Shell Asset Management Co. raised its position in Verizon Communications Inc. (NYSE:VZ) by 10.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 790,728 shares of the cell phone carrier’s stock after buying an additional 73,686 shares during the period. Verizon Communications makes up about 1.0% of Shell Asset Management Co.’s portfolio, making the stock its 10th largest position. Shell Asset Management Co.’s holdings in Verizon Communications were worth $38,548,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Verizon Communications during the fourth quarter worth about $1,712,958,000. FMR LLC increased its position in shares of Verizon Communications by 17.9% in the fourth quarter. FMR LLC now owns 48,743,437 shares of the cell phone carrier’s stock worth $2,601,925,000 after buying an additional 7,388,078 shares during the last quarter. Asset Management One Co. Ltd. increased its position in shares of Verizon Communications by 1,244.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 7,366,887 shares of the cell phone carrier’s stock worth $393,444,000 after buying an additional 6,818,838 shares during the last quarter. FIL Ltd increased its position in shares of Verizon Communications by 29.5% in the fourth quarter. FIL Ltd now owns 12,144,029 shares of the cell phone carrier’s stock worth $648,248,000 after buying an additional 2,764,437 shares during the last quarter. Finally, I.G. Investment Management LTD. increased its position in shares of Verizon Communications by 65.9% in the fourth quarter. I.G. Investment Management LTD. now owns 5,237,863 shares of the cell phone carrier’s stock worth $279,597,000 after buying an additional 2,080,548 shares during the last quarter. 62.55% of the stock is currently owned by institutional investors and hedge funds.
Verizon Communications Inc. (VZ) opened at 43.66 on Tuesday. The company’s 50 day moving average is $45.84 and its 200 day moving average is $48.85. The firm has a market cap of $178.11 billion, a P/E ratio of 14.60 and a beta of 0.54. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $56.25.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, April 20th. The cell phone carrier reported $0.95 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by $0.03. The company had revenue of $29.81 billion for the quarter, compared to analysts’ expectations of $30.41 billion. Verizon Communications had a return on equity of 66.99% and a net margin of 9.92%. The firm’s quarterly revenue was down 7.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.06 EPS. Equities research analysts forecast that Verizon Communications Inc. will post $3.75 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be issued a dividend of $0.5775 per share. This represents a $2.31 dividend on an annualized basis and a yield of 5.29%. The ex-dividend date of this dividend is Thursday, July 6th. Verizon Communications’s dividend payout ratio is currently 77.00%.
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A number of equities analysts have recently issued reports on VZ shares. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $52.26 price target on the stock in a research report on Monday, March 27th. Zacks Investment Research raised Verizon Communications from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. Barclays PLC reduced their price target on Verizon Communications from $52.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 13th. TheStreet downgraded Verizon Communications from a “b-” rating to a “c” rating in a research report on Thursday, April 27th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $48.00 target price on shares of Verizon Communications in a research report on Sunday, July 9th. One research analyst has rated the stock with a sell rating, twenty-six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $53.23.
In related news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $47.36, for a total transaction of $28,889.60. Following the sale, the executive vice president now owns 9,649 shares of the company’s stock, valued at $456,976.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Marni M. Walden sold 16,362 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $46.08, for a total transaction of $753,960.96. Following the sale, the executive vice president now directly owns 11,797 shares in the company, valued at approximately $543,605.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,192 shares of company stock worth $837,958. 0.13% of the stock is owned by insiders.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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