CHURCHILL MANAGEMENT Corp acquired a new stake in Verizon Communications Inc. (NYSE:VZ) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 163,575 shares of the cell phone carrier’s stock, valued at approximately $8,733,000.
A number of other institutional investors have also recently made changes to their positions in the business. FMR LLC boosted its position in shares of Verizon Communications by 8.6% during 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 buying an additional 5,481,532 shares during the last quarter. Bank of New York Mellon Corp boosted 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 last quarter. Morgan Stanley boosted its position in shares of Verizon Communications by 3.3% during the second quarter. Morgan Stanley now owns 34,759,538 shares of the cell phone carrier’s stock valued at $1,748,752,000 after buying an additional 1,119,926 shares during the last quarter. Wells Fargo & Company MN boosted 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 last quarter. Finally, Schwab Charles Investment Management Inc. boosted 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 last quarter. 65.02% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on VZ. JPMorgan Chase & Co. cut Verizon Communications from an “overweight” rating to a “neutral” rating and set a $62.00 target price on the stock. in a research report on Monday, December 3rd. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 15th. Scotiabank set a $62.00 target price on Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, October 24th. Barclays lifted their target price on Verizon Communications from $50.00 to $53.00 and gave the company a “hold” rating in a research report on Wednesday, October 24th. Finally, Morgan Stanley lifted their target price 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 equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $56.22.
Shares of Verizon Communications stock opened at $57.68 on Friday. The firm has a market cap of $239.79 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 2.53 and a beta of 0.49. Verizon Communications Inc. has a 12 month low of $46.08 and a 12 month high of $61.58. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.93 and a current ratio of 0.97.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 EPS for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.03. The business had revenue of $32.61 billion for the quarter, compared to analyst estimates of $32.45 billion. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. Verizon Communications’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period last year, the company posted $0.98 earnings per share. Research analysts anticipate that Verizon Communications Inc. will post 4.68 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Shareholders of record on Thursday, January 10th will be paid a $0.6025 dividend. The ex-dividend date is Wednesday, January 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.18%. Verizon Communications’s payout ratio is presently 64.44%.
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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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