Pacer Advisors Inc. Buys New Stake in Yahoo! Inc. (AABA)
Pacer Advisors Inc. bought a new position in shares of Yahoo! Inc. (NASDAQ:AABA) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 20,343 shares of the company’s stock, valued at approximately $1,108,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Congress Asset Management Co. MA purchased a new position in Yahoo! during the second quarter worth $300,000. Towerview LLC purchased a new position in Yahoo! during the second quarter worth $9,534,000. IFP Advisors Inc purchased a new position in Yahoo! during the second quarter worth $350,000. Rhumbline Advisers purchased a new position in Yahoo! during the second quarter worth $3,364,000. Finally, SG Americas Securities LLC purchased a new position in Yahoo! during the second quarter worth $221,000. 72.70% of the stock is currently owned by institutional investors.
Shares of Yahoo! Inc. (AABA) opened at 63.53 on Tuesday. The company’s market capitalization is $60.94 billion. Yahoo! Inc. has a 52 week low of $38.24 and a 52 week high of $66.20. The company’s 50 day moving average price is $59.30 and its 200-day moving average price is $51.47.
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A number of research analysts have weighed in on AABA shares. Vetr raised Yahoo! from a “sell” rating to a “buy” rating and set a $53.02 target price on the stock in a report on Wednesday, May 3rd. Zacks Investment Research downgraded Yahoo! from a “buy” rating to a “hold” rating in a report on Monday, May 8th. MKM Partners reissued a “buy” rating and issued a $62.00 target price (up previously from $58.00) on shares of Yahoo! in a report on Wednesday, May 17th. UBS AG reissued a “buy” rating and issued a $58.00 target price (up previously from $50.00) on shares of Yahoo! in a report on Wednesday, May 24th. Finally, B. Riley dropped coverage on Yahoo! in a research note on Wednesday, June 14th. Fourteen analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $50.50.
Altaba Inc (the Fund), formerly Yahoo! Inc, is a non-diversified, closed-end management investment company. The Fund seeks to track the combined investment return of the Alibaba Shares and the Yahoo Japan Shares it owns. Alibaba Shares represent an approximate 15% equity interest in Alibaba Group Holding Limited (Alibaba), and its Yahoo Japan Corporation ((Yahoo Japa) Shares represent an approximate 36% equity interest in Yahoo Japan.
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