Waverton Investment Management Ltd reduced its stake in Verizon Communications Inc. (NYSE: VZ – Get Rating ) by 5.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,654 shares of the cell phone carrier’s stock after selling 2,280 shares during the period. Waverton Investment Management Ltd’s holdings in Verizon Communications were worth $2,173,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Verizon Communications by 0.3% during the fourth quarter. BlackRock Inc. now owns 290,740,891 shares of the cell phone carrier’s stock valued at $15,106,895,000 after acquiring an additional 791,443 shares in the last quarter. State Street Corp boosted its holdings in Verizon Communications by 2.6% during the fourth quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock valued at $8,858,320,000 after purchasing an additional 4,312,242 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Verizon Communications by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 73,174,424 shares of the cell phone carrier’s stock valued at $3,792,626,000 after purchasing an additional 1,776,263 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Verizon Communications by 8.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 56,847,194 shares of the cell phone carrier’s stock valued at $2,953,781,000 after buying an additional 4,571,857 shares during the last quarter. Finally, Norges Bank purchased a new position in Verizon Communications during the fourth quarter valued at $1,884,917,000. Institutional investors and hedge funds own 63.78% of the company’s shares.
NYSE VZ opened at $50.49 on Monday. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.64. Verizon Communications Inc. has a 52-week low of $45.55 and a 52-week high of $56.85. The business’s 50-day moving average is $50.01 and its 200-day moving average is $51.79. The firm has a market cap of $212.04 billion, a P/E ratio of 9.80, a P/E/G ratio of 2.34 and a beta of 0.40.
Verizon Communications (NYSE:VZ – Get Rating ) last posted its quarterly earnings results on Friday, April 22nd. The cell phone operator reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The firm had revenue of $33.60 billion for the quarter, compared to analyst estimates of $33.61 billion. During the same quarter last year, the company posted earnings of $1.31 per share. Business revenues increased by 2.2% year-on-year. As a group, analysts expect Verizon Communications Inc. to report 5.39 earnings per share for the current year.
The business also recently declared 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. This represents an annualized dividend of $2.56 and a dividend yield of 5.07%. The ex-dividend date of this dividend is Thursday, July 7th. Verizon Communications’ dividend payout ratio is currently 49.71%.
Several equities analysts recently commented on VZ shares. Wells Fargo & Company dropped their target price on Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating on the stock in a report on Friday. Raymond James reissued an “outperform” rating and issued a $64.00 target price on shares of Verizon Communications in a report on Thursday. JPMorgan Chase & Co. reissued a “hold” rating and issued a $57.00 target price on shares of Verizon Communications in a report on Friday, June 24th. Wolfe Research decreased their target price on Verizon Communications from $60.00 to $51.00 and set an “equal perform” rating on the stock in a report on Thursday, June 2nd. Finally, StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Thursday, May 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. Verizon Communications has an average rating of “Hold” and a consensus target price of $56.86, based on data from MarketBeat.
In related news, CEO Tammy A. Erwin sold 23,647 shares of the firm’s stock in a transaction dated 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 owns 21,817 shares in the company, valued at $1,085,832.09. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Also, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total transaction of $80,112.36. Following the completion of the sale, the executive vice president now owns 33,403 shares of the company’s stock, valued at approximately $1,717,582.26. Disclosure of this sale can be found here. Over the last three months, insiders have sold 28,321 shares of company stock valued at $1,414,288. Corporate insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile (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.
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