Shares of Verizon Communications Inc. (NYSE:VZ) sold by Harbor Investment Advisory LLC


Harbor Investment Advisory LLC reduced its position in Verizon Communications Inc. (NYSE:VZ – Get Rating ) by 16.6% during the first quarter, HoldingsChannel.com reports. The fund owned 34,360 shares of the mobile carrier’s stock after selling 6,853 shares during the quarter. Harbor Investment Advisory LLC’s holdings in Verizon Communications were worth $1,750,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rinkey Investments acquired a new position in shares of Verizon Communications in the fourth quarter worth about $27,000. Econ Financial Services Corp acquired a new position in Verizon Communications in the fourth quarter valued at approximately $32,000. Gibson Wealth Advisors LLC acquired a new position in Verizon Communications in the fourth quarter worth approximately $37,000. Morton Brown Family Wealth LLC boosted its holdings in Verizon Communications by 109.2% in the first quarter. Morton Brown Family Wealth LLC now owns 726 shares of the cell phone carrier’s stock valued at $37,000 after purchasing an additional 379 shares during the last quarter. Finally, Rather & Kittrell Inc. acquired a new position in Verizon Communications during the fourth quarter valued at approximately $43,000. 63.78% of the stock is owned by institutional investors.

Shares of Verizon Communications stock opened at $51.64 on Monday. The stock’s 50-day moving average is $49.75 and its 200-day moving average is $51.86. The company has a market cap of $216.87 billion, a price-to-earnings ratio of 10.03, a price-to-earnings-growth ratio of 2.66 and a beta of 0.40. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.76, and a quick ratio of 0.69. Verizon Communications Inc. has a 12-month low of $45.55 and a 12-month high of $56.85.

Verizon Communications (NYSE:VZ – Get Rating ) last posted its quarterly earnings data on Friday, April 22nd. The cell phone carrier reported $1.35 EPS for the quarter, hitting analysts’ consensus estimates of $1.35. The company had revenue of $33.60 billion for the quarter, compared to the consensus estimate of $33.61 billion. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $1.31 EPS. Analysts expect that Verizon Communications Inc. will post 5.39 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 8th will be paid a dividend of $0.64 per share. The ex-dividend date of this dividend is Thursday, July 7th. This represents a $2.56 annual dividend and a dividend yield of 4.96%. Verizon Communications’ payout ratio is currently 49.71%.

A number of equities research analysts have weighed in on VZ shares. Credit Suisse Group decreased their price objective on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a research note on Tuesday, June 21st. Wolfe Research reduced their price objective on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating for the company in a research note on Thursday, June 2nd. DZ Bank downgraded Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 target price for the company. in a research note on Friday, April 29th. William Blair restated a “market perform” rating on shares of Verizon Communications in a research note on Monday, April 25th. Finally, StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Thursday, May 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. Verizon Communications presently has a consensus rating of “Hold” and a consensus target price of $57.14, according to MarketBeat.com .

In related news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $50.00 for a total value of $77,900.00. Following the sale, the executive vice president now owns 36,519 shares of the company’s stock, valued at approximately $1,825,950. The sale was disclosed in a document filed with the SEC, which is available on the SEC’s website. Also, CEO Tammy A. Irwin sold 23,647 shares of the firm’s stock in a transaction that occurred on Tuesday, April 26th. The shares were sold at an average price of $49.77 for a total value of $1,176,911.19. Following the completion of the sale, the chief executive officer now directly owns 21,817 shares in the company, valued at approximately $1,085,832.09. Disclosure of this sale can be found here. In the last quarter, insiders sold 26,763 shares of company stock valued at $1,334,176. Company insiders own 0.10% of the company’s shares.

About Verizon Communications (Get Rating)

Verizon Communications Inc, through its subsidiaries, provides communications, technology, information and entertainment products and services to consumers, businesses and government organizations worldwide. Its consumer segment offers subscription and prepaid service plans; access to the Internet on laptops and tablets; wireless equipment, including smartphones and other telephones; and wirelessly enabled Internet devices, such as tablets and other wirelessly enabled connected devices, including smartwatches.

See also

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider deals for Verizon Communications Inc. (NYSE:VZ – Get Rating ).

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)



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