Lord Abbett & CO. LLC lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 3,952,106 shares of the cell phone carrier’s stock after selling 2,628 shares during the period. Verizon Communications accounts for 0.6% of Lord Abbett & CO. LLC’s portfolio, making the stock its 22nd biggest holding. Lord Abbett & CO. LLC owned about 0.10% of Verizon Communications worth $232,186,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Klaas Financial Asset Advisors LLC bought a new position in Verizon Communications in the 4th quarter valued at about $26,000. Asset Management Corp IL ADV boosted its position in shares of Verizon Communications by 355.1% during the 4th quarter. Asset Management Corp IL ADV now owns 47,612 shares of the cell phone carrier’s stock valued at $2,732,000 after purchasing an additional 37,149 shares in the last quarter. ProVise Management Group LLC boosted its position in shares of Verizon Communications by 3.5% during the 4th quarter. ProVise Management Group LLC now owns 69,631 shares of the cell phone carrier’s stock valued at $4,091,000 after purchasing an additional 2,341 shares in the last quarter. Doyle Wealth Management boosted its position in shares of Verizon Communications by 3.9% during the 4th quarter. Doyle Wealth Management now owns 321,841 shares of the cell phone carrier’s stock valued at $18,908,000 after purchasing an additional 12,138 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its position in shares of Verizon Communications by 2.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 1,090,050 shares of the cell phone carrier’s stock valued at $64,847,000 after purchasing an additional 23,054 shares in the last quarter. Institutional investors and hedge funds own 64.85% of the company’s stock.
Several research firms have recently weighed in on VZ. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research report on Sunday, November 1st. JPMorgan Chase & Co. upgraded shares of Verizon Communications from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $61.00 to $65.00 in a research report on Thursday, November 5th. Moffett Nathanson upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and raised their price objective for the company from $59.00 to $66.00 in a research report on Wednesday, December 2nd. Wells Fargo & Company started coverage on shares of Verizon Communications in a research note on Monday, November 16th. They set an “equal weight” rating and a $60.00 price objective for the company. Finally, Credit Suisse Group reduced their price objective on shares of Verizon Communications from $61.00 to $59.00 and set a “neutral” rating for the company in a research note on Tuesday, January 19th. Eleven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Verizon Communications currently has an average rating of “Buy” and an average target price of $61.84.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Monday, January 25th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.04. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business had revenue of $34.70 billion during the quarter, compared to analyst estimates of $34.47 billion. During the same period in the prior year, the firm earned $1.13 earnings per share. The firm’s revenue was down .2% compared to the same quarter last year. Sell-side analysts forecast that Verizon Communications Inc. will post 4.77 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, February 1st. Investors of record on Friday, January 8th were issued a $0.6275 dividend. The ex-dividend date was Thursday, January 7th. This represents a $2.51 dividend on an annualized basis and a yield of 4.38%. Verizon Communications’s dividend payout ratio is currently 52.18%.
Verizon Communications Profile
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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