Beacon Investment Advisory Services Inc. cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 9.2% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 43,050 shares of the cell phone carrier’s stock after selling 4,358 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Verizon Communications were worth $2,298,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in VZ. Charles Schwab Investment Advisory Inc. bought a new stake in shares of Verizon Communications in the 2nd quarter valued at approximately $353,508,000. Boston Partners increased its position in Verizon Communications by 133.5% in the 2nd 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 during the last quarter. FMR LLC increased its holdings in shares of Verizon Communications by 8.6% during the 2nd 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 last quarter. MERIAN GLOBAL INVESTORS UK Ltd boosted its stake in Verizon Communications by 1,824.4% during the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 5,743,306 shares of the cell phone carrier’s stock valued at $306,635,000 after purchasing an additional 5,444,863 shares during the period. Finally, Sanders Capital LLC bought a new stake in Verizon Communications during the 3rd quarter valued at approximately $243,064,000. 66.14% of the stock is currently owned by institutional investors.
Several research firms recently commented on VZ. JPMorgan Chase & Co. downgraded Verizon Communications from an “overweight” rating to a “neutral” rating and set a $62.00 target price for the company. in a research report on Monday, December 3rd. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Thursday, November 15th. Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 price target on the stock. in a research report on Wednesday, December 12th. 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. Finally, 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. Nine equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Verizon Communications presently has a consensus rating of “Buy” and a consensus target price of $55.90.
VZ opened at $54.48 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 1.94. Verizon Communications Inc. has a 1 year low of $46.08 and a 1 year high of $61.58. The firm has a market capitalization of $224.64 billion, a P/E ratio of 11.57, a PEG ratio of 2.85 and a beta of 0.48.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, January 29th. The cell phone carrier reported $1.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.03. The company had revenue of $34.28 billion during the quarter, compared to analyst estimates of $34.45 billion. Verizon Communications had a net margin of 11.87% and a return on equity of 35.96%. Verizon Communications’s revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.86 earnings per share. As a group, equities research analysts forecast that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 1st. Shareholders of record on Thursday, January 10th were issued a $0.6025 dividend. This represents a $2.41 annualized dividend and a yield of 4.42%. The ex-dividend date of this dividend was Wednesday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.
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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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