WealthPLAN Partners LLC grew its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 3.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 36,628 shares of the cell phone carrier’s stock after acquiring an additional 1,234 shares during the period. WealthPLAN Partners LLC’s holdings in Verizon Communications were worth $2,020,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. Klaas Financial Asset Advisors LLC bought a new position in Verizon Communications during the fourth quarter worth $26,000. Asset Management Corp IL ADV raised its stake in Verizon Communications by 355.1% during the fourth quarter. Asset Management Corp IL ADV now owns 47,612 shares of the cell phone carrier’s stock worth $2,732,000 after buying an additional 37,149 shares during the last quarter. ProVise Management Group LLC raised its stake in Verizon Communications by 3.5% during the fourth quarter. ProVise Management Group LLC now owns 69,631 shares of the cell phone carrier’s stock worth $4,091,000 after buying an additional 2,341 shares during the last quarter. Doyle Wealth Management raised its stake in Verizon Communications by 3.9% during the fourth quarter. Doyle Wealth Management now owns 321,841 shares of the cell phone carrier’s stock worth $18,908,000 after buying an additional 12,138 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its stake in Verizon Communications by 2.2% during the third quarter. Handelsbanken Fonder AB now owns 1,090,050 shares of the cell phone carrier’s stock worth $64,847,000 after buying an additional 23,054 shares during the last quarter. 64.85% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on the stock. Credit Suisse Group reduced their price target on shares of Verizon Communications from $61.00 to $59.00 and set a “neutral” rating for the company in a report on Tuesday, January 19th. Wells Fargo & Company began coverage on shares of Verizon Communications in a report on Monday, November 16th. They set an “equal weight” rating and a $60.00 price objective for the company. Moffett Nathanson upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $59.00 to $66.00 in a report on Wednesday, December 2nd. Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a report on Sunday, November 1st. Finally, JPMorgan Chase & Co. upgraded shares of Verizon Communications from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $61.00 to $65.00 in a report on Thursday, November 5th. Eleven analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target 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 (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.04. The company had revenue of $34.70 billion for the quarter, compared to analyst estimates of $34.47 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The company’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.13 earnings per share. On average, equities research analysts predict that Verizon Communications Inc. will post 4.77 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, February 1st. Investors of record on Friday, January 8th were paid a dividend of $0.6275 per share. The ex-dividend date of this dividend was Thursday, January 7th. This represents a $2.51 annualized dividend and a yield of 4.43%. Verizon Communications’s dividend payout ratio is currently 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.
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