Davy Asset Management Ltd bought a new stake in Verizon Communications Inc. (NYSE:VZ) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 156,611 shares of the cell phone carrier’s stock, valued at approximately $7,879,000. Verizon Communications accounts for about 2.1% of Davy Asset Management Ltd’s portfolio, making the stock its 14th largest holding.
A number of other hedge funds also recently modified their holdings of VZ. Charles Schwab Investment Advisory Inc. acquired a new position in Verizon Communications in the second quarter valued at approximately $353,508,000. Boston Partners boosted its stake in Verizon Communications by 133.5% in the second quarter. Boston Partners now owns 10,503,382 shares of the cell phone carrier’s stock valued at $528,426,000 after acquiring an additional 6,005,801 shares during the period. FMR LLC boosted its stake in Verizon Communications by 8.6% in the second quarter. FMR LLC now owns 69,165,256 shares of the cell phone carrier’s stock valued at $3,479,704,000 after acquiring an additional 5,481,532 shares during the period. CI Global Investments Inc. acquired a new position in Verizon Communications in the first quarter valued at approximately $261,019,000. Finally, Dimensional Fund Advisors LP boosted its stake in Verizon Communications by 18.8% in the second quarter. Dimensional Fund Advisors LP now owns 17,122,569 shares of the cell phone carrier’s stock valued at $861,499,000 after acquiring an additional 2,714,465 shares during the period. Institutional investors own 64.17% of the company’s stock.
A number of brokerages have commented on VZ. Scotiabank set a $62.00 target price on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, October 24th. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. ValuEngine downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Bank of America restated a “buy” rating and issued a $58.00 target price on shares of Verizon Communications in a research note on Monday, October 22nd. Finally, Moffett Nathanson restated a “neutral” rating and issued a $56.00 target price on shares of Verizon Communications in a research note on Tuesday, September 4th. Seven analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $56.22.
VZ opened at $59.45 on Friday. The company has a market cap of $250.36 billion, a PE ratio of 15.90, a price-to-earnings-growth ratio of 2.64 and a beta of 0.46. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.90. Verizon Communications Inc. has a twelve month low of $46.08 and a twelve month high of $61.58.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the Zacks’ 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 return on equity of 35.50% and a net margin of 24.71%. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.98 earnings per share. As a group, analysts anticipate that Verizon Communications Inc. will post 4.68 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. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date of this dividend was Tuesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s payout ratio is 64.44%.
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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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