Main Street Research LLC raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 254,718 shares of the cell phone carrier’s stock after acquiring an additional 1,173 shares during the period. Verizon Communications makes up 2.2% of Main Street Research LLC’s investment portfolio, making the stock its 25th biggest holding. Main Street Research LLC’s holdings in Verizon Communications were worth $14,043,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Winslow Evans & Crocker Inc. grew its holdings in Verizon Communications by 5.0% during the 2nd quarter. Winslow Evans & Crocker Inc. now owns 63,285 shares of the cell phone carrier’s stock valued at $3,488,000 after buying an additional 3,011 shares during the last quarter. Community Financial Services Group LLC boosted its holdings in shares of Verizon Communications by 5.3% during the first quarter. Community Financial Services Group LLC now owns 122,402 shares of the cell phone carrier’s stock worth $6,577,000 after purchasing an additional 6,160 shares during the last quarter. Financial Enhancement Group LLC boosted its holdings in shares of Verizon Communications by 8.0% during the first quarter. Financial Enhancement Group LLC now owns 174,244 shares of the cell phone carrier’s stock worth $9,362,000 after purchasing an additional 12,850 shares during the last quarter. Verus Financial Partners Inc. boosted its holdings in shares of Verizon Communications by 4.6% during the first quarter. Verus Financial Partners Inc. now owns 6,644 shares of the cell phone carrier’s stock worth $357,000 after purchasing an additional 293 shares during the last quarter. Finally, Syntal Capital Partners LLC raised its position in shares of Verizon Communications by 31.7% in the 1st quarter. Syntal Capital Partners LLC now owns 23,610 shares of the cell phone carrier’s stock worth $1,268,000 after buying an additional 5,681 shares during the period. 65.23% of the stock is owned by hedge funds and other institutional investors.
NYSE VZ opened at $57.48 on Friday. Verizon Communications Inc. has a twelve month low of $48.84 and a twelve month high of $62.22. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.93 and a current ratio of 0.96. The stock has a market cap of $237.11 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 3.52 and a beta of 0.45. The firm’s 50 day moving average price is $55.64 and its two-hundred day moving average price is $56.51.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, topping the 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 firm had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. During the same period in the previous year, the company posted $1.23 EPS. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, research 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 issued a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.28%. The ex-dividend date is Thursday, July 9th. Verizon Communications’s dividend payout ratio is currently 51.14%.
Several research analysts have commented on VZ shares. Morgan Stanley cut their price objective on Verizon Communications from $61.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Friday, April 17th. ValuEngine downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, May 1st. Robert W. Baird decreased their target price on Verizon Communications from $60.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, April 28th. Credit Suisse Group restated a “hold” rating and issued a $61.00 target price on shares of Verizon Communications in a research note on Thursday, July 2nd. Finally, Oppenheimer reiterated a “buy” rating and set a $70.00 price objective 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 company. The stock presently has an average rating of “Hold” and an average target price of $62.00.
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.
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