Redpoint Investment Management Pty Ltd has increased its stake in Verizon Communications Inc. (NYSE: VZ – Get Rating) by 4.2% in the 1st quarter, according to the company in its latest application for Form 13F in the Securities and Exchange Commission. The institutional investor owned 103,837 shares of the mobile operator’s shares after acquiring an additional 4,215 shares during the period. Redpoint Investment Management Pty Ltd owns $ 5,289,000 in Verizon Communications as of its last filing with the SEC.
A number of other institutional investors and hedge funds have also recently added or reduced their equity stakes. BlackRock Inc. increased its position in shares of Verizon Communications by 0.3% in the fourth quarter. BlackRock Inc. now owns 290,740,891 shares of the mobile operator’s shares worth $ 15,106,895,000 after purchasing an additional 791,443 shares during the period. State Street Corp rose 2.6 percent in Verizon Communications in the fourth quarter. State Street Corp now owns 170,483,451 shares of the mobile operator’s stock worth $ 8,858,320,000 after purchasing an additional 4,312,242 shares during the period. Geode Capital Management LLC increased its position in shares of Verizon Communications by 2.5% in the fourth quarter. Geode Capital Management LLC already owns 73,174,424 shares of the mobile operator’s shares worth $ 3,792,626,000 after purchasing an additional 1,776,263 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Verizon Communications by 8.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 56,847,194 shares of the mobile operator’s shares worth $ 2,953,781,000 after purchasing an additional 4,571,857 shares during the period. Finally, Norges Bank bought a new position in shares of Verizon Communications in the fourth quarter worth approximately $ 1,884,917,000. Institutional investors own 63.78% of the company’s shares.
Several research analysts have released reports on the company. StockNews.com upgraded Verizon Communications from a hold to a buy rating in a research report on Thursday, May 12th. Royal Bank of Canada cut its target price for Verizon Communications from $ 57.00 to $ 54.00 in a research report on Wednesday. William Blair revised its market share rating for Verizon Communications in a research report on Monday (April 25th). Goldman Sachs Group downgraded Verizon Communications from a buy rating to a neutral rating and lowered its target price for the company from $ 61.00 to $ 55.00 in a research note on Monday, April 25th. Finally, Credit Suisse Group lowered its target price for Verizon Communications shares from $ 58.00 to $ 54.00 and set a “neutral” rating for the company in a research note on Tuesday. Two analysts rated the shares with a rating for sale, eleven gave a rating for retention, and four gave a rating for the purchase of the company’s shares. According to MarketBeat, the shares currently have a consensus hold rating and a consensus target price of $ 56.60.
Shares of NYSE: VZ opened at $ 50.96 on Friday. The company has a market capitalization of 214.01 billion dollars, a price / profit ratio of 9.90, a price / profit-growth ratio of 2.62 and a beta of 0.41. Verizon Communications Inc. has a 52-week low of $ 45.55 and a 52-week high of $ 56.85. The company has a fast ratio of 0.69, a current ratio of 0.76 and a debt to equity ratio of 1.64. The company has a 50-day moving average of $ 50.02 and a 200-day moving average of $ 51.83.
Verizon Communications (NYSE: VZ – Get Rating) last released its quarterly earnings data on Friday, April 22nd. The cell phone operator reported $ 1.35 EPS for the quarter, achieving analysts’ consensus estimates of $ 1.35. The company had revenue of $ 33.60 billion in the quarter, compared to the consensus estimate of $ 33.61 billion. Verizon Communications has a net margin of 15.93% and a return on equity of 28.15%. Verizon Communications’ revenue for the quarter was up 2.2 percent from the same quarter last year. In the same quarter of the previous year, the company reported $ 1.31 earnings per share. On average, sales analysts expect Verizon Communications Inc. will report 5.4 EPS for the current year.
The company also recently unveiled a three-month dividend that will be paid on Monday (August 1st). The record investors on Friday, July 8, will receive a dividend of $ 0.64. This represents a dividend of $ 2.56 on an annual basis and a yield of 5.02%. The date of the former dividend of this dividend is Thursday, July 7. Verizon Communications’ dividend payout ratio (DPR) is 49.71%.
In other news, CEO Tammy A. Erwin sold 23,647 shares of the company’s stock in a deal on Tuesday (April 26th). The shares were sold at an average price of $ 49.77, for a total transaction of $ 1,176,911.19. Following the transaction, the CEO now directly owns 21,817 shares of the company’s shares worth $ 1,085,832.09. The sale is disclosed in SEC legal documentation, which is available through the SEC website. Also, EVP Craig L. Siliman sold 1,558 shares of the company’s stock in a deal on Monday, April 4th. The shares were sold at an average price of $ 52.00, for a total value of $ 81,016.00. Following the deal, the executive vice president now directly owns 38,077 shares of the company worth $ 1,980,004. The disclosure for this sale can be found here. Insiders have sold 28,321 shares of the company’s stock worth $ 1,415,192 in the past three months. 0.10% of the shares are currently owned by insiders.
About Verizon Communications (Get a rating)
Verizon Communications Inc., through its subsidiaries, offers communications, technology, information and entertainment products and services to consumers, businesses and government organizations around the world. Its customer segment offers subscription and prepaid service plans; internet access on laptops and tablets; wireless equipment, including smartphones and other telephones; and Internet wireless devices, such as tablets, and other wireless devices including smartwatches.
Want to see what other hedge funds hold VZ? Visit HoldingsChannel.com to receive the latest 13F requests and internal deals for Verizon Communications Inc. (NYSE: VZ – Get rating).
Receive news and reviews for Verizon Communications Daily – Enter your email address below to receive a brief daily summary of the latest news and analyst ratings for Verizon Communications and related companies with the FREE Daily Newsletter on MarketBeat.com.