Avaii Wealth Management LLC grew its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 19.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 5,021 shares of the cell phone carrier’s stock after purchasing an additional 810 shares during the period. Avai Wealth Management LLC’s holdings in Verizon Communications were worth $256,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of VZ. Norges Bank acquired a new position in shares of Verizon Communications during the 4th quarter worth about $1,884,917,000. Fisher Asset Management LLC increased its stake in shares of Verizon Communications by 19,095.1% during the 4th quarter. Fisher Asset Management LLC now owns 9,778,922 shares of the cell phone carrier’s stock worth $508,113,000 after purchasing an additional 9,727,977 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Verizon Communications by 8.7% during the 4th quarter. Charles Schwab Investment Management Inc. Now owns 56,847,194 shares of the cell phone carrier’s stock worth $2,953,781,000 after purchasing an additional 4,571,857 shares during the last quarter. State Street Corp increased its stake in shares of Verizon Communications by 2.6% during the 4th quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock worth $8,858,320,000 after purchasing an additional 4,312,242 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Verizon Communications by 244.7% during the 4th quarter. Renaissance Technologies LLC now owns 5,848,271 shares of the cell phone carrier’s stock worth $303,876,000 after purchasing an additional 4,151,749 shares during the last quarter. 63.78% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently commented on the stock. Wolfe Research decreased their price target on shares of Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a research note on Thursday, June 2nd. William Blair reiterated a “market performer” rating on shares of Verizon Communications in a research note on Monday, April 25th. JPMorgan Chase & Co. reiterated a “hold” rating and issued a $57.00 price target on shares of Verizon Communications in a research note on Friday. The Goldman Sachs Group lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and decreased their price target for the company from $61.00 to $55.00 in a research note on Monday, April 25th. Finally, DZ Bank lowered shares of Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 price target on the stock. in a research note on Friday, April 29th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $57.14.
VZ stock opened at $50.96 on Friday. Verizon Communications Inc. has a 52-week low of $45.55 and a 52-week high of $56.85. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.69 and a current ratio of 0.76. The company has a fifty day moving average price of $50.02 and a 200-day moving average price of $51.84. The company has a market capitalization of $214.01 billion, a P/E ratio of 9.90, a PEG ratio of 2.68 and a beta of 0.41.
Verizon Communications (NYSE:VZ – Get Rating) last posted its quarterly earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 EPS for the quarter, hitting analysts’ consensus estimates of $1.35. The business had revenue of $33.61 billion during the quarter, compared to analysts’ expectations of $33.61 billion. Verizon Communications had a net margin of 15.93% and a return on equity of 28.15%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the company posted $1.31 earnings per share. As a group, sell-side analysts forecast that Verizon Communications Inc. will post 5.4 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 8th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date of this dividend is Thursday, July 7th. Verizon Communications’s payout ratio is currently 49.71%.
In related news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $50.94, for a total transaction of $79,364.52. Following the transaction, the executive vice president now directly owns 34,961 shares of the company’s stock, valued at $1,780,913.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Tami A. Erwin sold 23,647 shares of the firm’s stock in a transaction dated Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total transaction of $1,176,911.19. Following the transaction, the chief executive officer now directly owns 21,817 shares in the company, valued at $1,085,832.09. The disclosure for this sale can be found here. Insiders have sold 28,321 shares of company stock worth $1,415,192 over the last three months. 0.10% of the stock is owned by insiders.
About Verizon Communications (Get Rating)
Verizon Communications Inc, through its subsidiaries, offers communications, technology, 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, and other wireless-enabled connected devices comprising smart watches.
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