Liberty Capital Management Inc. trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 32.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,004 shares of the cell phone carrier’s stock after selling 17,312 shares during the period. Liberty Capital Management Inc.’s holdings in Verizon Communications were worth $1,867,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Verizon Communications by 2.1% in the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after acquiring an additional 5,837,702 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Verizon Communications by 15.1% in the second quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after acquiring an additional 20,070,391 shares during the last quarter. FMR LLC grew its stake in shares of Verizon Communications by 15.0% in the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after acquiring an additional 8,077,275 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Verizon Communications by 2.7% in the third quarter. Legal & General Group Plc now owns 24,495,234 shares of the cell phone carrier’s stock worth $1,212,227,000 after acquiring an additional 636,014 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Verizon Communications by 19.9% in the second quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after acquiring an additional 3,623,182 shares during the last quarter. 64.37% of the stock is currently owned by institutional investors.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 6,967 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total value of $346,956.60. Following the transaction, the senior vice president now owns 16,059 shares of the company’s stock, valued at $799,738.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.13% of the stock is currently owned by corporate insiders.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The firm had revenue of $33.96 billion during the quarter, compared to the consensus estimate of $33.20 billion. During the same period in the prior year, the company posted $0.86 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. equities research analysts forecast that Verizon Communications Inc. will post 4.55 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Shareholders of record on Tuesday, April 10th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date is Monday, April 9th. Verizon Communications’s dividend payout ratio is 72.62%.
A number of research firms have recently commented on VZ. KeyCorp increased their target price on Verizon Communications from $50.00 to $53.00 and gave the stock a “sector weight” rating in a research note on Tuesday, January 2nd. Macquarie reissued a “hold” rating and issued a $54.00 target price on shares of Verizon Communications in a research note on Wednesday, January 24th. Nomura increased their target price on Verizon Communications from $61.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Bank of America increased their target price on Verizon Communications from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Finally, SunTrust Banks increased their target price on Verizon Communications to $58.00 and gave the stock a “hold” rating in a research note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company’s stock. Verizon Communications presently has an average rating of “Hold” and a consensus price target of $53.45.
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About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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