DNB Asset Management AS lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 7.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,241,952 shares of the cell phone carrier’s stock after selling 106,759 shares during the period. Verizon Communications makes up about 0.8% of DNB Asset Management AS’s investment portfolio, making the stock its 27th largest holding. DNB Asset Management AS’s holdings in Verizon Communications were worth $73,884,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently made changes to their positions in VZ. LFA Lugano Financial Advisors SA bought a new position in shares of Verizon Communications in the second quarter worth approximately $27,000. Toth Financial Advisory Corp purchased a new position in Verizon Communications in the 2nd quarter worth approximately $34,000. Laidlaw Wealth Management LLC lifted its position in Verizon Communications by 6,131.5% in the 2nd quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock valued at $36,000 after acquiring an additional 1,935,783 shares in the last quarter. HighMark Wealth Management LLC boosted its stake in Verizon Communications by 52.1% during the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock valued at $43,000 after purchasing an additional 270 shares during the last quarter. Finally, Evolution Wealth Advisors LLC increased its holdings in shares of Verizon Communications by 166.7% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock worth $44,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 64.85% of the company’s stock.
NYSE:VZ opened at $58.05 on Friday. The stock has a 50-day simple moving average of $59.66 and a two-hundred day simple moving average of $57.28. Verizon Communications Inc. has a 52-week low of $48.84 and a 52-week high of $62.22. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 0.96. The firm has a market capitalization of $240.21 billion, a PE ratio of 12.59, a P/E/G ratio of 3.67 and a beta of 0.46.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.03. The firm had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.23 EPS. Equities analysts forecast that Verizon Communications Inc. will post 4.78 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be issued a dividend of $0.6275 per share. The ex-dividend date is Thursday, October 8th. This represents a $2.51 annualized dividend and a yield of 4.32%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.62. Verizon Communications’s payout ratio is currently 52.18%.
Several equities research analysts recently commented on the company. UBS Group increased their price objective on Verizon Communications from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Royal Bank of Canada reaffirmed a “hold” rating and set a $57.00 price target on shares of Verizon Communications in a report on Wednesday, September 9th. Oppenheimer started coverage on shares of Verizon Communications in a report on Tuesday, September 15th. They set a “buy” rating and a $70.00 price objective for the company. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a report on Tuesday, August 11th. Finally, Credit Suisse Group reaffirmed a “hold” rating and issued a $61.00 target price on shares of Verizon Communications in a research report on Thursday, July 2nd. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $62.24.
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; 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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