Pictet Asset Management Holding SA Cuts Stock Holdings in VEON Ltd. $VEON

Pictet Asset Management Holding SA lessened its stake in VEON Ltd. (NASDAQ:VEON) by 28.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 161,687 shares of the Wireless communications provider’s stock after selling 63,956 shares during the quarter. Pictet Asset Management Holding SA owned about 0.22% of VEON worth $7,486,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Dorsey Wright & Associates raised its position in shares of VEON by 4.0% in the 4th quarter. Dorsey Wright & Associates now owns 24,328 shares of the Wireless communications provider’s stock worth $1,279,000 after buying an additional 934 shares during the period. Wellington Management Group LLP grew its position in VEON by 66.5% during the fourth quarter. Wellington Management Group LLP now owns 977,400 shares of the Wireless communications provider’s stock valued at $51,382,000 after acquiring an additional 390,294 shares during the period. Millennium Management LLC increased its stake in VEON by 2.4% during the fourth quarter. Millennium Management LLC now owns 136,701 shares of the Wireless communications provider’s stock worth $7,186,000 after acquiring an additional 3,223 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in VEON during the fourth quarter worth about $1,608,000. Finally, J. Goldman & Co LP purchased a new position in shares of VEON in the 4th quarter worth about $2,103,000. 21.30% of the stock is owned by hedge funds and other institutional investors.

VEON Price Performance

VEON stock opened at $52.00 on Friday. The company has a debt-to-equity ratio of 2.15, a quick ratio of 0.85 and a current ratio of 0.86. VEON Ltd. has a 1 year low of $42.54 and a 1 year high of $64.00. The firm has a market cap of $3.85 billion, a P/E ratio of 6.97 and a beta of 1.64. The stock has a 50-day simple moving average of $52.54 and a 200-day simple moving average of $52.42.

VEON (NASDAQ:VEON) last released its quarterly earnings results on Thursday, April 30th. The Wireless communications provider reported $1.50 EPS for the quarter. VEON had a return on equity of 44.43% and a net margin of 11.65%. On average, equities analysts predict that VEON Ltd. will post 6.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Wall Street Zen downgraded shares of VEON from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, May 26th. Benchmark reiterated a “buy” rating on shares of VEON in a research note on Monday, June 15th. Zacks Research lowered shares of VEON from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 16th. Northland Securities assumed coverage on shares of VEON in a research note on Tuesday, June 9th. They issued an “outperform” rating and a $70.00 target price on the stock. Finally, Weiss Ratings lowered shares of VEON from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 18th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, VEON has an average rating of “Hold” and a consensus price target of $72.00.

VEON Company 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.