Edge Wealth Management LLC boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 6.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 109,146 shares of the cell phone carrier’s stock after purchasing an additional 6,990 shares during the quarter. Verizon Communications makes up approximately 1.4% of Edge Wealth Management LLC’s holdings, making the stock its 25th largest position. Edge Wealth Management LLC’s holdings in Verizon Communications were worth $5,491,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Mackenzie Financial Corp raised its stake in Verizon Communications by 2,886.8% during the 4th quarter. Mackenzie Financial Corp now owns 11,717,907 shares of the cell phone carrier’s stock valued at $620,229,000 after acquiring an additional 11,325,589 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Verizon Communications by 14.1% during the 4th quarter. Bank of New York Mellon Corp now owns 48,749,993 shares of the cell phone carrier’s stock valued at $2,580,337,000 after acquiring an additional 6,007,544 shares in the last quarter. CI Global Investments Inc. bought a new stake in Verizon Communications during the 1st quarter valued at $261,019,000. BlackRock Inc. raised its stake in Verizon Communications by 1.6% during the 1st quarter. BlackRock Inc. now owns 270,175,376 shares of the cell phone carrier’s stock valued at $12,919,788,000 after acquiring an additional 4,270,608 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. bought a new stake in Verizon Communications during the 4th quarter valued at $182,955,000. Institutional investors and hedge funds own 64.22% of the company’s stock.
Shares of VZ stock opened at $53.82 on Thursday. Verizon Communications Inc. has a 1-year low of $43.97 and a 1-year high of $55.21. The company has a current ratio of 0.96, a quick ratio of 0.92 and a debt-to-equity ratio of 2.04. The firm has a market cap of $224.44 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 1.97 and a beta of 0.69.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The business had revenue of $32.20 billion for the quarter, compared to the consensus estimate of $31.78 billion. During the same quarter in the previous year, the company posted $0.96 earnings per share. Verizon Communications’s revenue for the quarter was up 5.4% compared to the same quarter last year. equities research analysts anticipate that Verizon Communications Inc. will post 4.66 EPS for the current year.
VZ has been the topic of several recent analyst reports. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Scotiabank set a $61.00 target price on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, July 25th. Moffett Nathanson reaffirmed a “neutral” rating and set a $56.00 target price on shares of Verizon Communications in a research note on Tuesday. Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $56.00 to $50.00 in a research note on Tuesday. Finally, Goldman Sachs Group raised Verizon Communications from a “neutral” rating to a “buy” rating and lifted their target price for the company from $51.00 to $56.00 in a research note on Thursday, June 21st. Seven equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Verizon Communications presently has a consensus rating of “Buy” and a consensus target price of $55.17.
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.
Featured Story: Investing in Growth Stocks
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.