Public Employees Retirement System of Ohio Sells 2,948 Shares of TKO Group Holdings, Inc. $TKO

Key Points

• The Public Employees Retirement System of Ohio reduced its stake in TKO Group Holdings by 12.1% during the second quarter, now holding 21,499 shares worth $3.91 million.
• Multiple institutional investors increased their positions in TKO Group, with significant boosts from Vanguard Group (up 19.4%), Massachusetts Financial (up 12.0%), and Invesco (up 569.7%).
• TKO Group announced a $1.00 billion share buyback plan and increased its dividend to $0.76 per share, indicating confidence in the company’s valuation.

Public Employees Retirement System of Ohio trimmed its position in shares of TKO Group Holdings, Inc. (NYSE:TKO - Free Report) by 12.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,499 shares of the company's stock after selling 2,948 shares during the quarter. Public Employees Retirement System of Ohio's holdings in TKO Group were worth $3,912,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of TKO Group by 19.4% during the first quarter. Vanguard Group Inc. now owns 7,976,904 shares of the company's stock worth $1,218,951,000 after purchasing an additional 1,295,817 shares in the last quarter. Ninety One UK Ltd lifted its position in TKO Group by 2.1% in the 1st quarter. Ninety One UK Ltd now owns 4,238,773 shares of the company's stock valued at $647,727,000 after acquiring an additional 87,165 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in TKO Group by 12.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,962,965 shares of the company's stock valued at $299,961,000 after acquiring an additional 210,469 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in TKO Group by 242.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,496,462 shares of the company's stock valued at $228,675,000 after acquiring an additional 1,059,636 shares in the last quarter. Finally, Invesco Ltd. lifted its position in TKO Group by 569.7% in the 1st quarter. Invesco Ltd. now owns 1,423,052 shares of the company's stock valued at $217,457,000 after acquiring an additional 1,210,563 shares in the last quarter. 89.79% of the stock is owned by institutional investors.

Insider Transactions at TKO Group

In related news, Director Peter C. B. Bynoe purchased 740 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The shares were acquired at an average price of $203.00 per share, for a total transaction of $150,220.00. Following the purchase, the director owned 5,187 shares in the company, valued at approximately $1,052,961. This represents a 16.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Nick Khan sold 45,168 shares of the company's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $170.82, for a total transaction of $7,715,597.76. Following the completion of the transaction, the director owned 156,494 shares in the company, valued at approximately $26,732,305.08. This trade represents a 22.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,725 shares of company stock worth $12,767,807. 53.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

TKO has been the topic of several research reports. Bank of America boosted their price objective on shares of TKO Group from $200.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Robert W. Baird boosted their price objective on shares of TKO Group from $225.00 to $250.00 and gave the company an "outperform" rating in a research report on Tuesday, September 16th. JPMorgan Chase & Co. boosted their price objective on shares of TKO Group from $182.00 to $212.00 and gave the company an "overweight" rating in a research report on Thursday, August 21st. UBS Group boosted their price objective on shares of TKO Group from $200.00 to $235.00 and gave the company a "buy" rating in a research report on Wednesday, September 17th. Finally, Roth Capital boosted their price objective on shares of TKO Group from $208.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, TKO Group has an average rating of "Moderate Buy" and a consensus target price of $199.71.

TKO Group Stock Down 1.7%

TKO Group stock opened at $201.91 on Wednesday. The firm has a market capitalization of $40.04 billion, a PE ratio of 83.43 and a beta of 0.79. The company's 50-day moving average is $186.06 and its 200-day moving average is $169.81. TKO Group Holdings, Inc. has a fifty-two week low of $114.01 and a fifty-two week high of $212.49. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.30 and a quick ratio of 1.30.

TKO Group (NYSE:TKO - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.06). The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.23 billion. TKO Group had a return on equity of 2.82% and a net margin of 5.40%.The firm's revenue for the quarter was up 53.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.72 earnings per share. Sell-side analysts anticipate that TKO Group Holdings, Inc. will post 3.88 earnings per share for the current year.

TKO Group declared that its Board of Directors has approved a share buyback plan on Monday, September 15th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.

TKO Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a dividend of $0.76 per share. The ex-dividend date was Monday, September 15th. This represents a $3.04 annualized dividend and a dividend yield of 1.5%. This is a boost from TKO Group's previous quarterly dividend of $0.38. TKO Group's dividend payout ratio (DPR) is presently 125.62%.

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.

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