5 Dividend Stocks to Buy According to Sean Murphy’s Game Creek Capital

4. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 53
Game Creek Capital’s Stake Value: $4,429,000
Dividend Yield as of May 31: 3.20%

Newmont Corporation (NYSE:NEM), an American gold mining company, currently pays a quarterly dividend of $0.55 per share. The stock’s dividend yield stood at 3.20%, as of the close of May 31.

In Q1 2022, Newmont Corporation (NYSE:NEM) reported revenue of $3.02 billion, up 5.2% from the same period last year. The company produced 1.34 million ounces of gold during the quarter, compared with 1.62 million ounces produced during Q4 2021. As the company’s earnings were lower than the market estimates, in April, Canaccord lowered its price target on Newmont Corporation (NYSE:NEM) to $80, with a Hold rating on the shares.

Game Creek Capital started building its position in Newmont Corporation (NYSE:NEM) during the first quarter of 2018, purchasing shares worth over $2.1 million. At the end of Q1 2022, the hedge fund owned a $4.5 million worth of stake in the company, which represented 1.75% of Sean Murphy’s portfolio.

In addition to Game Creek Capital, 53 hedge funds tracked by Insider Monkey reported owning stakes in Newmont Corporation (NYSE:NEM) in Q1 2022, up from 45 in the previous quarter. The collective value of these stakes is over $3.5 billion, compared with $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 has 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.”