Wellington Management Group LLP Cuts Stake in VEON Ltd. $VEON

Wellington Management Group LLP lessened its stake in shares of VEON Ltd. (NASDAQ:VEON) by 18.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 779,077 shares of the Wireless communications provider’s stock after selling 175,449 shares during the quarter. Wellington Management Group LLP’s holdings in VEON were worth $40,676,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mackenzie Financial Corp purchased a new stake in shares of VEON during the 3rd quarter valued at about $15,005,000. Panview Capital Ltd boosted its holdings in VEON by 24.7% in the 4th quarter. Panview Capital Ltd now owns 514,927 shares of the Wireless communications provider’s stock worth $27,070,000 after acquiring an additional 101,906 shares during the period. Millennium Management LLC boosted its holdings in VEON by 275.3% in the 3rd quarter. Millennium Management LLC now owns 133,478 shares of the Wireless communications provider’s stock worth $7,265,000 after acquiring an additional 97,913 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in VEON in the fourth quarter valued at approximately $3,575,000. Finally, Two Sigma Investments LP grew its position in VEON by 31.5% in the third quarter. Two Sigma Investments LP now owns 276,426 shares of the Wireless communications provider’s stock valued at $15,046,000 after acquiring an additional 66,153 shares in the last quarter. Hedge funds and other institutional investors own 21.30% of the company’s stock.

VEON Stock Performance

Shares of VEON opened at $64.21 on Friday. The business’s 50 day moving average is $55.53 and its two-hundred day moving average is $53.26. VEON Ltd. has a 52-week low of $42.60 and a 52-week high of $67.36. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of 75.54 and a beta of 1.63. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 2.30.

VEON (NASDAQ:VEON) last released its earnings results on Friday, July 31st. The Wireless communications provider reported $1.69 EPS for the quarter, beating the consensus estimate of $1.46 by $0.23. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.23 billion. VEON had a return on equity of 14.93% and a net margin of 1.24%.During the same period in the prior year, the business posted $8.30 EPS. Analysts forecast that VEON Ltd. will post 7.39 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director K II acquired 15,000 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was bought at an average cost of $56.00 per share, with a total value of $840,000.00. Following the acquisition, the director directly owned 91,000 shares in the company, valued at approximately $5,096,000. The trade was a 19.74% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on VEON shares. Zacks Research raised shares of VEON from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Northland Securities assumed coverage on shares of VEON in a report on Tuesday, June 9th. They set an “outperform” rating and a $70.00 price target for the company. Wall Street Zen raised shares of VEON from a “hold” rating to a “buy” rating in a research note on Sunday, August 9th. Benchmark reiterated a “buy” rating on shares of VEON in a report on Monday, June 15th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of VEON in a research report on Thursday, August 13th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $72.00.

VEON Profile

VEON Ltd (NASDAQ: VEON) is a global telecommunications and digital services provider headquartered in Amsterdam, the Netherlands. Originally founded as VimpelCom in Russia in 1992, the company rebranded to VEON in 2017 to reflect its transformation into a technology-driven operator. VEON operates as a holding company with direct investments in mobile and internet service providers across multiple emerging markets, delivering voice, data and digital services to individual and enterprise customers.

Through its operating subsidiaries, VEON offers a broad portfolio that includes 2G/3G/4G mobile access, fixed broadband, digital lifestyle applications and mobile financial services.