Jupiter Asset Management Ltd. reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 19.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,136,511 shares of the cell phone carrier’s stock after selling 270,503 shares during the period. Verizon Communications comprises approximately 2.0% of Jupiter Asset Management Ltd.’s investment portfolio, making the stock its 8th largest position. Jupiter Asset Management Ltd.’s holdings in Verizon Communications were worth $55,405,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Levin Capital Strategies L.P. raised its stake in shares of Verizon Communications by 1.0% in the fourth quarter. Levin Capital Strategies L.P. now owns 1,114,934 shares of the cell phone carrier’s stock worth $59,515,000 after buying an additional 11,525 shares during the period. Huff W R Asset Management Co. LLC DE raised its stake in shares of Verizon Communications by 17.5% in the fourth quarter. Huff W R Asset Management Co. LLC DE now owns 86,642 shares of the cell phone carrier’s stock worth $4,625,000 after buying an additional 12,918 shares during the period. Excalibur Management Corp raised its stake in shares of Verizon Communications by 5.7% in the first quarter. Excalibur Management Corp now owns 123,976 shares of the cell phone carrier’s stock worth $6,044,000 after buying an additional 6,723 shares during the period. Beutel Goodman & Co Ltd. raised its stake in shares of Verizon Communications by 6.8% in the first quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock worth $179,129,000 after buying an additional 277,129 shares during the period. Finally, Edge Wealth Management LLC raised its stake in shares of Verizon Communications by 1.4% in the first quarter. Edge Wealth Management LLC now owns 283,113 shares of the cell phone carrier’s stock worth $13,824,000 after buying an additional 3,887 shares during the period. Institutional investors own 62.35% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) opened at 48.86 on Tuesday. The company has a market capitalization of $199.30 billion, a PE ratio of 12.56 and a beta of 0.56. The company has a 50 day moving average of $45.05 and a 200 day moving average of $47.46. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. The company had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the company earned $0.94 EPS. On average, equities research analysts forecast that Verizon Communications Inc. will post $3.79 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were paid a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a yield of 4.73%. The ex-dividend date of this dividend was Thursday, July 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 59.23%.
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A number of analysts have commented on VZ shares. Vetr lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $50.23 price target for the company. in a research note on Wednesday, May 3rd. Bank of America Corporation restated a “buy” rating and set a $59.00 price target on shares of Verizon Communications in a research note on Friday, April 28th. TheStreet lowered shares of Verizon Communications from a “b-” rating to a “c” rating in a research note on Thursday, April 27th. Barclays PLC decreased their price target on shares of Verizon Communications from $52.00 to $49.00 and set an “equal weight” rating for the company in a research note on Thursday, April 13th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a research note on Friday, April 21st. Two equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $52.73.
In related news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $45.34, for a total transaction of $27,657.40. Following the sale, the executive vice president now owns 9,039 shares of the company’s stock, valued at approximately $409,828.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 1,830 shares of company stock worth $84,229 in the last three months. 0.13% of the stock is owned by corporate insiders.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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