Ferguson Wellman Capital Management Inc. raised its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 849,597 shares of the cell phone carrier’s stock after purchasing an additional 10,159 shares during the quarter. Verizon Communications accounts for approximately 1.4% of Ferguson Wellman Capital Management Inc.’s investment portfolio, making the stock its 20th biggest position. Ferguson Wellman Capital Management Inc.’s holdings in Verizon Communications were worth $50,543,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. Capital World Investors boosted its stake in shares of Verizon Communications by 6.2% in the 1st quarter. Capital World Investors now owns 54,544,125 shares of the cell phone carrier’s stock valued at $2,930,662,000 after purchasing an additional 3,202,996 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Verizon Communications by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 41,576,844 shares of the cell phone carrier’s stock valued at $2,292,133,000 after purchasing an additional 256,321 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Verizon Communications by 1.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 36,317,442 shares of the cell phone carrier’s stock valued at $2,002,182,000 after buying an additional 391,277 shares in the last quarter. Capital International Investors grew its stake in shares of Verizon Communications by 17.4% during the first quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock worth $1,892,254,000 after buying an additional 5,213,722 shares during the last quarter. Finally, California Public Employees Retirement System increased its holdings in shares of Verizon Communications by 5.0% during the second quarter. California Public Employees Retirement System now owns 24,816,734 shares of the cell phone carrier’s stock worth $1,368,147,000 after buying an additional 1,180,393 shares in the last quarter. Institutional investors own 64.85% of the company’s stock.
A number of equities research analysts recently weighed in on VZ shares. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research report on Tuesday, August 11th. Royal Bank of Canada restated a “hold” rating and set a $57.00 price target on shares of Verizon Communications in a report on Wednesday, September 9th. Moffett Nathanson reiterated a “hold” rating and issued a $62.00 price objective on shares of Verizon Communications in a report on Friday, July 24th. Oppenheimer assumed coverage on shares of Verizon Communications in a report on Tuesday, September 15th. They set a “buy” rating and a $70.00 target price on the stock. Finally, Argus raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a research note on Tuesday, September 8th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $62.24.
NYSE VZ opened at $58.05 on Friday. The stock has a market capitalization of $240.21 billion, a P/E ratio of 12.59, a P/E/G ratio of 3.67 and a beta of 0.46. The business has a 50 day simple moving average of $59.66 and a 200 day simple moving average of $57.28. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.96 and a quick ratio of 0.93. Verizon Communications Inc. has a one year low of $48.84 and a one year high of $62.22.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.23 EPS. Equities analysts expect that Verizon Communications Inc. will post 4.78 earnings per share for the current year.
The business 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 $0.6275 dividend. This represents a $2.51 dividend on an annualized basis and a yield of 4.32%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. The ex-dividend date is Thursday, October 8th. Verizon Communications’s dividend payout ratio (DPR) is presently 52.18%.
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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