Carnegie Investment Counsel Has $30.42 Million Stock Position in Verizon Communications Inc. $VZ

Carnegie Investment Counsel raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 4.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 703,116 shares of the cell phone carrier’s stock after purchasing an additional 28,267 shares during the quarter. Carnegie Investment Counsel’s holdings in Verizon Communications were worth $30,424,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Bulwark Capital Corp acquired a new stake in Verizon Communications during the second quarter valued at approximately $25,000. Advantage Trust Co boosted its holdings in Verizon Communications by 549.5% during the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock valued at $26,000 after purchasing an additional 500 shares in the last quarter. 1 North Wealth Services LLC acquired a new stake in Verizon Communications during the first quarter valued at approximately $29,000. Accent Capital Management LLC acquired a new position in shares of Verizon Communications in the 1st quarter worth approximately $30,000. Finally, RMG Wealth Management LLC acquired a new position in shares of Verizon Communications in the 2nd quarter worth approximately $30,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Down 3.4%

NYSE:VZ opened at $38.44 on Friday. The stock’s fifty day moving average price is $42.94 and its two-hundred day moving average price is $42.99. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The company has a market cap of $162.05 billion, a price-to-earnings ratio of 8.96, a P/E/G ratio of 3.00 and a beta of 0.37.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.03. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The firm had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter in the prior year, the business earned $1.15 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be issued a dividend of $0.69 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 annualized dividend and a yield of 7.2%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s dividend payout ratio (DPR) is currently 64.34%.

Analyst Ratings Changes

Several brokerages have recently commented on VZ. JPMorgan Chase & Co. boosted their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Scotiabank boosted their target price on Verizon Communications from $50.00 to $50.50 and gave the stock a “sector perform” rating in a report on Monday, October 6th. Wall Street Zen downgraded Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Royal Bank Of Canada boosted their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 22nd. Finally, Wells Fargo & Company boosted their target price on Verizon Communications from $42.00 to $43.00 and gave the stock an “equal weight” rating in a report on Thursday, July 10th. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.41.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).