Bay Harbor Wealth Management LLC lowered its position in Verizon Communications Inc. (NYSE:VZ) by 27.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,310 shares of the cell phone carrier’s stock after selling 1,249 shares during the quarter. Bay Harbor Wealth Management LLC’s holdings in Verizon Communications were worth $194,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of VZ. FMR LLC lifted its position in shares of Verizon Communications by 25.4% during the 4th quarter. FMR LLC now owns 34,745,450 shares of the cell phone carrier’s stock worth $2,041,296,000 after purchasing an additional 7,032,460 shares during the last quarter. Voloridge Investment Management LLC lifted its position in shares of Verizon Communications by 62.4% during the 3rd quarter. Voloridge Investment Management LLC now owns 4,321,993 shares of the cell phone carrier’s stock worth $257,115,000 after purchasing an additional 1,660,510 shares during the last quarter. State of Tennessee Treasury Department lifted its position in shares of Verizon Communications by 74.5% during the 3rd quarter. State of Tennessee Treasury Department now owns 2,664,250 shares of the cell phone carrier’s stock worth $158,497,000 after purchasing an additional 1,137,848 shares during the last quarter. California Public Employees Retirement System lifted its position in shares of Verizon Communications by 4.1% during the 4th quarter. California Public Employees Retirement System now owns 25,869,512 shares of the cell phone carrier’s stock worth $1,519,834,000 after purchasing an additional 1,029,507 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of Verizon Communications by 17.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 6,512,741 shares of the cell phone carrier’s stock worth $387,442,000 after purchasing an additional 979,394 shares during the last quarter. Hedge funds and other institutional investors own 64.85% of the company’s stock.
Several research firms recently weighed in on VZ. Wells Fargo & Company assumed coverage on Verizon Communications in a research report on Monday, November 16th. They set an “equal weight” rating and a $60.00 price objective for the company. Credit Suisse Group cut their price target on Verizon Communications from $61.00 to $59.00 and set a “neutral” rating for the company in a report on Tuesday, January 19th. Moffett Nathanson raised Verizon Communications from a “neutral” rating to a “buy” rating and upped their price target for the company from $59.00 to $66.00 in a report on Wednesday, December 2nd. JPMorgan Chase & Co. raised Verizon Communications from a “neutral” rating to an “overweight” rating and upped their price target for the company from $61.00 to $65.00 in a report on Thursday, November 5th. Finally, Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a report on Sunday, November 1st. Eleven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $61.84.
Shares of VZ traded up $0.88 during mid-day trading on Tuesday, reaching $57.33. The company had a trading volume of 183,971 shares, compared to its average volume of 20,626,359. Verizon Communications Inc. has a twelve month low of $48.84 and a twelve month high of $61.95. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.96 and a quick ratio of 0.93. The company’s 50-day moving average is $56.33 and its 200-day moving average is $58.66. The company has a market capitalization of $237.24 billion, a P/E ratio of 12.25, a P/E/G ratio of 3.54 and a beta of 0.44.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Monday, January 25th. The cell phone carrier reported $1.21 EPS for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.04. The business had revenue of $34.70 billion for the quarter, compared to analyst estimates of $34.47 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. Verizon Communications’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the prior year, the company earned $1.13 EPS. As a group, equities analysts expect that Verizon Communications Inc. will post 4.77 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, February 1st. Investors of record on Friday, January 8th were given a dividend of $0.6275 per share. The ex-dividend date of this dividend was Thursday, January 7th. This represents a $2.51 dividend on an annualized basis and a yield of 4.38%. Verizon Communications’s dividend payout ratio (DPR) is presently 52.18%.
Verizon Communications Profile
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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