Cerity Partners LLC Cuts Holdings in TKO Group Holdings, Inc. (NYSE:TKO)

Key Points

• Cerity Partners LLC sold 1,723 shares of TKO Group, reducing its holdings by 45.3% to a total of 2,081 shares valued at approximately $318,000.
• TKO Group reported $1.27 billion in revenue for the last quarter, exceeding analyst estimates of $1.07 billion, while also beating EPS estimates by $0.14.
• The company declared a quarterly dividend of $0.38 per share, resulting in an annualized yield of 0.89% and a payout ratio of 77.16%.

Cerity Partners LLC cut its holdings in shares of TKO Group Holdings, Inc. (NYSE:TKO - Free Report) by 45.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,081 shares of the company's stock after selling 1,723 shares during the quarter. Cerity Partners LLC's holdings in TKO Group were worth $318,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Sentry Investment Management LLC bought a new position in TKO Group in the first quarter valued at approximately $25,000. Bartlett & CO. Wealth Management LLC bought a new position in TKO Group in the first quarter valued at approximately $27,000. Farther Finance Advisors LLC increased its stake in TKO Group by 129.8% in the first quarter. Farther Finance Advisors LLC now owns 216 shares of the company's stock valued at $33,000 after acquiring an additional 122 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in TKO Group by 229.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 244 shares of the company's stock valued at $37,000 after acquiring an additional 170 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new position in TKO Group in the first quarter valued at approximately $38,000. 89.79% of the stock is owned by institutional investors.

Insider Transactions at TKO Group

In other TKO Group news, Director Peter C. B. Bynoe bought 980 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was bought at an average cost of $169.59 per share, with a total value of $166,198.20. Following the completion of the transaction, the director directly owned 2,747 shares in the company, valued at approximately $465,863.73. The trade was a 55.46% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Lake West Voteco L.L.C Silver bought 1,579,080 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were acquired at an average cost of $158.32 per share, with a total value of $249,999,945.60. Following the completion of the transaction, the insider owned 4,158,517 shares of the company's stock, valued at $658,376,411.44. This represents a 61.22% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 73,725 shares of company stock valued at $12,501,561 over the last three months. Corporate insiders own 61.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TKO. The Goldman Sachs Group lifted their price objective on shares of TKO Group from $170.00 to $188.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Sanford C. Bernstein initiated coverage on shares of TKO Group in a research report on Wednesday, June 4th. They issued an "outperform" rating and a $190.00 target price on the stock. Susquehanna initiated coverage on shares of TKO Group in a report on Monday, April 28th. They set a "positive" rating and a $180.00 price target on the stock. Guggenheim lifted their price target on shares of TKO Group from $175.00 to $190.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of TKO Group from $158.00 to $182.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, TKO Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $171.33.

TKO Group Stock Up 0.5%

Shares of NYSE:TKO traded up $0.82 during midday trading on Thursday, hitting $168.63. 114,595 shares of the company's stock were exchanged, compared to its average volume of 1,284,698. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a 50 day moving average price of $168.96 and a 200-day moving average price of $159.57. The company has a market cap of $33.37 billion, a PE ratio of 85.36 and a beta of 0.73. TKO Group Holdings, Inc. has a 12 month low of $102.46 and a 12 month high of $182.60.

TKO Group (NYSE:TKO - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.55 by $0.14. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.07 billion. TKO Group had a net margin of 4.98% and a return on equity of 2.52%. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.26) earnings per share. On average, sell-side analysts anticipate that TKO Group Holdings, Inc. will post 3.88 EPS for the current fiscal year.

TKO Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend was Friday, June 13th. TKO Group's payout ratio is presently 77.16%.

TKO Group Company Profile

TKO Group Holdings, Inc operates as a sports and entertainment company. The company produces and licenses live events, television programs, and long-form and short-form content, reality series, and other filmed entertainment on digital and linear channels and via pay-per-view. It is involved in the merchandising of video games, apparel, equipment, trading cards, memorabilia, digital goods, and toys, as well as sale of travel packages and tickets.