Alta Capital Management LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 80.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,473 shares of the cell phone carrier’s stock after selling 44,049 shares during the quarter. Alta Capital Management LLC’s holdings in Verizon Communications were worth $533,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. NorthCrest Asset Manangement LLC grew its holdings in shares of Verizon Communications by 860.0% during the first quarter. NorthCrest Asset Manangement LLC now owns 336,892 shares of the cell phone carrier’s stock worth $17,161,000 after purchasing an additional 301,800 shares during the last quarter. WC Walker & Associates Inc. grew its holdings in shares of Verizon Communications by 2.7% during the first quarter. WC Walker & Associates Inc. Now owns 41,306 shares of the cell phone carrier’s stock worth $2,236,000 after purchasing an additional 1,096 during the last quarter. Wilson & Boucher Capital Management LLC grew its holdings in shares of Verizon Communications by 1.2% during the first quarter. Wilson & Boucher Capital Management LLC now owns 17,693 shares of the cell phone carrier’s stock worth $901,000 after purchasing an additional 202 shares during the last quarter. CRA Financial Services LLC grew its holdings in shares of Verizon Communications by 9.1% during the first quarter. CRA Financial Services LLC now owns 16,518 shares of the cell phone carrier’s stock worth $841,000 after purchasing an additional 1,375 shares during the last quarter. Finally, Cabot Wealth Management Inc. grew its holdings in shares of Verizon Communications by 5.3% during the first quarter. Cabot Wealth Management Inc. Now owns 215,837 shares of the cell phone carrier’s stock worth $10,995,000 after purchasing an additional 10,799 during the last quarter. 63.78% of the stock is currently owned by institutional investors.
In related news, EVP Craig L. Silliman sold 1,558 shares of the company’s stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $50.00, for a total value of $77,900.00. Following the sale, the executive vice president now owns 36,519 shares of the company’s stock, valued at approximately $1,825,950. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Tami A. Erwin sold 23,647 shares of the company’s stock in a transaction that occurred on Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total value of $1,176,911.19. Following the completion of the sale, the chief executive officer now directly owns 21,817 shares in the company, valued at approximately $1,085,832.09. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,321 shares of company stock valued at $1,415,192. Insiders own 0.02% of the company’s stock.
VZ stock opened at $51.64 on Friday. The firm has a 50 day moving average of $49.75 and a 200-day moving average of $51.85. Verizon Communications Inc. has a 12-month low of $45.55 and a 12-month high of $56.85. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.64. The company has a market cap of $216.87 billion, a price-to-earnings ratio of 10.03, a PEG ratio of 2.63 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 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.35. Verizon Communications had a net margin of 15.93% and a return on equity of 28.15%. The company had revenue of $33.60 billion during the quarter, compared to the consensus estimate of $33.61 billion. During the same period last year, the firm earned $1.31 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Sell-side analysts forecast that Verizon Communications Inc. will post 5.39 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 8th will be given a dividend of $0.64 per share. The ex-dividend date is Thursday, July 7th. This represents a $2.56 dividend on an annual basis and a dividend yield of 4.96%. Verizon Communications’ payout ratio is 49.71%.
Several brokerages have issued reports on VZ. Wolfe Research dropped their objective price on Verizon Communications from $60.00 to $51.00 and set a “peer performer” rating on the stock in a report on Thursday, June 2nd. The Goldman Sachs Group lowered Verizon Communications from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $61.00 to $55.00 in a report on Monday, April 25th. DZ Bank lowered Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 price target on the stock. in a report on Friday, April 29th. Credit Suisse Group lowered their price target on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating on the stock in a report on Tuesday, June 21st. Finally, William Blair reissued a “market perform” rating on shares of Verizon Communications in a report on Monday, April 25th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Verizon Communications has an average rating of “Hold” and an average target price of $57.14.
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.
Receive News & Ratings for Verizon Communications Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Verizon Communications and related companies with MarketBeat.com’s FREE daily email newsletter.