednesday. Futu Holdings Limited Sponsored ADR has a 52 week low of $80.50 and a 52 week high of $202.53. The firm’s fifty day moving average is $131.29 and its 200 day moving average is $148.86. The firm has a market cap of $13.46 billion, a P/E ratio of 10.56, a P/E/G ratio of 1.17 and a beta of 0.40.

Futu (NASDAQ:FUTU) last announced its quarterly earnings results on Thursday, May 28th. The company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $2.89 by ($2.12). The firm had revenue of $694.17 million for the quarter, compared to analysts’ expectations of $761.35 million. Futu had a net margin of 41.87% and a return on equity of 26.48%. As a group, analysts forecast that Futu Holdings Limited Sponsored ADR will post 8.95 EPS for the current year.

Futu Announces Dividend

The company also recently declared a special dividend, which was paid on Wednesday, April 29th. Shareholders of record on Thursday, April 16th were given a dividend of $2.60 per share. The ex-dividend date of this dividend was Thursday, April 16th. Futu’s dividend payout ratio is presently 28.05%.

Futu Company Profile

Futu Holdings Ltd. is a technology-driven brokerage and wealth management company that provides online brokerage services, market data, and investment tools to retail and institutional clients. Headquartered in Hong Kong and listed on the NASDAQ under the ticker FUTU, the company operates digital trading platforms that combine order execution, real-time quotes, news, and research tools to serve active investors and wealth management customers.

The firm’s product suite includes brokerage access to equities, exchange-traded funds and derivatives across major markets, margin financing, initial public offering (IPO) subscription services, wealth management products and discretionary investment solutions.