Fox Run Management L.L.C. increased its position in Verizon Communications Inc. (NYSE:VZ) by 28.9% during the third quarter, HoldingsChannel.com reports. The firm owned 16,900 shares of the cell phone carrier’s stock after buying an additional 3,786 shares during the quarter. Verizon Communications makes up approximately 0.4% of Fox Run Management L.L.C.’s portfolio, making the stock its 17th largest holding. Fox Run Management L.L.C.’s holdings in Verizon Communications were worth $902,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Catalyst Capital Advisors LLC acquired a new position in Verizon Communications in the 2nd quarter valued at about $103,000. Financial Gravity Wealth Inc. acquired a new position in Verizon Communications in the 1st quarter valued at about $128,000. Rainier Group Investment Advisory LLC acquired a new position in Verizon Communications in the 1st quarter valued at about $134,000. Emerald Investment Partners LLC acquired a new position in Verizon Communications in the 2nd quarter valued at about $174,000. Finally, Clarus Wealth Advisors acquired a new position in Verizon Communications in the 2nd quarter valued at about $182,000. 65.02% of the stock is currently owned by institutional investors.
VZ has been the topic of a number of research reports. Bank of America reiterated a “buy” rating and issued a $58.00 price target on shares of Verizon Communications in a research note on Monday, October 22nd. Zacks Investment Research lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. Scotiabank set a $62.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, October 24th. ValuEngine lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Finally, JPMorgan Chase & Co. upped their price target on shares of Verizon Communications from $59.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, October 24th. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $56.22.
Shares of NYSE:VZ opened at $58.08 on Friday. Verizon Communications Inc. has a 12-month low of $46.08 and a 12-month high of $61.58. The company has a market cap of $239.79 billion, a price-to-earnings ratio of 15.53, a price-to-earnings-growth ratio of 2.53 and a beta of 0.49. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.90.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the Zacks’ 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 for the quarter, compared to analyst estimates of $32.45 billion. During the same quarter in the prior year, the business posted $0.98 EPS. The business’s revenue was up 2.8% compared to the same quarter last year. Equities analysts expect that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Shareholders of record on Thursday, January 10th will be given a dividend of $0.6025 per share. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.15%. Verizon Communications’s payout ratio is presently 64.44%.
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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