Royal Bank of Canada Trims Stake in Match Group Inc. $MTCH

Royal Bank of Canada cut its stake in Match Group Inc. (NASDAQ:MTCH) by 42.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 269,150 shares of the technology company’s stock after selling 196,115 shares during the quarter. Royal Bank of Canada owned approximately 0.12% of Match Group worth $8,264,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Maverick Capital Ltd. purchased a new stake in Match Group during the first quarter worth $1,061,000. Quantinno Capital Management LP raised its position in shares of Match Group by 156.1% in the first quarter. Quantinno Capital Management LP now owns 2,767,251 shares of the technology company’s stock worth $84,982,000 after acquiring an additional 1,686,887 shares during the period. Lazard Asset Management LLC raised its position in shares of Match Group by 199.5% in the first quarter. Lazard Asset Management LLC now owns 174,379 shares of the technology company’s stock worth $5,355,000 after acquiring an additional 116,150 shares during the period. Weiss Asset Management LP boosted its stake in shares of Match Group by 903.9% during the 1st quarter. Weiss Asset Management LP now owns 116,853 shares of the technology company’s stock worth $3,589,000 after acquiring an additional 105,213 shares in the last quarter. Finally, Callodine Capital Management LP boosted its stake in shares of Match Group by 4.9% during the 1st quarter. Callodine Capital Management LP now owns 1,690,388 shares of the technology company’s stock worth $51,912,000 after acquiring an additional 78,960 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MTCH. Barclays lifted their price target on Match Group from $49.00 to $51.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. The Goldman Sachs Group reiterated a “buy” rating and set a $43.00 price target on shares of Match Group in a research report on Wednesday, May 6th. Truist Financial raised their price objective on Match Group from $37.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, August 5th. UBS Group boosted their price objective on Match Group from $34.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley set a $40.00 target price on Match Group in a research note on Wednesday, August 5th. Six research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $41.54.

Match Group Trading Down 1.4%

Shares of NASDAQ:MTCH opened at $36.73 on Tuesday. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 0.58 and a beta of 1.30. Match Group Inc. has a 12-month low of $28.81 and a 12-month high of $41.40. The business has a 50-day moving average price of $37.33 and a 200 day moving average price of $34.46.

Match Group (NASDAQ:MTCH) last posted its earnings results on Tuesday, August 4th. The technology company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. The company had revenue of $853.11 million for the quarter, compared to analysts’ expectations of $857.77 million. Match Group had a net margin of 20.17% and a negative return on equity of 324.82%. Match Group’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.49 earnings per share. As a group, equities research analysts predict that Match Group Inc. will post 3.11 earnings per share for the current fiscal year.

Match Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 20th. Stockholders of record on Monday, October 5th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Monday, October 5th. Match Group’s dividend payout ratio (DPR) is currently 28.27%.

Match Group 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.