Strategic Capital Advisers Inc. reduced its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 7.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 37,542 shares of the cell phone carrier’s stock after selling 2,820 shares during the quarter. Verizon Communications makes up 1.9% of Strategic Capital Advisers Inc.’s investment portfolio, making the stock its 28th biggest holding. Strategic Capital Advisers Inc.’s holdings in Verizon Communications were worth $2,183,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Norges Bank acquired a new position in Verizon Communications during the fourth quarter worth about $2,373,000,000. Morgan Stanley lifted its stake in shares of Verizon Communications by 7.9% during the fourth quarter. Morgan Stanley now owns 39,149,043 shares of the cell phone carrier’s stock worth $2,300,008,000 after purchasing an additional 2,855,873 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Verizon Communications by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 38,318,476 shares of the cell phone carrier’s stock worth $2,251,212,000 after buying an additional 2,262,857 shares during the period. FMR LLC raised its holdings 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 valued at $2,041,296,000 after buying an additional 7,032,460 shares during the period. Finally, California Public Employees Retirement System lifted its position in 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 acquiring an additional 1,029,507 shares in the last quarter. 64.85% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently commented on VZ. Bank of America reiterated a “buy” rating and issued a $64.00 price target on shares of Verizon Communications in a research note on Thursday, March 11th. Credit Suisse Group dropped their price target on shares of Verizon Communications from $61.00 to $59.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 19th. Moffett Nathanson reissued a “neutral” rating on shares of Verizon Communications in a report on Monday. Scotiabank cut Verizon Communications from an “outperform” rating to a “sector perform” rating in a research note on Thursday, February 25th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Verizon Communications in a research note on Wednesday, March 3rd. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $62.50.
In other news, EVP Craig L. Silliman sold 1,555 shares of the business’s stock in a transaction that occurred on Thursday, March 4th. The shares were sold at an average price of $55.60, for a total value of $86,458.00. Following the transaction, the executive vice president now owns 27,256 shares in the company, valued at approximately $1,515,433.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.07% of the stock is owned by company insiders.
Shares of NYSE:VZ opened at $57.92 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.66. The business has a 50 day moving average of $57.52 and a 200-day moving average of $57.82. Verizon Communications Inc. has a 12-month low of $52.85 and a 12-month high of $61.95. The stock has a market cap of $239.79 billion, a PE ratio of 12.56, a P/E/G ratio of 3.54 and a beta of 0.44.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, April 20th. The cell phone carrier reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.02. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The firm had revenue of $32.87 billion during the quarter, compared to the consensus estimate of $32.47 billion. During the same period in the prior year, the company posted $1.26 EPS. The company’s revenue was up 4.0% compared to the same quarter last year. Equities research analysts expect that Verizon Communications Inc. will post 4.77 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, May 3rd. Investors of record on Friday, April 9th were issued a $0.6275 dividend. The ex-dividend date of this dividend was Thursday, April 8th. This represents a $2.51 dividend on an annualized basis and a yield of 4.33%. Verizon Communications’s payout ratio is 52.18%.
About Verizon Communications
Verizon Communications Inc offers communications, technology, 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, and other wireless-enabled connected devices, such as smart watches.
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