Match Group Inc. $MTCH Shares Purchased by Callodine Capital Management LP

Key Points

• Callodine Capital Management LP has increased its stake in Match Group Inc. by 76.9%, making it the seventh largest holding in its portfolio with a total worth of $25.27 million.
• Other institutional investors, such as Starboard Value LP and Invesco Ltd., have also significantly increased their positions in Match Group, demonstrating growing confidence in the company.
• Match Group recently declared a quarterly dividend of $0.19 per share, with a yield of 2.0%, indicating a strong commitment to returning value to shareholders.

Callodine Capital Management LP grew its position in Match Group Inc. (NASDAQ:MTCH - Free Report) by 76.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 810,000 shares of the technology company's stock after purchasing an additional 352,240 shares during the period. Match Group makes up 4.2% of Callodine Capital Management LP's holdings, making the stock its 7th largest position. Callodine Capital Management LP owned approximately 0.32% of Match Group worth $25,272,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Match Group by 652.5% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 11,415 shares of the technology company's stock valued at $356,000 after purchasing an additional 9,898 shares during the period. Comerica Bank increased its holdings in shares of Match Group by 4.1% in the first quarter. Comerica Bank now owns 56,945 shares of the technology company's stock valued at $1,777,000 after purchasing an additional 2,230 shares during the period. SVB Wealth LLC acquired a new position in shares of Match Group in the first quarter valued at about $49,000. AlphaQuest LLC lifted its holdings in shares of Match Group by 382.7% in the 1st quarter. AlphaQuest LLC now owns 8,186 shares of the technology company's stock valued at $255,000 after buying an additional 6,490 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Match Group by 17.4% in the 1st quarter. Ameriprise Financial Inc. now owns 12,321,485 shares of the technology company's stock valued at $384,808,000 after buying an additional 1,822,362 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MTCH has been the subject of several analyst reports. UBS Group boosted their price objective on Match Group from $31.00 to $35.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Wells Fargo & Company boosted their price objective on Match Group from $31.00 to $32.00 and gave the company an "equal weight" rating in a report on Friday, June 27th. JPMorgan Chase & Co. boosted their price objective on Match Group from $28.00 to $33.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Citigroup decreased their price objective on Match Group from $31.00 to $30.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Susquehanna boosted their price objective on Match Group from $40.00 to $45.00 and gave the company a "positive" rating in a report on Thursday, August 7th. Five equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $35.44.

Insider Transactions at Match Group

In related news, Director Stephen Bailey sold 12,500 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $36.72, for a total transaction of $459,000.00. Following the transaction, the director directly owned 8,058 shares in the company, valued at approximately $295,889.76. The trade was a 60.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Ann Mcdaniel sold 5,423 shares of the business's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $37.58, for a total transaction of $203,796.34. Following the transaction, the director owned 21,926 shares in the company, valued at $823,979.08. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.64% of the company's stock.

Match Group Stock Performance

Shares of MTCH traded up $0.30 during mid-day trading on Friday, hitting $37.34. 4,124,497 shares of the company were exchanged, compared to its average volume of 4,857,135. Match Group Inc. has a 1-year low of $26.39 and a 1-year high of $39.20. The company has a 50 day moving average of $34.35 and a 200-day moving average of $31.86. The stock has a market cap of $8.98 billion, a price-to-earnings ratio of 18.39, a price-to-earnings-growth ratio of 0.74 and a beta of 1.36.

Match Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, October 3rd will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, October 3rd. Match Group's dividend payout ratio is 37.44%.

Match Group Company Profile

Match Group, Inc engages in the provision of dating products. Its portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and Hakuna, as well as a various other brands, each built to increase users' likelihood of connecting with others. Its services are available in over 40 languages to users worldwide.