Sawtooth Solutions LLC raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 25.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 74,742 shares of the cell phone carrier’s stock after buying an additional 15,047 shares during the quarter. Sawtooth Solutions LLC’s holdings in Verizon Communications were worth $3,761,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of VZ. Charles Schwab Investment Advisory Inc. purchased a new position in shares of Verizon Communications during the second quarter worth about $353,508,000. Boston Partners grew its holdings in shares of Verizon Communications by 133.5% during the second quarter. Boston Partners now owns 10,503,382 shares of the cell phone carrier’s stock worth $528,426,000 after purchasing an additional 6,005,801 shares in the last quarter. CI Global Investments Inc. purchased a new position in shares of Verizon Communications during the first quarter worth about $261,019,000. BlackRock Inc. grew its holdings in shares of Verizon Communications by 1.6% during the first quarter. BlackRock Inc. now owns 270,175,376 shares of the cell phone carrier’s stock worth $12,919,788,000 after purchasing an additional 4,270,608 shares in the last quarter. Finally, Toronto Dominion Bank grew its holdings in shares of Verizon Communications by 101.6% during the first quarter. Toronto Dominion Bank now owns 4,756,060 shares of the cell phone carrier’s stock worth $227,394,000 after purchasing an additional 2,396,905 shares in the last quarter. 64.34% of the stock is owned by institutional investors and hedge funds.
Shares of VZ stock opened at $58.46 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 1.90. Verizon Communications Inc. has a fifty-two week low of $43.97 and a fifty-two week high of $59.20. The company has a market capitalization of $237.98 billion, a price-to-earnings ratio of 12.95, a P/E/G ratio of 2.51 and a beta of 0.46.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, beating 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 the consensus estimate of $32.45 billion. During the same quarter in the previous year, the company posted $0.98 earnings per share. The business’s revenue was up 2.8% on a year-over-year basis. On average, equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th were given a $0.6025 dividend. The ex-dividend date was Tuesday, October 9th. This represents a $2.41 annualized dividend and a yield of 4.12%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s payout ratio is presently 64.44%.
VZ has been the subject of several research reports. ValuEngine lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research note on Tuesday, September 25th. Barclays upped their target price on Verizon Communications from $50.00 to $53.00 and gave the stock a “hold” rating in a research note on Wednesday, October 24th. Morgan Stanley upped their target price on Verizon Communications from $56.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, October 29th. Finally, Scotiabank set a $62.00 target price on Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, October 24th. Eight analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $55.93.
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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