Envestnet Asset Management Inc. Increases Stock Position in TKO Group Holdings, Inc. $TKO

Envestnet Asset Management Inc. boosted its stake in TKO Group Holdings, Inc. (NYSE:TKO) by 2.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 129,777 shares of the company’s stock after purchasing an additional 3,507 shares during the quarter. Envestnet Asset Management Inc. owned about 0.07% of TKO Group worth $23,613,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of TKO. Vanguard Group Inc. lifted its stake in TKO Group by 19.4% in the 1st quarter. Vanguard Group Inc. now owns 7,976,904 shares of the company’s stock worth $1,218,951,000 after purchasing an additional 1,295,817 shares in the last quarter. Invesco Ltd. lifted its stake in TKO Group by 569.7% in the 1st quarter. Invesco Ltd. now owns 1,423,052 shares of the company’s stock worth $217,457,000 after purchasing an additional 1,210,563 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in TKO Group by 242.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,496,462 shares of the company’s stock worth $228,675,000 after purchasing an additional 1,059,636 shares in the last quarter. Ninety One UK Ltd lifted its stake in TKO Group by 14.4% in the 2nd quarter. Ninety One UK Ltd now owns 4,850,006 shares of the company’s stock worth $882,459,000 after purchasing an additional 611,233 shares in the last quarter. Finally, Congress Asset Management Co. purchased a new stake in TKO Group in the 2nd quarter worth $82,056,000. Hedge funds and other institutional investors own 89.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TKO. Northcoast Research cut shares of TKO Group from a “buy” rating to a “neutral” rating in a research note on Thursday, July 10th. Citigroup lifted their price objective on shares of TKO Group from $200.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, August 15th. Roth Capital lifted their price objective on shares of TKO Group from $208.00 to $210.00 and gave the stock a “buy” rating in a research note on Tuesday, August 12th. UBS Group lifted their price objective on shares of TKO Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, September 17th. Finally, Guggenheim lifted their price objective on shares of TKO Group from $205.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, October 3rd. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, TKO Group has a consensus rating of “Moderate Buy” and a consensus target price of $215.38.

Insider Activity

In related news, Director Nick Khan sold 9,519 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $186.43, for a total transaction of $1,774,627.17. Following the transaction, the director directly owned 137,456 shares in the company, valued at approximately $25,625,922.08. This represents a 6.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter C. B. Bynoe purchased 740 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The shares were purchased at an average price of $203.00 per share, for a total transaction of $150,220.00. Following the completion of the acquisition, the director directly owned 5,187 shares in the company, valued at $1,052,961. The trade was a 16.64% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 61.30% of the company’s stock.

TKO Group Price Performance

TKO Group stock opened at $187.47 on Wednesday. The firm has a market capitalization of $37.18 billion, a PE ratio of 77.47 and a beta of 0.76. TKO Group Holdings, Inc. has a 12-month low of $115.12 and a 12-month high of $212.49. The firm has a 50-day moving average price of $193.39 and a 200-day moving average price of $177.42. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.28.

TKO Group (NYSE:TKO) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $1.17 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.06). The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.23 billion. TKO Group had a net margin of 5.40% and a return on equity of 2.82%. The business’s revenue for the quarter was up 53.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.72 earnings per share. As a group, equities research analysts forecast that TKO Group Holdings, Inc. will post 3.88 EPS for the current year.

TKO Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 1.6%. The ex-dividend date was Monday, September 15th. This is a positive change from TKO Group’s previous quarterly dividend of $0.38. TKO Group’s payout ratio is currently 125.62%.

TKO Group declared that its Board of Directors has approved a stock repurchase plan on Monday, September 15th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 2.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

TKO Group Company Profile

TKO Group Holdings, Inc operates as a sports and entertainment company. The company produces and licenses live events, television programs, and long-form and short-form content, reality series, and other filmed entertainment on digital and linear channels and via pay-per-view. It is involved in the merchandising of video games, apparel, equipment, trading cards, memorabilia, digital goods, and toys, as well as sale of travel packages and tickets.