Skandinaviska Enskilda Banken AB publ Cuts Stock Position in Match Group Inc. (NASDAQ:MTCH)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its holdings in Match Group Inc. by 55.5%, selling 61,210 shares during the first quarter.
• CEO Spencer M. Rascoff boosted his ownership by purchasing 70,885 shares, increasing his stake by 106.45%.
• Match Group's current stock has a market capitalization of $8.53 billion and is trading around $34.06, amidst mixed analyst ratings and a 2.23% annual dividend yield.

Skandinaviska Enskilda Banken AB publ trimmed its holdings in shares of Match Group Inc. (NASDAQ:MTCH - Free Report) by 55.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 49,061 shares of the technology company's stock after selling 61,210 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Match Group were worth $1,530,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MTCH. Assetmark Inc. increased its stake 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 purchasing an additional 429 shares in the last quarter. Sound Shore Management Inc. CT lifted its position in 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 valued at $62,841,000 after acquiring an additional 792,408 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Match Group during the 1st quarter valued at $779,000. Hussman Strategic Advisors Inc. bought a new stake in shares of Match Group in the 1st quarter worth $983,000. Finally, Burns Matteson Capital Management LLC raised its stake in shares of Match Group by 5.9% in the first quarter. Burns Matteson Capital Management LLC now owns 11,897 shares of the technology company's stock worth $371,000 after purchasing an additional 659 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Spencer M. Rascoff bought 70,885 shares of the company's stock in a transaction that occurred on Friday, May 9th. The stock was purchased at an average price of $28.05 per share, for a total transaction of $1,988,324.25. Following the completion of the transaction, the chief executive officer owned 137,478 shares in the company, valued at $3,856,257.90. The trade was a 106.45% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.64% of the stock is currently owned by insiders.

Match Group Stock Performance

Shares of Match Group stock traded down $0.67 during trading hours on Friday, hitting $33.60. The company's stock had a trading volume of 6,389,421 shares, compared to its average volume of 3,513,019. Match Group Inc. has a 12-month low of $26.39 and a 12-month high of $38.77. The business has a 50 day moving average price of $31.77 and a two-hundred day moving average price of $31.46. The company has a market cap of $8.41 billion, a PE ratio of 16.63, a PEG ratio of 0.76 and a beta of 1.36.

Match Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were given a dividend of $0.19 per share. The ex-dividend date was Thursday, July 3rd. This represents a $0.76 annualized dividend and a dividend yield of 2.3%. Match Group's dividend payout ratio (DPR) is presently 37.62%.

Analyst Ratings Changes

Several research firms recently commented on MTCH. Barclays reduced their price objective on Match Group from $52.00 to $46.00 and set an "overweight" rating for the company in a report on Friday, May 9th. UBS Group raised their price target on shares of Match Group from $31.00 to $35.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Morgan Stanley decreased their price objective 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. Evercore ISI restated a "cautious" rating and issued a $32.00 target price on shares of Match Group in a report on Wednesday, May 21st. Finally, Citigroup cut their target price on shares of Match Group from $31.00 to $30.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Match Group currently has an average rating of "Hold" and a consensus target price of $36.06.

About Match Group

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.