Mendel Money Management purchased a new position in Verizon Communications Inc. (NYSE:VZ) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,465 shares of the cell phone carrier’s stock, valued at approximately $356,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of VZ. Malaga Cove Capital LLC acquired a new stake in Verizon Communications during the second quarter valued at $738,000. Sciencast Management LP purchased a new position in Verizon Communications during the second quarter worth about $455,000. Smart Money Group LLC purchased a new position in Verizon Communications during the second quarter worth about $266,000. Hochman Cole Investment Advisors Inc. increased its position in shares of Verizon Communications by 6.3% during the second quarter. Hochman Cole Investment Advisors Inc. now owns 17,596 shares of the cell phone carrier’s stock valued at $970,000 after acquiring an additional 1,041 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of Verizon Communications by 577.3% during the second quarter. Pacer Advisors Inc. now owns 396,478 shares of the cell phone carrier’s stock valued at $21,858,000 after acquiring an additional 337,944 shares during the last quarter. 65.23% of the stock is owned by institutional investors and hedge funds.
VZ has been the subject of a number of research reports. Citigroup lifted their price objective on shares of Verizon Communications from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, April 27th. SunTrust Banks boosted their price objective on shares of Verizon Communications from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Moffett Nathanson restated a “hold” rating and set a $62.00 price objective on shares of Verizon Communications in a research report on Friday, July 24th. Scotiabank boosted their price objective on shares of Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a research report on Monday, July 27th. Finally, Oppenheimer reiterated a “buy” rating and issued a $70.00 price target on shares of Verizon Communications in a research report on Monday, July 27th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $62.00.
NYSE VZ opened at $57.48 on Friday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.93 and a current ratio of 0.96. Verizon Communications Inc. has a one year low of $48.84 and a one year high of $62.22. The company’s 50 day moving average price is $55.64 and its 200 day moving average price is $56.51. The firm has a market capitalization of $237.11 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 3.52 and a beta of 0.45.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The company had revenue of $30.40 billion during the quarter, compared to the consensus estimate of $29.98 billion. During the same quarter last year, the company earned $1.23 earnings per share. Verizon Communications’s revenue for the quarter was down 5.2% on a year-over-year basis. Sell-side analysts forecast that Verizon Communications Inc. will post 4.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date of this dividend is Thursday, July 9th. Verizon Communications’s payout ratio is currently 51.14%.
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; 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.
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.