First Quadrant L P CA Sells 183,429 Shares of Verizon Communications Inc. (VZ)

First Quadrant L P CA reduced its holdings in Verizon Communications Inc. (NYSE:VZ) by 46.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 214,307 shares of the cell phone carrier’s stock after selling 183,429 shares during the period. First Quadrant L P CA’s holdings in Verizon Communications were worth $10,782,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Formidable Asset Management LLC increased its stake in shares of Verizon Communications by 20.9% during the 4th quarter. Formidable Asset Management LLC now owns 16,469 shares of the cell phone carrier’s stock worth $874,000 after purchasing an additional 2,852 shares during the last quarter. Matrix Asset Advisors Inc. NY increased its stake in shares of Verizon Communications by 7.2% during the 4th quarter. Matrix Asset Advisors Inc. NY now owns 186,021 shares of the cell phone carrier’s stock worth $9,846,000 after purchasing an additional 12,448 shares during the last quarter. Trust Co increased its stake in shares of Verizon Communications by 6.5% during the 1st quarter. Trust Co now owns 100,146 shares of the cell phone carrier’s stock worth $4,789,000 after purchasing an additional 6,126 shares during the last quarter. Levin Capital Strategies L.P. increased its stake in shares of Verizon Communications by 24.8% during the 1st quarter. Levin Capital Strategies L.P. now owns 24,000 shares of the cell phone carrier’s stock worth $1,148,000 after purchasing an additional 4,775 shares during the last quarter. Finally, Buckley Wealth Management LLC increased its stake in shares of Verizon Communications by 8.1% during the 1st quarter. Buckley Wealth Management LLC now owns 54,885 shares of the cell phone carrier’s stock worth $2,625,000 after purchasing an additional 4,131 shares during the last quarter. Hedge funds and other institutional investors own 63.99% of the company’s stock.

Shares of VZ stock opened at $53.14 on Thursday. The stock has a market cap of $221.01 billion, a P/E ratio of 14.21, a P/E/G ratio of 1.94 and a beta of 0.69. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 2.04. Verizon Communications Inc. has a 52 week low of $43.97 and a 52 week high of $55.42.

Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. The business had revenue of $32.20 billion during the quarter, compared to the consensus estimate of $31.78 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. Verizon Communications’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.96 EPS. research analysts forecast that Verizon Communications Inc. will post 4.66 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be issued a dividend of $0.6025 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date is Tuesday, October 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.54%. Verizon Communications’s payout ratio is presently 63.10%.

VZ has been the topic of several recent analyst reports. Zacks Investment Research lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Barclays lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $56.00 to $50.00 in a research note on Tuesday, September 4th. Moffett Nathanson restated a “neutral” rating and set a $56.00 price objective on shares of Verizon Communications in a research note on Tuesday, September 4th. Scotiabank set a $61.00 price objective on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Finally, Goldman Sachs Group upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $51.00 to $56.00 in a research note on Thursday, June 21st. Six research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $55.42.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

Read More: Intrinsic Value

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

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

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply