Meritage Portfolio Management lessened its stake in Verizon Communications Inc. (NYSE:VZ) by 8.3% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 95,680 shares of the cell phone carrier’s stock after selling 8,616 shares during the period. Meritage Portfolio Management’s holdings in Verizon Communications were worth $4,814,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Live Your Vision LLC raised its holdings in shares of Verizon Communications by 24.0% in the second quarter. Live Your Vision LLC now owns 5,166 shares of the cell phone carrier’s stock valued at $265,000 after buying an additional 1,000 shares during the last quarter. Palo Capital Inc. increased its stake in shares of Verizon Communications by 0.9% during the second quarter. Palo Capital Inc. now owns 112,404 shares of the cell phone carrier’s stock worth $5,655,000 after acquiring an additional 1,012 shares during the period. Orca Investment Management LLC increased its stake in shares of Verizon Communications by 3.9% during the second quarter. Orca Investment Management LLC now owns 27,605 shares of the cell phone carrier’s stock worth $1,389,000 after acquiring an additional 1,047 shares during the period. Westside Investment Management Inc. grew its position in Verizon Communications by 54.1% during the fourth quarter. Westside Investment Management Inc. now owns 3,058 shares of the cell phone carrier’s stock worth $160,000 after buying an additional 1,074 shares during the period. Finally, Farr Miller & Washington LLC DC grew its position in Verizon Communications by 1.9% during the fourth quarter. Farr Miller & Washington LLC DC now owns 60,210 shares of the cell phone carrier’s stock worth $3,187,000 after buying an additional 1,097 shares during the period. Hedge funds and other institutional investors own 64.04% of the company’s stock.
Several research analysts have weighed in on the stock. Robert W. Baird upped their target price on shares of Verizon Communications from $52.00 to $53.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 25th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Wednesday, August 1st. Deutsche Bank raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a report on Tuesday, June 19th. Credit Suisse Group began coverage on shares of Verizon Communications in a report on Tuesday, July 10th. They issued an “outperform” rating and a $58.00 price target on the stock. Finally, Goldman Sachs Group raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and upped their price target for the company from $51.00 to $56.00 in a report on Thursday, June 21st. Seven research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $55.42.
VZ traded up $0.40 during trading hours on Friday, reaching $53.73. 18,721,974 shares of the stock traded hands, compared to its average volume of 15,680,338. The firm has a market cap of $220.39 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.94 and a beta of 0.71. Verizon Communications Inc. has a fifty-two week low of $43.97 and a fifty-two week high of $55.90. The company has a current ratio of 0.96, a quick ratio of 0.92 and a debt-to-equity ratio of 2.04.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.06. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. The company had revenue of $32.20 billion during the quarter, compared to analyst estimates of $31.78 billion. During the same period last year, the business earned $0.96 EPS. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, analysts forecast that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be given a $0.6025 dividend. The ex-dividend date is Tuesday, October 9th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 annualized dividend and a yield of 4.49%. Verizon Communications’s dividend payout ratio (DPR) is currently 64.44%.
Verizon Communications Company 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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