Sumitomo Mitsui Asset Management Company LTD cut its stake in Verizon Communications Inc. (NYSE:VZ) by 2.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 328,487 shares of the cell phone carrier’s stock after selling 9,738 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Verizon Communications were worth $16,256,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of VZ. Capital Research Global Investors lifted its holdings in shares of Verizon Communications by 15.1% during the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after acquiring an additional 20,070,391 shares during the period. FMR LLC lifted its holdings in shares of Verizon Communications by 15.0% during the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after acquiring an additional 8,077,275 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Verizon Communications by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after acquiring an additional 5,837,702 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Verizon Communications by 19.9% during the 2nd quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after acquiring an additional 3,623,182 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Verizon Communications by 52.6% during the 2nd quarter. Principal Financial Group Inc. now owns 9,014,846 shares of the cell phone carrier’s stock worth $402,604,000 after acquiring an additional 3,107,054 shares during the period. 63.22% of the stock is owned by hedge funds and other institutional investors.
Shares of Verizon Communications Inc. (VZ) opened at $52.60 on Friday. The stock has a market cap of $214,580.00, a PE ratio of 13.49, a P/E/G ratio of 4.90 and a beta of 0.57. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05. Verizon Communications Inc. has a 1 year low of $42.80 and a 1 year high of $54.83.
Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.98. The business had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the company posted $1.01 EPS. analysts expect that Verizon Communications Inc. will post 3.77 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 4.49%. The ex-dividend date is Tuesday, January 9th. Verizon Communications’s payout ratio is presently 60.51%.
VZ has been the subject of a number of analyst reports. Macquarie reaffirmed a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a report on Sunday, October 22nd. SunTrust Banks reaffirmed a “hold” rating and set a $50.00 price objective on shares of Verizon Communications in a report on Friday, October 20th. Moffett Nathanson reaffirmed a “buy” rating on shares of Verizon Communications in a report on Thursday, October 12th. Wells Fargo & Co raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a report on Monday, November 20th. Finally, Instinet raised their price objective on shares of Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, December 12th. Two analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $51.98.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $47.41, for a total value of $28,920.10. Following the completion of the sale, the executive vice president now owns 3,269 shares in the company, valued at approximately $154,983.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.13% of the company’s stock.
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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