Corton Capital Inc. Makes New Investment in TKO Group Holdings, Inc. $TKO

Corton Capital Inc. purchased a new position in TKO Group Holdings, Inc. (NYSE:TKO) during the 2nd quarter, Holdings Channel reports. The firm purchased 1,600 shares of the company’s stock, valued at approximately $291,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of TKO. Hemington Wealth Management grew its position in TKO Group by 425.0% in the 1st quarter. Hemington Wealth Management now owns 168 shares of the company’s stock worth $25,000 after purchasing an additional 136 shares during the last quarter. Whittier Trust Co. boosted its position in shares of TKO Group by 350.0% during the 2nd quarter. Whittier Trust Co. now owns 135 shares of the company’s stock valued at $25,000 after acquiring an additional 105 shares in the last quarter. N.E.W. Advisory Services LLC acquired a new stake in shares of TKO Group during the 1st quarter valued at about $26,000. Eastern Bank acquired a new stake in shares of TKO Group during the 2nd quarter valued at about $34,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of TKO Group during the 2nd quarter valued at about $36,000. 89.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TKO has been the topic of several recent research reports. Bank of America lifted their target price on shares of TKO Group from $200.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, August 12th. BTIG Research assumed coverage on shares of TKO Group in a research report on Monday, October 6th. They issued a “buy” rating and a $235.00 price target on the stock. Northcoast Research lowered shares of TKO Group from a “buy” rating to a “neutral” rating in a research report on Thursday, July 10th. JPMorgan Chase & Co. boosted their price target on shares of TKO Group from $182.00 to $212.00 and gave the company an “overweight” rating in a research report on Thursday, August 21st. Finally, Zacks Research upgraded shares of TKO Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $215.38.

TKO Group Trading Up 0.3%

Shares of NYSE TKO opened at $188.42 on Monday. TKO Group Holdings, Inc. has a 1-year low of $115.12 and a 1-year high of $212.49. The company has a market cap of $37.36 billion, a PE ratio of 77.86 and a beta of 0.76. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average of $193.26 and a two-hundred day moving average of $176.89.

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

TKO Group Increases Dividend

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

TKO Group declared that its Board of Directors has initiated a share buyback plan on Monday, September 15th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to reacquire up to 2.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other TKO Group news, Director Peter C. B. Bynoe purchased 740 shares of the company’s stock in a transaction that occurred on Tuesday, September 16th. The stock was acquired at an average cost of $203.00 per share, with a total value of $150,220.00. Following the completion of the purchase, the director directly owned 5,187 shares in the company, valued at approximately $1,052,961. This represents a 16.64% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Nick Khan sold 9,519 shares of the business’s stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $197.82, for a total transaction of $1,883,048.58. Following the sale, the director directly owned 128,023 shares of the company’s stock, valued at approximately $25,325,509.86. This trade represents a 6.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 61.30% of the company’s stock.

TKO Group 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.