Atlantic Trust LLC Purchases 514 Shares of Verizon Communications Inc. (NYSE:VZ)

Atlantic Trust LLC grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 33,439 shares of the cell phone carrier’s stock after acquiring an additional 514 shares during the quarter. Verizon Communications comprises approximately 1.2% of Atlantic Trust LLC’s holdings, making the stock its 26th largest holding. Atlantic Trust LLC’s holdings in Verizon Communications were worth $1,874,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Berkshire Hathaway Inc lifted its position in Verizon Communications by 8.3% in the first quarter. Berkshire Hathaway Inc now owns 158,824,575 shares of the cell phone carrier’s stock worth $9,235,649,000 after buying an additional 12,108,079 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Verizon Communications by 3.7% during the first quarter. Geode Capital Management LLC now owns 67,034,733 shares of the cell phone carrier’s stock worth $3,887,473,000 after purchasing an additional 2,373,835 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Verizon Communications by 3.1% during the second quarter. Bank of New York Mellon Corp now owns 43,882,051 shares of the cell phone carrier’s stock worth $2,458,710,000 after purchasing an additional 1,334,080 shares during the last quarter. Morgan Stanley lifted its position in shares of Verizon Communications by 6.8% during the first quarter. Morgan Stanley now owns 41,810,812 shares of the cell phone carrier’s stock worth $2,431,297,000 after purchasing an additional 2,661,769 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Verizon Communications by 5.8% during the first quarter. Franklin Resources Inc. now owns 38,827,218 shares of the cell phone carrier’s stock worth $2,257,807,000 after purchasing an additional 2,134,664 shares during the last quarter. Hedge funds and other institutional investors own 63.65% of the company’s stock.

Several analysts have recently weighed in on VZ shares. Cowen lifted their target price on Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a research report on Thursday, July 22nd. JPMorgan Chase & Co. lifted their target price on Verizon Communications from $64.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday, July 22nd. Loop Capital initiated coverage on Verizon Communications in a research note on Monday, September 20th. They set a “hold” rating and a $57.00 price target on the stock. Redburn Partners initiated coverage on Verizon Communications in a research note on Friday, June 25th. They set a “sell” rating and a $50.00 price target on the stock. Finally, Royal Bank of Canada initiated coverage on Verizon Communications in a research note on Thursday, July 22nd. They set a “hold” rating and a $57.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Verizon Communications presently has an average rating of “Hold” and an average price target of $60.75.

In other news, EVP Craig L. Silliman sold 1,555 shares of the stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $56.45, for a total value of $87,779.75. Following the transaction, the executive vice president now owns 31,577 shares in the company, valued at approximately $1,782,521.65. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Craig L. Silliman sold 1,554 shares of the stock in a transaction dated Wednesday, August 4th. The shares were sold at an average price of $55.57, for a total value of $86,355.78. Following the completion of the transaction, the executive vice president now owns 30,023 shares in the company, valued at approximately $1,668,378.11. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,740 shares of company stock valued at $1,042,314. 0.10% of the stock is owned by company insiders.

NYSE:VZ traded up $0.17 during trading hours on Monday, reaching $54.54. The company had a trading volume of 222,994 shares, compared to its average volume of 17,322,877. Verizon Communications Inc. has a 1-year low of $53.83 and a 1-year high of $61.95. The firm has a market cap of $225.80 billion, a PE ratio of 11.31, a price-to-earnings-growth ratio of 2.89 and a beta of 0.47. The business’s 50 day moving average price is $55.19 and its 200-day moving average price is $56.46. The company has a debt-to-equity ratio of 1.93, a current ratio of 0.89 and a quick ratio of 0.85.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, July 20th. The cell phone carrier reported $1.37 EPS for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.07. The business had revenue of $33.76 billion during the quarter, compared to analysts’ expectations of $32.73 billion. Verizon Communications had a return on equity of 30.00% and a net margin of 15.05%. The business’s revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.18 earnings per share. On average, analysts expect that Verizon Communications Inc. will post 5.31 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, November 1st. Investors of record on Friday, October 8th will be given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 4.69%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Thursday, October 7th. Verizon Communications’s payout ratio is presently 51.22%.

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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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