Jackson Wealth Management LLC increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 32,061 shares of the cell phone carrier’s stock after buying an additional 261 shares during the period. Jackson Wealth Management LLC’s holdings in Verizon Communications were worth $1,790,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the stock. Hugh Johnson Advisors LLC boosted its stake in shares of Verizon Communications by 1.2% in the second quarter. Hugh Johnson Advisors LLC now owns 55,485 shares of the cell phone carrier’s stock worth $3,098,000 after buying an additional 642 shares during the period. Haverford Trust Co. boosted its stake in shares of Verizon Communications by 1.2% in the second quarter. Haverford Trust Co. now owns 820,720 shares of the cell phone carrier’s stock worth $45,829,000 after buying an additional 10,053 shares during the period. Buffington Mohr McNeal boosted its stake in shares of Verizon Communications by 1.1% in the second quarter. Buffington Mohr McNeal now owns 38,760 shares of the cell phone carrier’s stock worth $2,164,000 after buying an additional 435 shares during the period. Commonwealth Equity Services Inc boosted its stake in shares of Verizon Communications by 3.5% in the second quarter. Commonwealth Equity Services Inc now owns 2,271,575 shares of the cell phone carrier’s stock worth $126,845,000 after buying an additional 76,930 shares during the period. Finally, Plancorp LLC acquired a new stake in shares of Verizon Communications during the second quarter worth $796,000. 63.47% of the stock is owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.40% during midday trading on Thursday, reaching $50.10. 4,781,613 shares of the company’s stock were exchanged. The stock has a market cap of $204.22 billion, a P/E ratio of 14.15 and a beta of 0.30. Verizon Communications Inc. has a 1-year low of $43.79 and a 1-year high of $56.95. The firm’s 50-day moving average is $51.88 and its 200 day moving average is $52.67.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The company earned $30.53 billion during the quarter, compared to the consensus estimate of $30.95 billion. During the same period in the previous year, the firm posted $1.04 earnings per share. The company’s revenue was down 5.3% on a year-over-year basis. Equities analysts anticipate that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s dividend payout ratio is presently 65.25%.
A number of brokerages recently weighed in on VZ. Macquarie reaffirmed a “neutral” rating and set a $55.00 price target on shares of Verizon Communications in a research report on Wednesday, July 6th. RBC Capital Markets reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Monday, July 25th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating on shares of Verizon Communications in a research report on Friday, July 8th. Morgan Stanley cut shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, July 26th. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a research report on Friday, July 15th. Twenty-four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Verizon Communications has an average rating of “Hold” and a consensus target price of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $52.76, for a total transaction of $35,454.72. Following the completion of the sale, the executive vice president now owns 10,526 shares in the company, valued at approximately $555,351.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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