Match Group (NASDAQ:MTCH) Board of Directors Declares Stock Buyback Plan

Match Group (NASDAQ:MTCH) declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, December 11th, RTT News reports. The company plans to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to buy up to 19% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Match Group Price Performance

Match Group stock opened at $30.58 on Friday. Match Group has a 52-week low of $27.66 and a 52-week high of $42.42. The stock has a fifty day moving average price of $34.60 and a two-hundred day moving average price of $34.13. The firm has a market capitalization of $7.68 billion, a P/E ratio of 13.65, a P/E/G ratio of 0.91 and a beta of 1.47.

Match Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Monday, January 6th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Monday, January 6th. Match Group’s payout ratio is currently 33.93%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MTCH shares. StockNews.com lowered Match Group from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Morgan Stanley cut their price objective on Match Group from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Thursday. Stifel Nicolaus reduced their target price on Match Group from $39.00 to $36.00 and set a “hold” rating for the company in a report on Thursday. KeyCorp lowered their price target on Match Group from $45.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Finally, Bank of America upped their price objective on shares of Match Group from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday. Ten analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $39.27.

Insider Buying and Selling

In other Match Group news, Director Stephen Bailey sold 801 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $31.61, for a total value of $25,319.61. Following the completion of the sale, the director now owns 12,398 shares in the company, valued at approximately $391,900.78. This trade represents a 6.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.77% of the stock is owned by corporate insiders.

Match Group Company 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.