Charter Oak Capital Management LLC Has $326,000 Holdings in Verizon Communications Inc. (NYSE:VZ)

Charter Oak Capital Management LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 11.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,905 shares of the cell phone carrier’s stock after selling 995 shares during the period. Charter Oak Capital Management LLC’s holdings in Verizon Communications were worth $326,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Verizon Communications during the 4th quarter worth approximately $1,882,164,000. Capital World Investors raised its position in shares of Verizon Communications by 127.6% in the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after purchasing an additional 12,220,777 shares during the period. Capital Research Global Investors lifted its stake in shares of Verizon Communications by 92.9% during the 4th quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after buying an additional 10,882,873 shares during the last quarter. Swedbank AB bought a new stake in shares of Verizon Communications during the 1st quarter worth about $250,312,000. Finally, Third Point LLC bought a new position in Verizon Communications in the 4th quarter valued at about $173,325,000. 62.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

VZ has been the subject of a number of research analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $42.00 price objective on shares of Verizon Communications in a report on Tuesday, July 23rd. The Goldman Sachs Group initiated coverage on Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 target price for the company. StockNews.com upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. TD Cowen boosted their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, Tigress Financial raised their target price on shares of Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $45.78.

Verizon Communications Price Performance

Verizon Communications stock traded up $0.33 during midday trading on Friday, reaching $41.20. The company’s stock had a trading volume of 11,747,477 shares, compared to its average volume of 18,484,035. The stock has a market cap of $173.42 billion, a PE ratio of 15.37, a price-to-earnings-growth ratio of 3.72 and a beta of 0.41. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $43.42. The business has a 50-day moving average price of $40.71 and a 200-day moving average price of $40.44.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.15. The business had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.21 EPS. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were given a dividend of $0.665 per share. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a yield of 6.46%. Verizon Communications’s dividend payout ratio is currently 99.25%.

About Verizon Communications

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).