Professional Planning trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 33,218 shares of the cell phone carrier’s stock after selling 1,270 shares during the quarter. Verizon Communications accounts for 1.5% of Professional Planning’s investment portfolio, making the stock its 16th biggest holding. Professional Planning’s holdings in Verizon Communications were worth $1,976,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in VZ. Capital World Investors grew its stake in Verizon Communications by 6.2% during 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 acquiring an additional 3,202,996 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Verizon Communications by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 41,576,844 shares of the cell phone carrier’s stock worth $2,292,133,000 after purchasing an additional 256,321 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Verizon Communications by 1.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 36,317,442 shares of the cell phone carrier’s stock worth $2,002,182,000 after purchasing an additional 391,277 shares during the period. Capital International Investors grew its position in 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 valued at $1,892,254,000 after purchasing an additional 5,213,722 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in Verizon Communications by 5.0% in the 2nd quarter. California Public Employees Retirement System now owns 24,816,734 shares of the cell phone carrier’s stock valued at $1,368,147,000 after buying an additional 1,180,393 shares during the period. 64.85% of the stock is currently owned by institutional investors.
Several equities analysts have recently commented on the stock. Credit Suisse Group restated a “hold” rating and set a $61.00 price target on shares of Verizon Communications in a report on Thursday, July 2nd. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research note on Tuesday, August 11th. Royal Bank of Canada reaffirmed a “hold” rating and set a $57.00 price target on shares of Verizon Communications in a research note on Wednesday, September 9th. Oppenheimer assumed coverage on Verizon Communications in a report on Tuesday, September 15th. They set a “buy” rating and a $70.00 price target for the company. Finally, Argus upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a report on Tuesday, September 8th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $62.24.
VZ stock opened at $58.05 on Friday. The stock has a market capitalization of $240.21 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 3.67 and a beta of 0.46. The company has a 50-day moving average of $59.66 and a two-hundred day 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 current ratio of 0.96 and a quick ratio of 0.93.
Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.03. The firm had revenue of $30.40 billion during the quarter, compared to the consensus estimate of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.23 EPS. Equities analysts expect that Verizon Communications Inc. will post 4.78 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 9th will be given a $0.6275 dividend. This represents a $2.51 annualized dividend and a dividend yield of 4.32%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Thursday, October 8th. Verizon Communications’s dividend payout ratio is currently 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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