Millennium Management LLC Boosts Stake in Telephone and Data Systems, Inc. $TDS

Key Points

• Millennium Management LLC increased its holdings in Telephone and Data Systems, Inc. by 19.4% in the first quarter, acquiring an additional 130,282 shares to reach a total ownership of about 0.70% of the company valued at $31.06 million.
• Several institutional investors have also raised their stakes in Telephone and Data Systems, with Bayforest Capital Ltd increasing its stake by 121.8% during the same period.
• The company has recently announced a quarterly dividend of $0.04 per share, to be paid on September 30th, representing an annual yield of 0.4%.

Millennium Management LLC raised its position in shares of Telephone and Data Systems, Inc. (NYSE:TDS - Free Report) by 19.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 801,784 shares of the Wireless communications provider's stock after acquiring an additional 130,282 shares during the quarter. Millennium Management LLC owned approximately 0.70% of Telephone and Data Systems worth $31,061,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TDS. Captrust Financial Advisors bought a new stake in shares of Telephone and Data Systems in the 4th quarter worth approximately $208,000. D. E. Shaw & Co. Inc. lifted its holdings in shares of Telephone and Data Systems by 140.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 334,981 shares of the Wireless communications provider's stock valued at $11,426,000 after buying an additional 195,935 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in shares of Telephone and Data Systems during the 4th quarter valued at $553,000. Lazard Asset Management LLC lifted its holdings in shares of Telephone and Data Systems by 85.6% during the 4th quarter. Lazard Asset Management LLC now owns 4,092 shares of the Wireless communications provider's stock valued at $139,000 after buying an additional 1,887 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Telephone and Data Systems by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,149 shares of the Wireless communications provider's stock valued at $1,915,000 after buying an additional 2,151 shares during the period. 80.00% of the stock is owned by institutional investors.

Telephone and Data Systems Price Performance

Shares of TDS traded down $0.85 during midday trading on Tuesday, hitting $37.89. 1,160,883 shares of the company traded hands, compared to its average volume of 1,001,692. The firm has a 50 day moving average of $38.92 and a 200-day moving average of $36.56. Telephone and Data Systems, Inc. has a 52 week low of $22.51 and a 52 week high of $42.74. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of -39.06 and a beta of 0.48. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.65 and a current ratio of 1.78.

Telephone and Data Systems (NYSE:TDS - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The Wireless communications provider reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Telephone and Data Systems had a negative net margin of 0.85% and a positive return on equity of 0.92%. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the company earned ($0.13) EPS. The firm's revenue for the quarter was down 5.7% on a year-over-year basis. On average, analysts forecast that Telephone and Data Systems, Inc. will post -0.31 EPS for the current fiscal year.

Telephone and Data Systems Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.4%. Telephone and Data Systems's dividend payout ratio (DPR) is presently -16.49%.

Insider Buying and Selling at Telephone and Data Systems

In related news, CFO Vicki L. Villacrez sold 73,878 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $38.88, for a total value of $2,872,376.64. Following the completion of the transaction, the chief financial officer owned 81,035 shares of the company's stock, valued at approximately $3,150,640.80. This trade represents a 47.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Joseph R. Hanley sold 68,759 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $38.16, for a total transaction of $2,623,843.44. Following the completion of the transaction, the senior vice president directly owned 60,473 shares of the company's stock, valued at approximately $2,307,649.68. The trade was a 53.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 276,650 shares of company stock worth $10,690,789 in the last 90 days. 14.48% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on TDS shares. JPMorgan Chase & Co. upped their price objective on Telephone and Data Systems from $53.00 to $54.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 12th. Zacks Research raised shares of Telephone and Data Systems from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 13th. Wall Street Zen raised shares of Telephone and Data Systems from a "sell" rating to a "hold" rating in a report on Sunday, August 17th. Finally, Raymond James Financial upped their target price on shares of Telephone and Data Systems from $49.00 to $50.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Telephone and Data Systems presently has an average rating of "Moderate Buy" and a consensus price target of $52.00.

Telephone and Data Systems 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.