Empowered Funds LLC has decreased its holdings in TKO Group Holdings, Inc. (NYSE: TKO) by 6.5% during the second quarter of 2023, according to a report from Holdings Channel.com. Following the sale of 2,622 shares, the fund now owns 37,543 shares valued at approximately $6.83 million, based on its latest filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also adjusted their positions in TKO Group recently. Notably, Frank Rimerman Advisors LLC established a new position in TKO Group worth around $314,000 during the same quarter. WBI Investments LLC significantly increased its stake by 174.2%, acquiring an additional 3,455 shares to bring its total to 5,438 shares, valued at nearly $989,000.
In a dramatic move, Nomura Asset Management Co. Ltd. raised its position by an astonishing 3,564.7%, now holding 49,730 shares worth $9.05 million after purchasing an additional 48,373 shares. Universal Beteiligungs und Servicegesellschaft mbH also expanded its stake by 4.6%, holding 30,793 shares valued at approximately $5.60 million. Financial Gravity Companies Inc. entered the scene with a new stake of $45,000. Collectively, hedge funds and institutional investors own approximately 89.79% of TKO Group’s stock.
Stock Performance and Dividends
As of the latest trading session, TKO Group opened at $176.93. The stock has shown volatility over the past year, recording a low of $132.71 and a high of $212.49. TKO Group currently boasts a market capitalization of $34.52 billion, a price-to-earnings (P/E) ratio of 73.11, and a beta of 0.72. The company’s 50-day simple moving average stands at $191.16, while the 200-day average is at $179.28. Financially, TKO Group maintains a debt-to-equity ratio of 0.28 and both a current and quick ratio of 1.30.
In addition to stock performance, TKO Group recently announced a quarterly dividend of $0.76 per share, which was paid on September 30, 2023. This represented an increase from the previous quarterly dividend of $0.38, bringing the annualized dividend to $3.04 and a yield of 1.7%. The company’s dividend payout ratio is currently at 116.48%, indicating a robust return to shareholders. Furthermore, the board has authorized a stock repurchase program of up to $1.00 billion, allowing the company to buy back up to 2.5% of its shares, often seen as a sign of confidence in the stock’s valuation.
Analyst Ratings and Insider Activity
Analysts have been actively evaluating TKO Group, with various reports indicating a positive outlook. On August 21, 2023, JPMorgan Chase & Co. raised its price target from $182.00 to $212.00, assigning an “overweight” rating. Similarly, UBS Group increased its target from $200.00 to $235.00, designating the stock as a “buy.” BTIG Research reiterated a “buy” rating with a price target of $235.00. In contrast, Zacks Research downgraded TKO Group from a “strong-buy” to a “hold” rating on November 4, 2023.
The stock has garnered attention from various analysts, with two rating it as a “Strong Buy,” twelve as a “Buy,” and six as a “Hold.” According to MarketBeat.com, TKO Group currently holds a consensus rating of “Moderate Buy” with an average price target of $222.23.
In insider activity, Chief Financial Officer Shane Kapral sold 254 shares on November 17, 2023, at an average price of $183.56, totaling $46,624.24. Post-transaction, Kapral owns 2,282 shares, valued at around $418,883.92. This sale reflects a 10.02% decrease in his ownership of the stock. Conversely, Director Peter C. B. Bynoe acquired 740 shares on September 16, 2023, at an average price of $203.00, amounting to $150,220.00. Following this transaction, Bynoe’s ownership increased by 16.64% to a total of 5,187 shares, valued at approximately $1.05 million.
In the past three months, insiders have sold a total of 28,811 shares, worth $5.50 million, with corporate insiders holding 61.30% of the stock.
TKO Group Holdings, Inc. operates as a leading sports and entertainment company, producing and licensing live events, television programs, and various entertainment content across digital and linear platforms. The firm is also involved in merchandising, including video games, apparel, and memorabilia.
For ongoing updates on TKO Group, visit HoldingsChannel.com for the latest filings and insider trade information.
