Buckingham Capital Management Inc. lowered its position in Verizon Communications Inc. (NYSE:VZ) by 43.5% during the second quarter, Holdings Channel reports. The institutional investor owned 15,095 shares of the cell phone carrier’s stock after selling 11,599 shares during the period. Buckingham Capital Management Inc.’s holdings in Verizon Communications were worth $759,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of VZ. HC Financial Advisors Inc. bought a new position in shares of Verizon Communications in the fourth quarter valued at approximately $1,371,000. Argent Trust Co raised its stake in shares of Verizon Communications by 10.9% in the fourth quarter. Argent Trust Co now owns 48,315 shares of the cell phone carrier’s stock valued at $2,558,000 after acquiring an additional 4,748 shares during the last quarter. Financial Gravity Wealth Inc. bought a new position in shares of Verizon Communications in the first quarter valued at approximately $128,000. Stevens Capital Management LP raised its stake in shares of Verizon Communications by 137.6% in the first quarter. Stevens Capital Management LP now owns 699,982 shares of the cell phone carrier’s stock valued at $33,473,000 after acquiring an additional 405,336 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its stake in shares of Verizon Communications by 19.3% in the first quarter. Neuberger Berman Group LLC now owns 1,462,959 shares of the cell phone carrier’s stock valued at $70,007,000 after acquiring an additional 237,111 shares during the last quarter. Hedge funds and other institutional investors own 64.34% of the company’s stock.
VZ stock opened at $58.46 on Friday. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.97 and a quick ratio of 0.93. Verizon Communications Inc. has a fifty-two week low of $43.97 and a fifty-two week high of $59.20. The company has a market capitalization of $237.98 billion, a P/E ratio of 15.63, a P/E/G ratio of 2.51 and a beta of 0.46.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 24.71% and a return on equity of 35.50%. The firm had revenue of $32.61 billion during the quarter, compared to analysts’ expectations of $32.45 billion. During the same quarter in the previous year, the company posted $0.98 EPS. Verizon Communications’s revenue was up 2.8% on a year-over-year basis. As a group, sell-side analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th were issued a dividend of $0.6025 per share. This represents a $2.41 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date was Tuesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s payout ratio is currently 64.44%.
A number of research analysts have recently issued reports on the stock. ValuEngine cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Robert W. Baird lifted their target price on shares of Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Wednesday, July 25th. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research note on Wednesday, August 1st. Morgan Stanley lifted their target price on shares of Verizon Communications from $56.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, October 29th. Finally, Barclays boosted their price objective on shares of Verizon Communications from $50.00 to $53.00 and gave the stock a “hold” rating in a research report on Wednesday, October 24th. Eight equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Verizon Communications currently has an average rating of “Buy” and a consensus target price of $55.93.
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Verizon Communications Profile
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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