Viking Fund Management LLC boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 21.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,000 shares of the cell phone carrier’s stock after purchasing an additional 21,000 shares during the quarter. Verizon Communications comprises 2.1% of Viking Fund Management LLC’s holdings, making the stock its 11th largest holding. Viking Fund Management LLC’s holdings in Verizon Communications were worth $7,368,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Verizon Communications during the 2nd quarter worth $28,000. Lenox Wealth Advisors LLC acquired a new position in Verizon Communications during the 3rd quarter valued at about $39,000. Advocacy Wealth Management Services LLC increased its position in Verizon Communications by 35.8% during the 3rd quarter. Advocacy Wealth Management Services LLC now owns 687 shares of the cell phone carrier’s stock valued at $41,000 after buying an additional 181 shares in the last quarter. WealthStone Inc. purchased a new stake in Verizon Communications in the second quarter valued at about $45,000. Finally, Fulcrum Equity Management purchased a new stake in Verizon Communications in the third quarter valued at about $48,000. Institutional investors own 65.25% of the company’s stock.
A number of brokerages have recently weighed in on VZ. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating and set a $62.00 price target on the stock. in a research note on Saturday, January 11th. New Street Research restated a “buy” rating on shares of Verizon Communications in a report on Friday, January 10th. Guggenheim increased their price objective on shares of Verizon Communications from $65.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, October 28th. HSBC cut shares of Verizon Communications from a “buy” rating to a “hold” rating and set a $65.00 target price for the company. in a research note on Thursday, November 14th. Finally, SunTrust Banks boosted their target price on shares of Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Verizon Communications currently has an average rating of “Hold” and an average price target of $63.44.
Verizon Communications stock opened at $59.10 on Thursday. The business’s 50-day simple moving average is $60.64 and its two-hundred day simple moving average is $59.01. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.85 and a current ratio of 0.89. The company has a market cap of $244.18 billion, a PE ratio of 12.55, a PEG ratio of 3.72 and a beta of 0.51. Verizon Communications Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $62.22.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.01. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. The firm had revenue of $32.89 billion during the quarter, compared to analysts’ expectations of $32.74 billion. During the same period last year, the business posted $1.22 earnings per share. The company’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, analysts predict that Verizon Communications Inc. will post 4.83 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be issued a $0.615 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $2.46 annualized dividend and a yield of 4.16%. Verizon Communications’s dividend payout ratio (DPR) is presently 52.23%.
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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