Mill Capital Management LLC Boosts Holdings in VeriSign, Inc. $VRSN

by · The Cerbat Gem

Mill Capital Management LLC grew its position in VeriSign, Inc. (NASDAQ:VRSN – Free Report) by 0.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,534 shares of the information services provider’s stock after buying an additional 181 shares during the period. VeriSign accounts for approximately 1.5% of Mill Capital Management LLC’s investment portfolio, making the stock its 21st largest position. Mill Capital Management LLC owned 0.07% of VeriSign worth $19,215,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Livelsberger Financial Advisory acquired a new stake in VeriSign in the 2nd quarter valued at approximately $27,000. Bruce G. Allen Investments LLC boosted its position in shares of VeriSign by 56.5% during the second quarter. Bruce G. Allen Investments LLC now owns 97 shares of the information services provider’s stock worth $28,000 after buying an additional 35 shares during the period. Bayforest Capital Ltd purchased a new position in shares of VeriSign during the second quarter worth $34,000. Ameritas Advisory Services LLC acquired a new stake in shares of VeriSign in the second quarter valued at $34,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of VeriSign in the first quarter valued at $34,000. Hedge funds and other institutional investors own 92.90% of the company’s stock.

Analysts Set New Price Targets

VRSN has been the topic of several research reports. Citigroup reissued a “buy” rating on shares of VeriSign in a research note on Friday, October 24th. JPMorgan Chase & Co. initiated coverage on VeriSign in a research note on Tuesday. They set a “neutral” rating and a $270.00 target price on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of VeriSign in a research note on Wednesday, October 8th. Finally, Robert W. Baird set a $325.00 target price on VeriSign in a research note on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $281.67.

Check Out Our Latest Stock Report on VRSN

Insider Activity at VeriSign

In other news, CEO D James Bidzos sold 5,000 shares of VeriSign stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $264.15, for a total transaction of $1,320,750.00. Following the completion of the sale, the chief executive officer directly owned 508,772 shares of the company’s stock, valued at approximately $134,392,123.80. The trade was a 0.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 45,706 shares of company stock valued at $12,451,906 in the last three months. Insiders own 0.84% of the company’s stock.

VeriSign Stock Up 1.8%

NASDAQ:VRSN opened at $239.80 on Friday. The company has a fifty day simple moving average of $270.60 and a two-hundred day simple moving average of $274.52. The company has a market cap of $22.23 billion, a price-to-earnings ratio of 27.95 and a beta of 0.79. VeriSign, Inc. has a 52 week low of $175.62 and a 52 week high of $310.60.

VeriSign (NASDAQ:VRSN – Get Free Report) last posted its quarterly earnings results on Thursday, October 23rd. The information services provider reported $2.27 EPS for the quarter, topping the consensus estimate of $2.25 by $0.02. The business had revenue of $419.10 million during the quarter, compared to the consensus estimate of $416.71 million. VeriSign had a net margin of 49.86% and a negative return on equity of 40.66%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.07 earnings per share. VeriSign has set its FY 2025 guidance at EPS.

VeriSign Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, November 18th will be paid a $0.77 dividend. The ex-dividend date is Tuesday, November 18th. This represents a $3.08 annualized dividend and a dividend yield of 1.3%. VeriSign’s payout ratio is 35.90%.

VeriSign announced that its board has initiated a stock buyback program on Thursday, July 24th that permits the company to buyback $1.11 billion in shares. This buyback authorization permits the information services provider to repurchase up to 4.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

VeriSign Company Profile

(Free Report)

VeriSign, Inc, together with its subsidiaries, provides domain name registry services and internet infrastructure that enables internet navigation for various recognized domain names worldwide. The company enables the security, stability, and resiliency of internet infrastructure and services, including providing root zone maintainer services, operating two of thirteen internet root servers; and offering registration services and authoritative resolution for the .com and .net domains, which supports global e-commerce.

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