Kornitzer Capital Management Inc. KS grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,040,273 shares of the cell phone carrier’s stock after purchasing an additional 11,065 shares during the quarter. Verizon Communications makes up about 0.9% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 17th biggest holding. Kornitzer Capital Management Inc. KS’s holdings in Verizon Communications were worth $52,336,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the company. Live Your Vision LLC increased its holdings in Verizon Communications by 24.0% in the 2nd quarter. Live Your Vision LLC now owns 5,166 shares of the cell phone carrier’s stock worth $265,000 after acquiring an additional 1,000 shares in the last quarter. Canal Capital Management LLC boosted its stake in Verizon Communications by 2.5% during the 2nd quarter. Canal Capital Management LLC now owns 41,657 shares of the cell phone carrier’s stock worth $2,096,000 after purchasing an additional 1,008 shares during the last quarter. Palo Capital Inc. boosted its stake in Verizon Communications by 0.9% during the 2nd quarter. Palo Capital Inc. now owns 112,404 shares of the cell phone carrier’s stock worth $5,655,000 after purchasing an additional 1,012 shares during the last quarter. Orca Investment Management LLC boosted its stake in Verizon Communications by 3.9% during the 2nd quarter. Orca Investment Management LLC now owns 27,605 shares of the cell phone carrier’s stock worth $1,389,000 after purchasing an additional 1,047 shares during the last quarter. Finally, Pegasus Asset Management Inc. boosted its stake in Verizon Communications by 2.1% during the 2nd quarter. Pegasus Asset Management Inc. now owns 51,657 shares of the cell phone carrier’s stock worth $2,599,000 after purchasing an additional 1,069 shares during the last quarter. 64.04% of the stock is owned by hedge funds and other institutional investors.
Shares of VZ stock opened at $53.73 on Friday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.92 and a current ratio of 0.96. The stock has a market cap of $220.39 billion, a PE ratio of 14.37, a PEG ratio of 1.94 and a beta of 0.71. Verizon Communications Inc. has a twelve month low of $43.97 and a twelve month high of $55.90.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.06. The firm had revenue of $32.20 billion for the quarter, compared to analysts’ expectations of $31.78 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. The company’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.96 EPS. As a group, analysts forecast that Verizon Communications Inc. will post 4.66 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th will be given a dividend of $0.6025 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Tuesday, October 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.49%. Verizon Communications’s payout ratio is presently 64.44%.
Several equities research analysts have issued reports on the stock. Credit Suisse Group assumed coverage on shares of Verizon Communications in a research note on Tuesday, July 10th. They set an “outperform” rating and a $58.00 target price on the stock. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Saturday, June 30th. Goldman Sachs Group raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $51.00 to $56.00 in a research note on Thursday, June 21st. Scotiabank set a $61.00 target price on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Finally, Robert W. Baird lifted their target price on shares of Verizon Communications from $52.00 to $53.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 25th. Seven analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Verizon Communications has an average rating of “Buy” and a consensus target price of $55.42.
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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