Palladium Partners LLC lowered its position in Verizon Communications Inc. (NYSE:VZ) by 5.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 96,025 shares of the cell phone carrier’s stock after selling 5,086 shares during the quarter. Palladium Partners LLC’s holdings in Verizon Communications were worth $4,831,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. CI Global Investments Inc. purchased a new stake in Verizon Communications in the 1st quarter worth $261,019,000. BlackRock Inc. lifted its stake in Verizon Communications by 1.6% in the 1st quarter. BlackRock Inc. now owns 270,175,376 shares of the cell phone carrier’s stock worth $12,919,788,000 after purchasing an additional 4,270,608 shares in the last quarter. American Century Companies Inc. lifted its stake in Verizon Communications by 34.2% in the 1st quarter. American Century Companies Inc. now owns 9,725,699 shares of the cell phone carrier’s stock worth $465,083,000 after purchasing an additional 2,481,128 shares in the last quarter. Toronto Dominion Bank lifted its stake in Verizon Communications by 101.6% in the 1st quarter. Toronto Dominion Bank now owns 4,756,060 shares of the cell phone carrier’s stock worth $227,394,000 after purchasing an additional 2,396,905 shares in the last quarter. Finally, Brandywine Global Investment Management LLC lifted its stake in Verizon Communications by 200.6% in the 4th quarter. Brandywine Global Investment Management LLC now owns 3,511,699 shares of the cell phone carrier’s stock worth $185,875,000 after purchasing an additional 2,343,363 shares in the last quarter. 63.99% of the stock is owned by institutional investors.
Shares of NYSE VZ opened at $53.14 on Thursday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.92 and a current ratio of 0.96. The stock has a market cap of $221.01 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 1.94 and a beta of 0.69. Verizon Communications Inc. has a 12-month low of $43.97 and a 12-month high of $55.42.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.06. The firm had revenue of $32.20 billion for the quarter, compared to analysts’ expectations of $31.78 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. The business’s revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.96 EPS. sell-side analysts expect that Verizon Communications Inc. will post 4.66 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th will be given a dividend of $0.6025 per share. This represents a $2.41 annualized dividend and a dividend yield of 4.54%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date is Tuesday, October 9th. Verizon Communications’s dividend payout ratio is currently 63.10%.
Several analysts have commented on VZ shares. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Wednesday, August 1st. Scotiabank set a $61.00 price target on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Goldman Sachs Group upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $51.00 to $56.00 in a research note on Thursday, June 21st. Deutsche Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Tuesday, June 19th. Finally, Barclays cut shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $56.00 to $50.00 in a research note on Tuesday, September 4th. Six equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $55.42.
About Verizon Communications
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.
Further Reading: What is a stock buyback?
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).
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.