Allianz Asset Management GmbH Purchases Shares of 64,616 Match Group Inc. $MTCH

Key Points

• Allianz Asset Management initiated a Match Group position by buying 64,616 shares worth approximately $2.46 million. Institutional investors collectively own 94.05% of the company.
• Analyst sentiment remains favorable, with Match Group holding a consensus “Moderate Buy” rating and an average price target of $42.46. Ratings include one Strong Buy, six Buys and nine Holds.
• Match Group exceeded quarterly EPS expectations, reporting $0.70 versus the $0.65 consensus, although revenue declined 1.2% year over year to $853.11 million. The company also announced a quarterly dividend of $0.20 per share, implying a 1.9% yield.

Allianz Asset Management GmbH purchased a new position in shares of Match Group Inc. (NASDAQ:MTCH - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 64,616 shares of the technology company's stock, valued at approximately $2,459,000.

Other hedge funds have also recently made changes to their positions in the company. Corient Private Wealth LP lifted its stake in Match Group by 25.5% in the second quarter. Corient Private Wealth LP now owns 136,480 shares of the technology company's stock worth $5,193,000 after purchasing an additional 27,750 shares during the last quarter. Amundi grew its stake in shares of Match Group by 83.0% during the second quarter. Amundi now owns 68,859 shares of the technology company's stock valued at $2,620,000 after buying an additional 31,233 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Match Group during the second quarter valued at about $1,910,000. California State Teachers Retirement System increased its holdings in shares of Match Group by 3,575.8% in the second quarter. California State Teachers Retirement System now owns 9,738,022 shares of the technology company's stock worth $370,532,000 after buying an additional 9,473,103 shares during the period. Finally, Greenland Capital Management LP purchased a new position in shares of Match Group in the second quarter worth about $276,000. 94.05% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MTCH has been the subject of several analyst reports. Zacks Research upgraded Match Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 11th. Wells Fargo & Company lifted their price target on Match Group from $38.00 to $41.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 7th. Wall Street Zen cut Match Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Truist Financial boosted their price objective on Match Group from $37.00 to $41.00 and gave the company a "hold" rating in a research report on Wednesday, August 5th. Finally, Weiss Ratings raised Match Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, Match Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.46.

Insider Buying and Selling at Match Group

In other news, Director Stephen Bailey sold 4,760 shares of Match Group stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $42.26, for a total transaction of $201,157.60. Following the completion of the transaction, the director directly owned 11,742 shares in the company, valued at approximately $496,216.92. This trade represents a 28.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Glenn Schiffman purchased 3,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was bought at an average cost of $36.63 per share, for a total transaction of $109,890.00. Following the completion of the transaction, the director owned 56,370 shares in the company, valued at approximately $2,064,833.10. This represents a 5.62% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 23,291 shares of company stock valued at $976,478 in the last quarter. 0.71% of the stock is owned by insiders.

Match Group Price Performance

MTCH stock opened at $41.15 on Wednesday. Match Group Inc. has a 1 year low of $28.81 and a 1 year high of $43.47. The company has a market cap of $9.45 billion, a P/E ratio of 14.54, a PEG ratio of 0.61 and a beta of 1.32. The firm has a 50-day moving average of $39.36 and a 200 day moving average of $35.83.

Match Group (NASDAQ:MTCH - Get Free Report) last announced its earnings results on Tuesday, August 4th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.05. Match Group had a negative return on equity of 324.82% and a net margin of 20.17%.The firm had revenue of $853.11 million during the quarter, compared to analyst estimates of $857.77 million. During the same quarter in the prior year, the company earned $0.49 EPS. The business's revenue was down 1.2% compared to the same quarter last year. On average, equities research analysts expect that Match Group Inc. will post 3.31 earnings per share for the current fiscal year.

Match Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Stockholders of record on Monday, October 5th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, October 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.9%. Match Group's dividend payout ratio is currently 28.27%.

Match Group Company Profile

Match Group, Inc NASDAQ: MTCH is a leading provider of online dating products and services. The company owns and operates a diverse portfolio of consumer brands that connect singles through digital platforms. Its flagship offerings include Match.com, Tinder, Hinge, OkCupid and PlentyOfFish, which together serve users looking for long-term relationships, casual encounters and social networking opportunities.

Originating with the launch of Match.com in 1995, Match Group has grown through a combination of organic development and strategic acquisitions.

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