Valicenti Advisory Services Inc. reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 14.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 175,620 shares of the cell phone carrier’s stock after selling 29,397 shares during the quarter. Verizon Communications comprises approximately 4.9% of Valicenti Advisory Services Inc.’s holdings, making the stock its 3rd largest position. Valicenti Advisory Services Inc.’s holdings in Verizon Communications were worth $9,873,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in Verizon Communications by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 303,821,942 shares of the cell phone carrier’s stock worth $16,221,053,000 after acquiring an additional 3,957,224 shares during the period. Vanguard Group Inc lifted its holdings in shares of Verizon Communications by 1.3% in the third quarter. Vanguard Group Inc now owns 303,821,942 shares of the cell phone carrier’s stock valued at $16,221,053,000 after buying an additional 3,957,224 shares during the period. BlackRock Inc. lifted its holdings in shares of Verizon Communications by 2.3% in the third quarter. BlackRock Inc. now owns 276,264,842 shares of the cell phone carrier’s stock valued at $14,749,779,000 after buying an additional 6,117,952 shares during the period. Capital World Investors lifted its holdings in shares of Verizon Communications by 9.9% in the third quarter. Capital World Investors now owns 71,733,981 shares of the cell phone carrier’s stock valued at $3,829,877,000 after buying an additional 6,485,041 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Verizon Communications by 12,167,820.7% in the third quarter. Bank of New York Mellon Corp now owns 55,242,360 shares of the cell phone carrier’s stock valued at $2,949,390,000 after buying an additional 55,241,906 shares during the period. Institutional investors own 66.97% of the company’s stock.
Several analysts have recently weighed in on VZ shares. ValuEngine lowered Verizon Communications from a “buy” rating to a “hold” rating in a report on Tuesday, January 29th. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a report on Friday, December 28th. Finally, Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Saturday, January 26th. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Verizon Communications has a consensus rating of “Hold” and a consensus price target of $56.07.
In related news, Director Lowell C. Mcadam sold 285,988 shares of the company’s stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $56.72, for a total transaction of $16,221,239.36. Following the transaction, the director now directly owns 362,932 shares of the company’s stock, valued at $20,585,503.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $57.12, for a total value of $77,054.88. Following the transaction, the executive vice president now directly owns 25,549 shares in the company, valued at $1,459,358.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 288,686 shares of company stock valued at $16,379,639. 0.03% of the stock is currently owned by company insiders.
Shares of NYSE VZ opened at $58.71 on Tuesday. Verizon Communications Inc. has a 12 month low of $46.08 and a 12 month high of $61.58. The firm has a market cap of $242.48 billion, a PE ratio of 12.46, a P/E/G ratio of 2.62 and a beta of 0.51. The company has a debt-to-equity ratio of 1.94, a current ratio of 0.91 and a quick ratio of 0.88.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, January 29th. The cell phone carrier reported $1.12 EPS for the quarter, beating the consensus estimate of $1.09 by $0.03. Verizon Communications had a return on equity of 35.96% and a net margin of 11.87%. The business had revenue of $34.28 billion during the quarter, compared to the consensus estimate of $34.45 billion. During the same period in the prior year, the business posted $0.86 earnings per share. Verizon Communications’s revenue was up 1.0% compared to the same quarter last year. On average, research analysts anticipate that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be issued a dividend of $0.6025 per share. This represents a $2.41 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Tuesday, April 9th. Verizon Communications’s dividend payout ratio is 51.17%.
Verizon Communications Profile
Verizon Communications, Inc is a holding company, which engages in the provision communications, information and entertainment products and services to consumers, businesses and governmental agencies. It operates through Wireless and Wireline segments. The Wireless segment provides wireless voice and data services and equipment sales, which are provided to consumer, business, and government customers.
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