Millennium Management LLC Sells 1,852,154 Shares of Telephone and Data Systems, Inc. (NYSE:TDS)

Millennium Management LLC cut its stake in Telephone and Data Systems, Inc. (NYSE:TDS - Free Report) by 73.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 671,502 shares of the Wireless communications provider's stock after selling 1,852,154 shares during the period. Millennium Management LLC owned about 0.59% of Telephone and Data Systems worth $22,905,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TDS. Third Point LLC grew its holdings in shares of Telephone and Data Systems by 108.7% in the fourth quarter. Third Point LLC now owns 6,000,000 shares of the Wireless communications provider's stock worth $204,660,000 after purchasing an additional 3,125,000 shares during the last quarter. Carronade Capital Management LP bought a new position in shares of Telephone and Data Systems in the fourth quarter worth about $62,845,000. Norges Bank bought a new position in shares of Telephone and Data Systems in the fourth quarter worth about $23,776,000. Hudson Bay Capital Management LP bought a new position in shares of Telephone and Data Systems in the fourth quarter worth about $10,233,000. Finally, CastleKnight Management LP bought a new position in shares of Telephone and Data Systems in the fourth quarter worth about $9,459,000. 80.00% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TDS has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their price target on shares of Telephone and Data Systems from $53.00 to $56.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Raymond James reaffirmed an "outperform" rating and issued a $47.00 price objective (down from $51.00) on shares of Telephone and Data Systems in a research note on Monday, May 5th.

Telephone and Data Systems Stock Down 0.9%

NYSE:TDS traded down $0.29 during mid-day trading on Monday, reaching $33.54. The company's stock had a trading volume of 836,982 shares, compared to its average volume of 1,050,230. Telephone and Data Systems, Inc. has a 1 year low of $16.64 and a 1 year high of $41.21. The stock has a fifty day moving average of $35.86 and a 200-day moving average of $35.21. The firm has a market capitalization of $3.82 billion, a PE ratio of -6.21 and a beta of 0.57. The company has a quick ratio of 1.44, a current ratio of 1.59 and a debt-to-equity ratio of 0.85.

Telephone and Data Systems (NYSE:TDS - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The Wireless communications provider reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.07). Telephone and Data Systems had a positive return on equity of 1.12% and a negative net margin of 10.72%. The business had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.18 billion. During the same period last year, the company earned $0.10 earnings per share. The firm's revenue was down 8.6% compared to the same quarter last year. Equities research analysts forecast that Telephone and Data Systems, Inc. will post -0.31 earnings per share for the current year.

Telephone and Data Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date is Monday, June 16th. Telephone and Data Systems's dividend payout ratio (DPR) is presently -15.24%.

Telephone and Data Systems Company Profile

Telephone and Data Systems, Inc, a telecommunications company, provides communications services in the United States. It operates through two segments: UScellular and TDS Telecom. The company offers wireless solutions to consumers, and business and government customers, including a suite of connected Internet of things (IoT) solutions, and software applications for monitor and control, business automation/operations, communication, fleet and asset management, smart water solutions, private cellular networks and custom, and end-to-end IoT solutions; wireless priority services and quality priority and preemption options; smartphones and other handsets, tablets, wearables, mobile hotspots, fixed wireless home internet, and IoT devices; and accessories, such as cases, screen protectors, chargers, and memory cards, as well as consumer electronics, including audio, home automation and networking products.