Meritage Portfolio Management Purchases New Stake in Match Group Inc. $MTCH

Key Points

• Meritage Portfolio Management has acquired a new stake in Match Group Inc., purchasing 22,423 shares valued at approximately $693,000 in the second quarter of 2023.
• Match Group recently announced a quarterly dividend of $0.19 per share, representing an annualized dividend of $0.76 with a yield of 2.4%.
• Despite recent interest from institutional investors, Match Group's stock has seen a 3.2% decline, with shares opening at $31.45 and attracting varied analyst ratings and price targets.

Meritage Portfolio Management purchased a new stake in Match Group Inc. (NASDAQ:MTCH - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 22,423 shares of the technology company's stock, valued at approximately $693,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Applied Finance Capital Management LLC lifted its stake in Match Group by 5.1% during the first quarter. Applied Finance Capital Management LLC now owns 6,880 shares of the technology company's stock worth $215,000 after purchasing an additional 334 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Match Group by 56.0% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,008 shares of the technology company's stock worth $31,000 after purchasing an additional 362 shares in the last quarter. Parallel Advisors LLC lifted its stake in Match Group by 18.5% during the second quarter. Parallel Advisors LLC now owns 2,500 shares of the technology company's stock worth $77,000 after purchasing an additional 390 shares in the last quarter. Assetmark Inc. boosted its holdings in Match Group by 14.1% during the 1st quarter. Assetmark Inc. now owns 3,464 shares of the technology company's stock valued at $108,000 after acquiring an additional 429 shares during the period. Finally, Penserra Capital Management LLC boosted its holdings in Match Group by 2.7% during the 1st quarter. Penserra Capital Management LLC now owns 17,515 shares of the technology company's stock valued at $546,000 after acquiring an additional 455 shares during the period. Institutional investors and hedge funds own 94.05% of the company's stock.

Match Group Stock Down 3.2%

Shares of Match Group stock opened at $31.45 on Monday. Match Group Inc. has a 52-week low of $26.39 and a 52-week high of $39.20. The company has a 50 day moving average of $36.55 and a 200 day moving average of $32.74. The company has a market capitalization of $7.57 billion, a P/E ratio of 15.49, a P/E/G ratio of 0.62 and a beta of 1.38.

Match Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, October 3rd will be paid a dividend of $0.19 per share. The ex-dividend date is Friday, October 3rd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.4%. Match Group's payout ratio is presently 37.44%.

Insider Buying and Selling

In other news, CAO Philip D. Eigenmann sold 6,531 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $37.52, for a total value of $245,043.12. Following the transaction, the chief accounting officer owned 23,240 shares in the company, valued at approximately $871,964.80. This represents a 21.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ann Mcdaniel sold 5,423 shares of the stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $37.58, for a total value of $203,796.34. Following the completion of the transaction, the director owned 21,926 shares in the company, valued at approximately $823,979.08. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,454 shares of company stock worth $907,839. Corporate insiders own 0.64% of the company's stock.

Wall Street Analysts Forecast Growth

MTCH has been the subject of a number of research analyst reports. Susquehanna raised their target price on Match Group from $40.00 to $45.00 and gave the company a "positive" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Match Group from $28.00 to $33.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Wells Fargo & Company lifted their price objective 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. Weiss Ratings restated a "hold (c)" rating on shares of Match Group in a report on Wednesday, October 8th. Finally, UBS Group upped their price objective on Match Group from $31.00 to $35.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Five analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $35.44.

Match Group 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.

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