Pictet Asset Management Holding SA Reduces Holdings in VEON Ltd. $VEON

Pictet Asset Management Holding SA lowered its position in VEON Ltd. (NASDAQ:VEON) by 28.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,687 shares of the Wireless communications provider’s stock after selling 63,956 shares during the quarter. Pictet Asset Management Holding SA’s holdings in VEON were worth $7,486,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in VEON. Shah Capital Management lifted its stake in shares of VEON by 1.5% in the fourth quarter. Shah Capital Management now owns 4,895,252 shares of the Wireless communications provider’s stock worth $257,343,000 after acquiring an additional 70,831 shares in the last quarter. Panview Capital Ltd purchased a new position in VEON in the third quarter valued at about $22,481,000. Dorsey Wright & Associates acquired a new stake in VEON during the 3rd quarter valued at approximately $1,273,000. JPMorgan Chase & Co. grew its stake in VEON by 84.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 102,827 shares of the Wireless communications provider’s stock valued at $5,597,000 after purchasing an additional 47,000 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. purchased a new stake in VEON during the 4th quarter worth approximately $618,000. Institutional investors and hedge funds own 21.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on VEON. Wall Street Zen lowered VEON from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, May 26th. Rothschild & Co Redburn set a $74.00 price target on shares of VEON and gave the stock a “buy” rating in a research note on Thursday, April 16th. Weiss Ratings cut shares of VEON from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 18th. Benchmark reiterated a “buy” rating on shares of VEON in a research note on Monday, June 15th. Finally, Northland Securities began coverage on shares of VEON in a report on Tuesday, June 9th. They set an “outperform” rating and a $70.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $72.00.

VEON Stock Performance

Shares of NASDAQ VEON opened at $52.00 on Friday. The stock’s 50 day moving average price is $52.54 and its two-hundred day moving average price is $52.42. VEON Ltd. has a 52-week low of $42.54 and a 52-week high of $64.00. The stock has a market capitalization of $3.85 billion, a P/E ratio of 6.97 and a beta of 1.64. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 2.15.

VEON (NASDAQ:VEON) last released its 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, analysts anticipate that VEON Ltd. will post 6.99 earnings per share for the current fiscal year.

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.