Levin Capital Strategies L.P. raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 24.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,000 shares of the cell phone carrier’s stock after buying an additional 4,775 shares during the quarter. Levin Capital Strategies L.P.’s holdings in Verizon Communications were worth $1,148,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Formidable Asset Management LLC grew its holdings in Verizon Communications by 20.9% during the 4th quarter. Formidable Asset Management LLC now owns 16,469 shares of the cell phone carrier’s stock valued at $874,000 after buying an additional 2,852 shares in the last quarter. Matrix Asset Advisors Inc. NY grew its holdings in Verizon Communications by 7.2% during the 4th quarter. Matrix Asset Advisors Inc. NY now owns 186,021 shares of the cell phone carrier’s stock valued at $9,846,000 after buying an additional 12,448 shares in the last quarter. State of Tennessee Treasury Department grew its holdings in Verizon Communications by 24.6% during the 4th quarter. State of Tennessee Treasury Department now owns 2,631,941 shares of the cell phone carrier’s stock valued at $139,309,000 after buying an additional 520,417 shares in the last quarter. Buckley Wealth Management LLC grew its holdings in Verizon Communications by 8.1% during the 1st quarter. Buckley Wealth Management LLC now owns 54,885 shares of the cell phone carrier’s stock valued at $2,625,000 after buying an additional 4,131 shares in the last quarter. Finally, Waters Parkerson & CO. LLC grew its holdings in Verizon Communications by 5.5% during the 1st quarter. Waters Parkerson & CO. LLC now owns 360,494 shares of the cell phone carrier’s stock valued at $17,239,000 after buying an additional 18,933 shares in the last quarter. Institutional investors and hedge funds own 64.12% of the company’s stock.
NYSE:VZ opened at $54.79 on Monday. The company has a market capitalization of $216.59 billion, a PE ratio of 14.65, a P/E/G ratio of 1.82 and a beta of 0.70. Verizon Communications Inc. has a 1 year low of $43.97 and a 1 year high of $55.21. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.96 and a quick ratio of 0.92.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.06. The business had revenue of $32.20 billion during the quarter, compared to analyst estimates of $31.78 billion. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the company earned $0.96 EPS. research analysts expect that Verizon Communications Inc. will post 4.65 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 1st. Investors of record on Tuesday, July 10th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date was Monday, July 9th. Verizon Communications’s dividend payout ratio is currently 63.10%.
Several research firms have weighed in on VZ. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $59.00 price target for the company in a report on Wednesday, August 8th. Credit Suisse Group began coverage on Verizon Communications in a report on Tuesday, July 10th. They set an “outperform” rating and a $58.00 price target for the company. Robert W. Baird raised their price target on Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a report on Wednesday, July 25th. Scotiabank set a $61.00 price objective on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, July 25th. Finally, William Blair reaffirmed a “market perform” rating on shares of Verizon Communications in a research note on Wednesday, April 25th. Five analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Verizon Communications has an average rating of “Buy” and an average price target of $55.42.
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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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