O Shaughnessy Asset Management LLC reduced its position in Verizon Communications Inc. (NYSE:VZ) by 46.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 259,822 shares of the cell phone carrier’s stock after selling 221,324 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Verizon Communications were worth $14,046,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Creative Planning grew its position in Verizon Communications by 18.7% in the third quarter. Creative Planning now owns 837,136 shares of the cell phone carrier’s stock worth $45,214,000 after acquiring an additional 131,854 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Verizon Communications by 22.0% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,054,000 shares of the cell phone carrier’s stock valued at $164,947,000 after purchasing an additional 550,836 shares during the last quarter. Forsta AP Fonden raised its stake in Verizon Communications by 29.4% during the 3rd quarter. Forsta AP Fonden now owns 1,096,050 shares of the cell phone carrier’s stock valued at $59,198,000 after purchasing an additional 249,000 shares during the last quarter. Boyer & Corporon Wealth Management LLC increased its holdings in Verizon Communications by 1.4% in the 3rd quarter. Boyer & Corporon Wealth Management LLC now owns 67,364 shares of the cell phone carrier’s stock valued at $3,638,000 after buying an additional 961 shares during the period. Finally, Summit Financial Strategies Inc. grew its holdings in shares of Verizon Communications by 3.2% in the 3rd quarter. Summit Financial Strategies Inc. now owns 8,365 shares of the cell phone carrier’s stock worth $452,000 after purchasing an additional 259 shares during the last quarter. 62.53% of the stock is currently owned by institutional investors and hedge funds.
VZ opened at $53.55 on Friday. The business has a 50 day moving average of $52.06 and a 200-day moving average of $53.79. The stock has a market cap of $224.79 billion, a PE ratio of 10.04, a PEG ratio of 3.04 and a beta of 0.44. Verizon Communications Inc. has a 52 week low of $49.69 and a 52 week high of $59.85. The company has a quick ratio of 0.92, a current ratio of 0.97 and a debt-to-equity ratio of 1.83.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 1st. Stockholders of record on Monday, January 10th will be issued a dividend of $0.64 per share. The ex-dividend date is Friday, January 7th. This represents a $2.56 annualized dividend and a dividend yield of 4.78%. Verizon Communications’s dividend payout ratio is presently 48.03%.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,554 shares of Verizon Communications stock in a transaction dated Thursday, December 16th. The stock was sold at an average price of $52.00, for a total transaction of $80,808.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.10% of the company’s stock.
A number of brokerages have commented on VZ. Wells Fargo & Company decreased their price objective on shares of Verizon Communications from $58.00 to $56.00 and set an “equal weight” rating on the stock in a report on Thursday, October 21st. Cowen raised their target price on shares of Verizon Communications from $68.00 to $71.00 and gave the stock an “outperform” rating in a report on Thursday, October 21st. Raymond James reaffirmed a “buy” rating and set a $64.00 price target on shares of Verizon Communications in a research note on Tuesday, September 28th. Daiwa Capital Markets began coverage on shares of Verizon Communications in a research note on Thursday, December 23rd. They issued a “neutral” rating and a $57.00 target price for the company. Finally, Loop Capital began coverage on shares of Verizon Communications in a research note on Monday, September 20th. They issued a “hold” rating and a $57.00 target price for the company. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $59.80.
Verizon Communications Company Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.
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