Weatherly Asset Management L. P. raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 14.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 58,795 shares of the cell phone carrier’s stock after purchasing an additional 7,570 shares during the period. Weatherly Asset Management L. P.’s holdings in Verizon Communications were worth $3,139,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in VZ. Charles Schwab Investment Advisory Inc. bought a new stake in Verizon Communications during the 2nd quarter valued at $353,508,000. Boston Partners boosted its position in Verizon Communications by 133.5% during the 2nd quarter. Boston Partners now owns 10,503,382 shares of the cell phone carrier’s stock valued at $528,426,000 after acquiring an additional 6,005,801 shares in the last quarter. FMR LLC boosted its position in Verizon Communications by 8.6% during the 2nd quarter. FMR LLC now owns 69,165,256 shares of the cell phone carrier’s stock valued at $3,479,704,000 after acquiring an additional 5,481,532 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd boosted its position in Verizon Communications by 1,824.4% during the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 5,743,306 shares of the cell phone carrier’s stock valued at $306,635,000 after acquiring an additional 5,444,863 shares in the last quarter. Finally, Sanders Capital LLC bought a new stake in Verizon Communications during the 3rd quarter valued at $243,064,000. 66.14% of the stock is currently owned by institutional investors and hedge funds.
VZ has been the subject of a number of recent analyst reports. Scotiabank set a $62.00 price objective on Verizon Communications and gave the stock a “buy” rating in a research report on Wednesday, October 24th. Morgan Stanley cut Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 price objective for the company. in a research report on Wednesday, December 12th. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Bank of America reaffirmed a “buy” rating and set a $58.00 price target on shares of Verizon Communications in a research report on Monday, October 22nd. Finally, Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research report on Saturday, January 26th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Verizon Communications presently has an average rating of “Buy” and an average target price of $55.90.
VZ traded up $0.33 on Monday, reaching $54.28. 1,647,769 shares of the stock were exchanged, compared to its average volume of 16,283,902. Verizon Communications Inc. has a fifty-two week low of $46.08 and a fifty-two week high of $61.58. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.88 and a current ratio of 0.91. The stock has a market cap of $222.70 billion, a P/E ratio of 11.52, a P/E/G ratio of 2.85 and a beta of 0.48.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, January 29th. The cell phone carrier reported $1.12 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.09 by $0.03. The business had revenue of $34.28 billion during the quarter, compared to analyst estimates of $34.45 billion. Verizon Communications had a return on equity of 35.96% and a net margin of 11.87%. The company’s revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the business posted $0.86 EPS. Analysts predict that Verizon Communications Inc. will post 4.66 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 1st. Shareholders of record on Thursday, January 10th were paid a dividend of $0.6025 per share. The ex-dividend date of this dividend was Wednesday, January 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.44%. Verizon Communications’s payout ratio is currently 51.17%.
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About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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