KG&L Capital Management LLC grew its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 27.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,190 shares of the cell phone carrier’s stock after purchasing an additional 1,320 shares during the quarter. KG&L Capital Management LLC’s holdings in Verizon Communications were worth $373,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of VZ. Nuveen Asset Management LLC increased its position in shares of Verizon Communications by 6,712.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock worth $1,691,184,000 after purchasing an additional 29,167,876 shares during the last quarter. Invesco Ltd. increased its position in shares of Verizon Communications by 61.6% during the 2nd quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock worth $1,327,750,000 after purchasing an additional 8,858,448 shares during the last quarter. APG Asset Management N.V. increased its position in shares of Verizon Communications by 64.8% during the 4th quarter. APG Asset Management N.V. now owns 15,572,858 shares of the cell phone carrier’s stock worth $765,872,000 after purchasing an additional 6,120,966 shares during the last quarter. BlackRock Inc. increased its position in shares of Verizon Communications by 1.7% during the 2nd quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after purchasing an additional 5,319,802 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. increased its position in shares of Verizon Communications by 95.6% during the 2nd quarter. Beutel Goodman & Co Ltd. now owns 10,096,656 shares of the cell phone carrier’s stock worth $443,674,000 after purchasing an additional 4,936,074 shares during the last quarter. 65.42% of the stock is currently owned by hedge funds and other institutional investors.
Shares of VZ stock traded up $0.10 during trading on Friday, reaching $59.93. 11,344,183 shares of the company’s stock were exchanged, compared to its average volume of 11,048,480. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 2.12. The stock has a market capitalization of $246.99 billion, a PE ratio of 12.72, a PEG ratio of 2.98 and a beta of 0.53. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $61.58. The firm’s fifty day moving average price is $59.07 and its 200-day moving average price is $57.83.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $32.07 billion for the quarter, compared to analyst estimates of $32.42 billion. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The firm’s revenue was down .4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.20 EPS. As a group, analysts anticipate that Verizon Communications Inc. will post 4.81 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a dividend of $0.615 per share. The ex-dividend date is Wednesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.10%. Verizon Communications’s payout ratio is presently 51.17%.
Several research analysts have weighed in on the company. Oppenheimer raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a research report on Tuesday, August 27th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Monday, September 2nd. SunTrust Banks boosted their price target on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday. ValuEngine lowered Verizon Communications from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Finally, Citigroup set a $62.00 price target on Verizon Communications and gave the stock a “hold” rating in a research report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $61.81.
In related news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $60.14, for a total transaction of $81,128.86. Following the transaction, the executive vice president now directly owns 21,332 shares of the company’s stock, valued at approximately $1,282,906.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Tami A. Erwin sold 17,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the transaction, the chief executive officer now directly owns 853 shares in the company, valued at $49,260.75. The disclosure for this sale can be found here. Insiders have sold a total of 21,047 shares of company stock worth $1,214,722 over the last three months. 0.03% of the stock is owned by insiders.
Verizon Communications 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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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