BlackRock Inc. Sells 28,486 Shares of Verizon Communications Inc. (VZ)

BlackRock Inc. cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 0.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 270,146,890 shares of the cell phone carrier’s stock after selling 28,486 shares during the quarter. Verizon Communications makes up approximately 0.6% of BlackRock Inc.’s portfolio, making the stock its 21st largest holding. BlackRock Inc. owned 6.54% of Verizon Communications worth $13,591,090,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in shares of Verizon Communications by 4.6% during the second quarter. Bank of New York Mellon Corp now owns 52,863,812 shares of the cell phone carrier’s stock valued at $2,659,579,000 after buying an additional 2,302,664 shares during the period. Wells Fargo & Company MN increased its position in shares of Verizon Communications by 1.1% during the second quarter. Wells Fargo & Company MN now owns 28,728,425 shares of the cell phone carrier’s stock valued at $1,445,327,000 after buying an additional 308,334 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of Verizon Communications by 4.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 23,794,249 shares of the cell phone carrier’s stock valued at $1,197,089,000 after buying an additional 1,040,614 shares during the period. Swiss National Bank increased its position in shares of Verizon Communications by 2.8% during the second quarter. Swiss National Bank now owns 15,703,916 shares of the cell phone carrier’s stock valued at $790,064,000 after buying an additional 422,100 shares during the period. Finally, LSV Asset Management increased its position in shares of Verizon Communications by 4.8% during the second quarter. LSV Asset Management now owns 15,495,516 shares of the cell phone carrier’s stock valued at $779,579,000 after buying an additional 712,553 shares during the period. 64.34% of the stock is currently owned by institutional investors and hedge funds.

VZ stock opened at $58.46 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.90. The company has a market capitalization of $236.16 billion, a P/E ratio of 15.63, a P/E/G ratio of 2.49 and a beta of 0.46. Verizon Communications Inc. has a 1-year low of $43.97 and a 1-year high of $59.20.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.03. The company had revenue of $32.61 billion for the quarter, compared to analysts’ expectations of $32.45 billion. Verizon Communications had a net margin of 24.71% and a return on equity of 35.50%. Verizon Communications’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.98 earnings per share. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th were given a dividend of $0.6025 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date was Tuesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 64.44%.

Several brokerages have recently weighed in on VZ. Scotiabank set a $62.00 price target on Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, October 24th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Barclays upped their price target on Verizon Communications from $50.00 to $53.00 and gave the company a “hold” rating in a research report on Wednesday, October 24th. JPMorgan Chase & Co. upped their price target on Verizon Communications from $59.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, October 24th. Finally, Morgan Stanley upped their price target on Verizon Communications from $56.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, October 29th. Eight research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Verizon Communications presently has an average rating of “Buy” and a consensus price target of $55.93.

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Verizon Communications 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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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