5 Stocks to Buy Now According to Steve Ketchum’s Sound Point Capital

3. DISH Network Corporation (NASDAQ:DISH)

Sound Point Capital’s Stake Value: $1,052,000
Percentage of Sound Point Capital’s 13F Portfolio: 3.72%
Number of Hedge Fund Holders: 54

DISH Network Corporation (NASDAQ:DISH) is a holding company that provides pay-television services. It works in two segments: pay-TV and wireless. Sound Point Capital elevated its position in DISH Network Corporation (NASDAQ:DISH) by 135% in Q4 2021, holding 32,434 shares worth over $1.05 million. The stock accounts for 3.72% of the fund’s total 13F portfolio.

On March 21, Citi analyst Michael Rollins decreased his price objective on DISH Network Corporation (NASDAQ:DISH) from $52 to $46 and maintained a Buy rating. Following the Q4 data, the analyst adjusted his model to account for lower volumes across Sling, DBS, and wireless.

By the end of the fourth quarter, Insider Monkey found DISH Network Corporation (NASDAQ:DISH) to be a part of 54 hedge fund portfolios. These funds’ total interests in the firm are worth $3.04 billion, up from $2.44 billion in the previous quarter, when 51 positions were held.

ClearBridge Investments, in its second quarter 2021 investor letter, mentioned DISH Network Corporation (NASDAQ:DISH). Here‘s what the fund said:

“Portfolio holdings in the communication services and financials sectors also made strong contributions. Dish Network continues to make progress on the buildout of its greenfield 5G network, with Las Vegas slated to become the first market launched later this year. The company gained credibility, and its stock reacted favorably, after it announced a partnership with Amazon to deploy a 5G cloud-native network using AWS’s cloud infrastructure. While the stock has been volatile in recent quarters, we continue to feel confident in Dish’s long-term prospects, which include competing as a fourth U.S. wireless carrier. Charter Communications has been executing well and benefiting from the growth in residential broadband, which has been accelerated by COVID-19 and should see further support from the Biden Administration’s infrastructure bill, which earmarks $65 billion for broadband buildout. In addition, we expect the company to continue to grow its wireless business, leveraging its mobile virtual network operator (MVNO) relationship with Verizon. The company continues to generate strong and growing free cash flow and deploys it toward consistent and material share buybacks.”