5 Dividend Stocks to Buy According to Lee Munder Capital Group

2. Newmont Corporation (NYSE:NEM)

Dividend Yield as of June 30: 3.55%
Lee Munder Capital Group’s Stake Value: $19,380,000

Newmont Corporation (NYSE:NEM) is a Colorado-based gold mining company that has the largest gold reserve in the industry. In its Q1 2022 earnings, the company missed estimates on several counts, posting EPS and revenue of $0.69 and $3.02 billion, respectively. The company produced 1.34 million ounces of gold and 350,000 gold equivalent ounces from co-products during the quarter.

Lee Munder Capital Group started its position in Newmont Corporation (NYSE:NEM) during Q1 2022, buying shares worth over $19.38 million. The company represented 1.12% of the hedge fund’s portfolio. Canaccord expressed disappointment in the company’s Q1 results in April and called it one of its weakest quarters. The firm lowered its price target on Newmont Corporation (NYSE:NEM) to $80, with a ‘Hold’ rating on the shares.

In 2021, Newmont Corporation (NYSE:NEM) generated over $2.6 billion in free cash flow and spent nearly $2 billion on dividends. The company currently pays a quarterly dividend of $0.55 per share. The stock’s dividend yield was recorded at 3.55% on June 30.

At the end of Q1 2022, 53 hedge funds in Insider Monkey’s database owned stakes in Newmont Corporation (NYSE:NEM), up from 45 in the previous quarter. The collective value of these stakes is over $3.52 billion, compared to just $1.4 billion worth of stakes held by hedge funds in Q4 2021.

First Eagle Investment Management mentioned Newmont Corporation (NYSE:NEM) in its Q3 2021 investor letter. Here is what the firm had to say:

“The largest gold miner in the world, Newmont shares lost ground in what was a volatile and ultimately down quarter for the price of gold. The Colorado-based company has continued to execute well in what has been a challenging environment. The company recently reaffirmed its full-year 2021 production guidance, but indicated that it was likely to come in at the mid to low point of the range provided as a result of disruptions from Covid-19 as well as severe weather events. It also noted that inflation pressures were likely to push its costs higher in 2021. None of this changes our opinion of the stock, which has historically offered steady production anchored in good jurisdictions, a good pipeline of organic projects, a strong balance sheet and proven management.”