Wellington Management Group LLP Trims Holdings in VEON Ltd. $VEON

Key Points

• Wellington Management cut its VEON stake by 18.4% in the second quarter, selling 175,449 shares and retaining 779,077 shares valued at approximately $40.7 million. Hedge funds and institutional investors collectively own 21.3% of the company.
• VEON beat quarterly expectations, reporting $1.69 in EPS versus the $1.46 consensus and $1.27 billion in revenue versus $1.23 billion expected. A company director also purchased 5,000 shares at $56.02 each.
• Analyst sentiment is moderately positive, with a consensus “Moderate Buy” rating and an average price target of $72, compared with the stock’s reported $64.21 opening price.

Wellington Management Group LLP reduced its position in shares of VEON Ltd. (NASDAQ:VEON - Free Report) by 18.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 779,077 shares of the Wireless communications provider's stock after selling 175,449 shares during the period. Wellington Management Group LLP owned 1.05% of VEON worth $40,676,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Lingotto Investment Management LLP boosted its position in VEON by 0.3% during the fourth quarter. Lingotto Investment Management LLP now owns 6,060,852 shares of the Wireless communications provider's stock worth $318,619,000 after acquiring an additional 16,758 shares during the last quarter. Solus Alternative Asset Management LP raised its holdings in VEON by 3.6% in the 4th quarter. Solus Alternative Asset Management LP now owns 887,002 shares of the Wireless communications provider's stock valued at $46,630,000 after acquiring an additional 30,900 shares during the last quarter. Panview Capital Ltd raised 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 valued at $27,070,000 after acquiring an additional 101,906 shares during the last quarter. Two Sigma Investments LP lifted its stake in shares of VEON by 31.5% during the 3rd quarter. Two Sigma Investments LP now owns 276,426 shares of the Wireless communications provider's stock worth $15,046,000 after purchasing an additional 66,153 shares during the period. Finally, Mackenzie Financial Corp purchased a new position in shares of VEON during the 3rd quarter worth $15,005,000. 21.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other VEON news, Director K II bought 5,000 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average price of $56.02 per share, with a total value of $280,100.00. Following the transaction, the director owned 96,000 shares in the company, valued at $5,377,920. This trade represents a 5.49% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

VEON Trading Down 3.1%

VEON stock opened at $64.21 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 2.30. The company has a market cap of $4.75 billion, a price-to-earnings ratio of 75.54 and a beta of 1.63. The business has a fifty day simple moving average of $55.53 and a 200-day simple moving average of $53.26. VEON Ltd. has a 52 week low of $42.60 and a 52 week high of $67.36.

VEON (NASDAQ:VEON - Get Free Report) last issued its earnings results on Friday, July 31st. The Wireless communications provider reported $1.69 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.23. The firm had revenue of $1.27 billion for 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 quarter last year, the firm earned $8.30 earnings per share. On average, equities research analysts expect that VEON Ltd. will post 7.39 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on VEON shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of VEON in a research report on Thursday, August 13th. Zacks Research raised VEON from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. Northland Securities began coverage on VEON in a report on Tuesday, June 9th. They issued 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. Finally, Benchmark reiterated a "buy" rating on shares of VEON in a report on Monday, June 15th. Three equities research analysts have rated the stock with a Buy rating and two have assigned 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.

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