Diversified LLC Raises Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Diversified LLC grew its holdings in Verizon Communications Inc. (NYSE:VZ) by 2.8% during the 2nd quarter, Holdings Channel reports. The fund owned 11,774 shares of the cell phone carrier’s stock after purchasing an additional 322 shares during the period. Diversified LLC’s holdings in Verizon Communications were worth $486,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of VZ. Norges Bank purchased a new stake in shares of Verizon Communications during the 4th quarter worth approximately $1,882,164,000. Capital World Investors raised its holdings in Verizon Communications by 127.6% during the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock worth $821,900,000 after purchasing an additional 12,220,777 shares during the last quarter. Capital Research Global Investors increased its position in Verizon Communications by 92.9% during the fourth 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 in the last quarter. Swedbank AB purchased a new stake in shares of Verizon Communications during the first quarter worth about $250,312,000. Finally, Third Point LLC purchased a new stake in shares of Verizon Communications in the fourth quarter valued at $173,325,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

VZ has been the subject of a number of recent analyst reports. TD Cowen raised their price target 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. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research report on Monday, July 1st. They issued a “buy” rating and a $50.00 target price on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a research note on Tuesday, July 23rd. Scotiabank upped their target price on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. Finally, StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.78.

Verizon Communications Stock Up 0.8 %

Shares of NYSE VZ traded up $0.33 during midday trading on Friday, hitting $41.20. The stock had a trading volume of 11,747,477 shares, compared to its average volume of 18,484,035. The company has a market cap of $173.42 billion, a P/E ratio of 15.37, a PEG ratio of 3.72 and a beta of 0.41. The company has a quick ratio of 0.60, a current ratio of 0.63 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’s 50 day moving average is $40.71 and its 200-day moving average is $40.44.

Verizon Communications (NYSE:VZ) last released its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter last year, the business posted $1.21 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. As a group, analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were paid a $0.665 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $2.66 annualized dividend and a yield of 6.46%. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Verizon Communications 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).