Mawer Investment Management Ltd. lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 62.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,963,726 shares of the cell phone carrier’s stock after selling 3,292,269 shares during the quarter. Mawer Investment Management Ltd.’s holdings in Verizon Communications were worth $115,369,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Weil Company Inc. grew its stake in Verizon Communications by 2.2% during the 3rd quarter. Weil Company Inc. now owns 7,903 shares of the cell phone carrier’s stock valued at $470,000 after purchasing an additional 169 shares during the last quarter. Frisch Financial Group Inc. increased its stake in Verizon Communications by 0.7% during the 3rd quarter. Frisch Financial Group Inc. now owns 25,874 shares of the cell phone carrier’s stock worth $1,539,000 after buying an additional 176 shares in the last quarter. J. L. Bainbridge & Co. Inc. grew its position in shares of Verizon Communications by 1.8% in the third quarter. J. L. Bainbridge & Co. Inc. now owns 10,010 shares of the cell phone carrier’s stock valued at $596,000 after purchasing an additional 179 shares in the last quarter. Calton & Associates Inc. grew its position in shares of Verizon Communications by 0.5% in the third quarter. Calton & Associates Inc. now owns 33,827 shares of the cell phone carrier’s stock valued at $2,012,000 after purchasing an additional 180 shares in the last quarter. Finally, AMI Asset Management Corp grew its position in shares of Verizon Communications by 1.6% in the fourth quarter. AMI Asset Management Corp now owns 11,786 shares of the cell phone carrier’s stock valued at $692,000 after purchasing an additional 181 shares in the last quarter. 64.85% of the stock is owned by institutional investors.
A number of research firms have recently issued reports on VZ. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research report on Sunday, November 1st. Moffett Nathanson upgraded Verizon Communications from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $59.00 to $66.00 in a research report on Wednesday, December 2nd. Credit Suisse Group lowered their price objective on Verizon Communications from $61.00 to $59.00 and set a “neutral” rating for the company in a research report on Tuesday, January 19th. Wells Fargo & Company initiated coverage on Verizon Communications in a research report on Monday, November 16th. They issued an “equal weight” rating and a $60.00 price objective for the company. Finally, JPMorgan Chase & Co. upgraded Verizon Communications from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $61.00 to $65.00 in a research report on Thursday, November 5th. Eleven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $61.84.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Monday, January 25th. The cell phone carrier reported $1.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.04. The company had revenue of $34.70 billion for the quarter, compared to analysts’ expectations of $34.47 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. Verizon Communications’s quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the firm earned $1.13 earnings per share. As a group, equities analysts forecast that Verizon Communications Inc. will post 4.77 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, February 1st. Shareholders of record on Friday, January 8th were issued a dividend of $0.6275 per share. This represents a $2.51 annualized dividend and a dividend yield of 4.44%. The ex-dividend date was Thursday, January 7th. Verizon Communications’s payout ratio is 52.18%.
About Verizon Communications
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
Further Reading: What are convertible shares?
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.