Principal Financial Group Inc. Purchases 882,821 Shares of Match Group Inc. $MTCH

Key Points

• Principal Financial Group increased its Match Group stake by 338.3% in the first quarter, buying 882,821 additional shares and bringing its total to 1,143,744 shares worth about $35.1 million.
• Match Group shares were down 2.8% to $39.15, but the company reported stronger-than-expected quarterly results, with EPS of $0.68 versus the $0.61 estimate and revenue of $863.93 million.
• The company declared a quarterly dividend of $0.20 per share, while analysts remain cautious overall with a consensus rating of Hold and an average price target of $41.29.

Principal Financial Group Inc. grew its holdings in Match Group Inc. (NASDAQ:MTCH - Free Report) by 338.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,143,744 shares of the technology company's stock after purchasing an additional 882,821 shares during the quarter. Principal Financial Group Inc. owned about 0.49% of Match Group worth $35,124,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. State Street Corp boosted its stake in Match Group by 14.6% during the 3rd quarter. State Street Corp now owns 19,275,943 shares of the technology company's stock valued at $680,826,000 after purchasing an additional 2,461,025 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Match Group by 1.3% during the second quarter. Ameriprise Financial Inc. now owns 12,483,815 shares of the technology company's stock worth $385,590,000 after buying an additional 162,330 shares during the last quarter. Starboard Value LP boosted its position in shares of Match Group by 2.9% in the fourth quarter. Starboard Value LP now owns 11,395,379 shares of the technology company's stock valued at $367,957,000 after acquiring an additional 325,000 shares during the period. Invesco Ltd. boosted its position in shares of Match Group by 9.8% in the fourth quarter. Invesco Ltd. now owns 9,799,389 shares of the technology company's stock valued at $316,422,000 after acquiring an additional 872,524 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Match Group by 32.8% in the fourth quarter. AQR Capital Management LLC now owns 8,149,868 shares of the technology company's stock worth $261,692,000 after acquiring an additional 2,011,970 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

Match Group Trading Down 2.8%

Shares of NASDAQ MTCH opened at $39.15 on Friday. The business has a fifty day simple moving average of $36.46 and a 200 day simple moving average of $33.71. The firm has a market capitalization of $9.13 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 0.63 and a beta of 1.30. Match Group Inc. has a one year low of $28.81 and a one year high of $41.03.

Match Group (NASDAQ:MTCH - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The firm had revenue of $863.93 million for the quarter, compared to the consensus estimate of $854.70 million. Match Group had a net margin of 18.83% and a negative return on equity of 307.45%. The business's revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.44 earnings per share. On average, research analysts anticipate that Match Group Inc. will post 3.11 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, July 21st. Stockholders of record on Tuesday, July 7th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Tuesday, July 7th. Match Group's payout ratio is 30.53%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MTCH shares. TD Cowen boosted their target price on shares of Match Group from $37.00 to $44.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. Barclays raised their price target on shares of Match Group from $49.00 to $51.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Wells Fargo & Company boosted their price objective on shares of Match Group from $38.00 to $41.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 7th. UBS Group upped their price objective on shares of Match Group from $34.00 to $38.00 and gave the company a "neutral" rating in a research report on Wednesday, May 6th. Finally, Citigroup increased their target price on shares of Match Group from $33.00 to $39.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. Six analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Match Group presently has a consensus rating of "Hold" and a consensus price target of $41.29.

Insider Buying and Selling at Match Group

In other news, Director Melissa Anne Brenner sold 5,141 shares of Match Group stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $35.94, for a total transaction of $184,767.54. Following the sale, the director directly owned 16,218 shares in the company, valued at approximately $582,874.92. The trade was a 24.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.71% of the company's stock.

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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