GAM Holding AG increased its stake in Verizon Communications Inc. (NYSE:VZ) by 8.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,424 shares of the cell phone carrier’s stock after purchasing an additional 8,964 shares during the quarter. GAM Holding AG’s holdings in Verizon Communications were worth $6,009,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of VZ. Cedar Hill Associates LLC grew its stake in Verizon Communications by 7.7% during the 2nd quarter. Cedar Hill Associates LLC now owns 13,539 shares of the cell phone carrier’s stock valued at $681,000 after acquiring an additional 968 shares in the last quarter. Bailard Inc. grew its stake in shares of Verizon Communications by 1.0% in the 2nd quarter. Bailard Inc. now owns 99,356 shares of the cell phone carrier’s stock valued at $4,999,000 after buying an additional 977 shares in the last quarter. Live Your Vision LLC grew its stake in shares of 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 valued at $265,000 after buying an additional 1,000 shares in the last quarter. Canal Capital Management LLC grew its stake in shares of Verizon Communications by 2.5% in the 2nd quarter. Canal Capital Management LLC now owns 41,657 shares of the cell phone carrier’s stock valued at $2,096,000 after buying an additional 1,008 shares in the last quarter. Finally, Palo Capital Inc. grew its stake in shares of Verizon Communications by 0.9% in the 2nd quarter. Palo Capital Inc. now owns 112,404 shares of the cell phone carrier’s stock valued at $5,655,000 after buying an additional 1,012 shares in the last quarter. 64.34% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently commented on VZ shares. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. Bank of America reissued a “buy” rating and issued a $58.00 price target on shares of Verizon Communications in a research note on Monday, October 22nd. Barclays cut Verizon Communications from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $56.00 to $50.00 in a research note on Tuesday, September 4th. Moffett Nathanson reissued a “neutral” rating and issued a $56.00 price target on shares of Verizon Communications in a research note on Tuesday, September 4th. Finally, Scotiabank set a $61.00 price target on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, July 25th. Eight investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Verizon Communications has an average rating of “Buy” and a consensus price target of $55.93.
VZ opened at $58.46 on Friday. Verizon Communications Inc. has a twelve month low of $43.97 and a twelve month high of $59.20. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.97 and a quick ratio of 0.93. 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 (NYSE:VZ) last posted its earnings results 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. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The firm had revenue of $32.61 billion during the quarter, compared to analyst estimates of $32.45 billion. During the same period in the previous year, the company earned $0.98 EPS. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. Equities analysts expect 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. Stockholders of record on Wednesday, October 10th were issued a dividend of $0.6025 per share. The ex-dividend date was Tuesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.12%. Verizon Communications’s payout ratio is 64.44%.
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About Verizon Communications
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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