Woodmont Investment Counsel LLC lifted its stake in Verizon Communications Inc. (NYSE:VZ) by 0.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 179,347 shares of the cell phone carrier’s stock after purchasing an additional 441 shares during the period. Verizon Communications makes up about 2.5% of Woodmont Investment Counsel LLC’s investment portfolio, making the stock its 5th biggest position. Woodmont Investment Counsel LLC’s holdings in Verizon Communications were worth $10,246,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of VZ. Krane Funds Advisors LLC acquired a new stake in Verizon Communications during the second quarter worth $25,000. Shine Investment Advisory Services Inc. acquired a new stake in Verizon Communications during the second quarter worth $29,000. Evolution Wealth Advisors LLC acquired a new stake in Verizon Communications during the second quarter worth $31,000. Personal Wealth Partners acquired a new stake in Verizon Communications during the second quarter worth $42,000. Finally, Rocky Mountain Advisers LLC increased its stake in Verizon Communications by 83.0% during the second quarter. Rocky Mountain Advisers LLC now owns 988 shares of the cell phone carrier’s stock worth $56,000 after acquiring an additional 448 shares during the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.
Several research firms have issued reports on VZ. Citigroup set a $62.00 target price on Verizon Communications and gave the stock a “hold” rating in a research note on Tuesday, September 10th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research note on Monday, September 2nd. UBS Group cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 target price for the company. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Finally, Oppenheimer raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a research note on Tuesday, August 27th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $60.96.
In related news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $58.15, for a total value of $78,444.35. Following the completion of the transaction, the executive vice president now directly owns 25,379 shares in the company, valued at $1,475,788.85. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the transaction, the chief executive officer now owns 853 shares of the company’s stock, valued at $49,260.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,047 shares of company stock valued at $1,212,038. Company insiders own 0.03% of the company’s stock.
Shares of VZ traded down $0.21 during midday trading on Wednesday, hitting $59.66. 474,531 shares of the stock were exchanged, compared to its average volume of 10,418,353. Verizon Communications Inc. has a 52-week low of $52.28 and a 52-week high of $61.58. The stock has a fifty day simple moving average of $57.19 and a 200 day simple moving average of $57.52. The firm has a market cap of $247.98 billion, a P/E ratio of 12.67, a P/E/G ratio of 2.88 and a beta of 0.52. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.84 and a current ratio of 0.87.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business had revenue of $32.07 billion during the quarter, compared to analyst estimates of $32.42 billion. During the same period last year, the business posted $1.20 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis. As a group, equities research analysts forecast that Verizon Communications Inc. will post 4.81 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a dividend of $0.615 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a dividend yield of 4.12%. The ex-dividend date of this dividend is Wednesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 51.17%.
Verizon Communications Company Profile
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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