Mackenzie Financial Corp Grows Holdings in Match Group Inc. (NASDAQ:MTCH)

Key Points

• Mackenzie Financial Corp increased its holdings in Match Group Inc. by 29.7% during the first quarter, acquiring an additional 17,810 shares, which brought its total to 77,696 shares valued at approximately $2.4 million.
• CEO Spencer M. Rascoff purchased 70,885 shares at an average cost of $28.05 per share, increasing his stake in the company by 106.45%, now owning shares worth nearly $3.9 million.
• Match Group has been assigned a consensus rating of "Hold" from analysts, with an average price target of $34.95, indicating mixed expectations for future stock performance.

Mackenzie Financial Corp increased its stake in Match Group Inc. (NASDAQ:MTCH - Free Report) by 29.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 77,696 shares of the technology company's stock after acquiring an additional 17,810 shares during the period. Mackenzie Financial Corp's holdings in Match Group were worth $2,424,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. IVY Lane Capital Management LLC purchased a new stake in shares of Match Group in the 1st quarter worth approximately $7,176,000. Empirical Finance LLC grew its stake in shares of Match Group by 2.3% in the 1st quarter. Empirical Finance LLC now owns 26,684 shares of the technology company's stock worth $833,000 after buying an additional 611 shares during the last quarter. Applied Finance Capital Management LLC grew its stake in shares of Match Group by 5.1% in the 1st quarter. Applied Finance Capital Management LLC now owns 6,880 shares of the technology company's stock worth $215,000 after buying an additional 334 shares during the last quarter. Assetmark Inc. grew its stake in shares of Match Group by 14.1% in the 1st quarter. Assetmark Inc. now owns 3,464 shares of the technology company's stock worth $108,000 after buying an additional 429 shares during the last quarter. Finally, Sound Shore Management Inc. CT grew its stake in shares of Match Group by 64.9% in the 1st quarter. Sound Shore Management Inc. CT now owns 2,014,123 shares of the technology company's stock worth $62,841,000 after buying an additional 792,408 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Stifel Nicolaus cut their price objective on Match Group from $35.00 to $29.00 and set a "hold" rating for the company in a research report on Wednesday, April 23rd. Wells Fargo & Company increased their price target on shares of Match Group from $31.00 to $32.00 and gave the company an "equal weight" rating in a report on Friday, June 27th. Barclays lowered their price target on shares of Match Group from $52.00 to $46.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Morgan Stanley lowered their price target on shares of Match Group from $33.00 to $32.00 and set an "equal weight" rating for the company in a report on Thursday, April 17th. Finally, Bank of America lowered their price target on shares of Match Group from $36.00 to $33.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Sixteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $35.13.

Insider Transactions at Match Group

In other Match Group news, CEO Spencer M. Rascoff bought 70,885 shares of Match Group stock in a transaction dated Friday, May 9th. The stock was acquired at an average cost of $28.05 per share, with a total value of $1,988,324.25. Following the completion of the acquisition, the chief executive officer owned 137,478 shares of the company's stock, valued at approximately $3,856,257.90. This represents a 106.45% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.64% of the stock is owned by corporate insiders.

Match Group Trading Up 10.5%

Shares of MTCH stock traded up $3.54 on Wednesday, reaching $37.27. 16,363,140 shares of the stock were exchanged, compared to its average volume of 4,258,797. The business's 50 day moving average price is $32.02 and its 200 day moving average price is $31.49. The company has a market capitalization of $9.33 billion, a price-to-earnings ratio of 18.36, a PEG ratio of 0.72 and a beta of 1.36. Match Group Inc. has a twelve month low of $26.39 and a twelve month high of $38.77.

Match Group Announces Dividend

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