Baxter Bros Inc. raised its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 26.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 25,836 shares of the cell phone carrier’s stock after buying an additional 5,328 shares during the quarter. Baxter Bros Inc.’s holdings in Verizon Communications were worth $1,453,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. CI Global Investments Inc. lifted its stake in Verizon Communications by 13.0% during the 3rd quarter. CI Global Investments Inc. now owns 8,089,141 shares of the cell phone carrier’s stock valued at $431,879,000 after acquiring an additional 930,083 shares during the period. Honkamp Krueger Financial Services Inc. lifted its stake in shares of Verizon Communications by 5.9% in the 3rd quarter. Honkamp Krueger Financial Services Inc. now owns 58,563 shares of the cell phone carrier’s stock valued at $3,127,000 after purchasing an additional 3,253 shares during the period. Capital City Trust Co. FL lifted its stake in shares of Verizon Communications by 0.6% in the 4th quarter. Capital City Trust Co. FL now owns 60,631 shares of the cell phone carrier’s stock valued at $3,408,000 after purchasing an additional 373 shares during the period. Kentucky Retirement Systems acquired a new position in shares of Verizon Communications in the 3rd quarter valued at $11,610,000. Finally, Massmutual Trust Co. FSB ADV lifted its stake in shares of Verizon Communications by 4.2% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 176,771 shares of the cell phone carrier’s stock valued at $9,438,000 after purchasing an additional 7,198 shares during the period. Institutional investors and hedge funds own 66.97% of the company’s stock.
Several equities analysts recently issued reports on VZ shares. Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a research note on Friday, December 28th. ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 21st. Finally, Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research note on Saturday, January 26th. Nine equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $56.07.
VZ opened at $58.79 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 1.94. Verizon Communications Inc. has a 1 year low of $46.08 and a 1 year high of $61.58. The firm has a market capitalization of $242.68 billion, a P/E ratio of 12.48, a PEG ratio of 2.62 and a beta of 0.51.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, January 29th. The cell phone carrier reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.03. The firm had revenue of $34.28 billion during the quarter, compared to analysts’ expectations of $34.45 billion. Verizon Communications had a net margin of 11.87% and a return on equity of 35.96%. The business’s revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.86 EPS. As a group, equities research analysts forecast that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be issued a $0.6025 dividend. This represents a $2.41 annualized dividend and a yield of 4.10%. The ex-dividend date of this dividend is Tuesday, April 9th. Verizon Communications’s payout ratio is presently 51.17%.
In related news, Director Lowell C. Mcadam sold 285,988 shares of the business’s stock in a transaction on Tuesday, February 26th. The shares were sold at an average price of $56.72, for a total value of $16,221,239.36. Following the completion of the sale, the director now owns 362,932 shares of the company’s stock, valued at approximately $20,585,503.04. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $57.12, for a total transaction of $77,054.88. Following the completion of the sale, the executive vice president now directly owns 25,549 shares of the company’s stock, valued at approximately $1,459,358.88. The disclosure for this sale can be found here. In the last three months, insiders sold 288,686 shares of company stock valued at $16,379,639. 0.03% of the stock is owned by insiders.
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Verizon Communications Company 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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