Novare Capital Management LLC Trims Stock Holdings in Match Group, Inc. (NASDAQ:MTCH)

Novare Capital Management LLC decreased its position in Match Group, Inc. (NASDAQ:MTCH) by 2.0% in the 4th quarter, HoldingsChannel reports. The firm owned 222,362 shares of the technology company’s stock after selling 4,560 shares during the period. Novare Capital Management LLC’s holdings in Match Group were worth $7,273,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of Match Group by 2.3% in the third quarter. State Street Corp now owns 17,672,611 shares of the technology company’s stock valued at $668,732,000 after purchasing an additional 391,977 shares during the period. Starboard Value LP acquired a new stake in Match Group in the 3rd quarter worth about $361,605,000. FMR LLC grew its holdings in Match Group by 10.4% in the 3rd quarter. FMR LLC now owns 5,540,916 shares of the technology company’s stock valued at $209,668,000 after buying an additional 524,144 shares during the period. Nordea Investment Management AB increased its stake in shares of Match Group by 56.8% during the 4th quarter. Nordea Investment Management AB now owns 2,390,194 shares of the technology company’s stock valued at $78,733,000 after acquiring an additional 866,026 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Match Group by 75.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,271,787 shares of the technology company’s stock worth $69,018,000 after acquiring an additional 977,090 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Match Group Stock Performance

Shares of MTCH opened at $34.06 on Friday. Match Group, Inc. has a one year low of $27.66 and a one year high of $39.91. The stock has a 50-day moving average price of $32.35 and a 200 day moving average price of $34.53. The company has a market capitalization of $8.55 billion, a P/E ratio of 15.21, a P/E/G ratio of 1.00 and a beta of 1.45.

Match Group announced that its Board of Directors has initiated a stock buyback plan on Wednesday, December 11th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the technology company to buy up to 19% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Match Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 21st. Stockholders of record on Monday, January 6th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date was Monday, January 6th. Match Group’s payout ratio is currently 33.93%.

Insider Buying and Selling

In other news, Director Stephen Bailey sold 801 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $31.61, for a total transaction of $25,319.61. Following the transaction, the director now owns 12,398 shares of the company’s stock, valued at approximately $391,900.78. This trade represents a 6.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MTCH shares. Evercore ISI lowered their target price on shares of Match Group from $37.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, December 13th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $33.00 price objective (down from $40.00) on shares of Match Group in a research note on Wednesday, December 18th. StockNews.com lowered Match Group from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. UBS Group reduced their target price on Match Group from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Thursday, December 12th. Finally, Truist Financial dropped their price target on Match Group from $35.00 to $34.00 and set a “hold” rating for the company in a research note on Thursday, December 12th. Fourteen research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $37.72.

Match Group Profile

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.