Mathes Company Inc. raised its stake in Verizon Communications Inc. (NYSE:VZ) by 39.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 25,301 shares of the cell phone carrier’s stock after buying an additional 7,200 shares during the period. Mathes Company Inc.’s holdings in Verizon Communications were worth $1,130,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in VZ. Aviva PLC boosted its position in Verizon Communications by 6.1% in the fourth quarter. Aviva PLC now owns 3,043,473 shares of the cell phone carrier’s stock valued at $162,522,000 after buying an additional 174,340 shares during the last quarter. Richard C. Young & CO. LTD. boosted its position in Verizon Communications by 12.4% in the fourth quarter. Richard C. Young & CO. LTD. now owns 208,074 shares of the cell phone carrier’s stock valued at $11,107,000 after buying an additional 22,893 shares during the last quarter. Elkfork Partners LLC acquired a new position in Verizon Communications during the fourth quarter valued at about $11,358,000. Frontier Wealth Management LLC boosted its position in Verizon Communications by 4.9% in the fourth quarter. Frontier Wealth Management LLC now owns 22,922 shares of the cell phone carrier’s stock valued at $1,224,000 after buying an additional 1,072 shares during the last quarter. Finally, SSI Investment Management Inc. boosted its position in Verizon Communications by 20.9% in the fourth quarter. SSI Investment Management Inc. now owns 14,069 shares of the cell phone carrier’s stock valued at $748,000 after buying an additional 2,434 shares during the last quarter. Hedge funds and other institutional investors own 62.55% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE VZ) opened at 43.45 on Thursday. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $56.25. The stock has a market capitalization of $177.25 billion, a P/E ratio of 14.53 and a beta of 0.54. The firm’s 50-day moving average price is $45.20 and its 200 day moving average price is $47.95.
Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share for the quarter, missing the consensus estimate of $0.98 by $0.03. Verizon Communications had a net margin of 9.92% and a return on equity of 66.99%. The business had revenue of $29.81 billion for the quarter, compared to the consensus estimate of $30.41 billion. During the same quarter in the previous year, the company earned $1.06 EPS. Verizon Communications’s revenue for the quarter was down 7.3% compared to the same quarter last year. Analysts predict that Verizon Communications Inc. will post $3.75 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be paid a dividend of $0.5775 per share. The ex-dividend date of this dividend is Thursday, July 6th. This represents a $2.31 annualized dividend and a yield of 5.32%. Verizon Communications’s payout ratio is 77.00%.
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A number of brokerages have recently weighed in on VZ. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $52.26 price target for the company in a research report on Monday, March 27th. SunTrust Banks, Inc. began coverage on Verizon Communications in a research report on Tuesday, April 18th. They issued a “hold” rating and a $50.00 price target for the company. Zacks Investment Research cut Verizon Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, April 4th. Barclays PLC dropped their price target on Verizon Communications from $52.00 to $49.00 and set an “equal weight” rating for the company in a research report on Thursday, April 13th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $51.00 price target on shares of Verizon Communications in a research report on Friday, April 7th. One analyst has rated the stock with a sell rating, twenty-six have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $53.23.
In related news, EVP Marni M. Walden sold 16,362 shares of the stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $46.08, for a total transaction of $753,960.96. Following the completion of the sale, the executive vice president now owns 11,797 shares in the company, valued at approximately $543,605.76. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Craig L. Silliman sold 610 shares of the stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $47.36, for a total value of $28,889.60. Following the sale, the executive vice president now owns 9,649 shares of the company’s stock, valued at approximately $456,976.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,192 shares of company stock valued at $837,958. 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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