FCM Investments TX cut its stake in Verizon Communications Inc. (NYSE:VZ) by 1.6% during the second quarter, Holdings Channel reports. The institutional investor owned 28,253 shares of the cell phone carrier’s stock after selling 469 shares during the period. Verizon Communications comprises about 0.9% of FCM Investments TX’s portfolio, making the stock its 22nd largest position. FCM Investments TX’s holdings in Verizon Communications were worth $1,578,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of VZ. Canada Pension Plan Investment Board raised its stake in shares of Verizon Communications by 102.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,912,820 shares of the cell phone carrier’s stock valued at $319,765,000 after buying an additional 2,985,510 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of Verizon Communications by 45.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 6,069,655 shares of the cell phone carrier’s stock valued at $328,247,000 after buying an additional 1,885,482 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Verizon Communications by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 108,614,434 shares of the cell phone carrier’s stock valued at $5,873,869,000 after buying an additional 1,582,173 shares during the last quarter. Lazard Asset Management LLC raised its stake in shares of Verizon Communications by 104.6% in the first quarter. Lazard Asset Management LLC now owns 3,054,161 shares of the cell phone carrier’s stock valued at $165,168,000 after buying an additional 1,561,110 shares during the last quarter. Finally, Virginia Retirement System bought a new stake in shares of Verizon Communications during the first quarter valued at about $77,425,000. 63.47% of the stock is currently owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.02% during mid-day trading on Friday, reaching $50.28. 8,853,208 shares of the company were exchanged. The firm has a market capitalization of $204.96 billion, a P/E ratio of 14.20 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 stock has a 50-day moving average of $51.75 and a 200 day moving average of $52.63.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.02. The company had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The business’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 earnings per share. Equities research analysts forecast that Verizon Communications Inc. will post $3.89 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a dividend of $0.0125 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a yield of 0.10%. Verizon Communications’s dividend payout ratio (DPR) is presently 65.25%.
Several research analysts recently commented on the stock. Jefferies Group reaffirmed a “hold” rating on shares of Verizon Communications in a report on Monday, September 19th. Vetr downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price target for the company. in a report on Thursday, September 22nd. Drexel Hamilton reissued an “in-line” rating on shares of Verizon Communications in a report on Wednesday, July 27th. Oppenheimer Holdings Inc. downgraded shares of Verizon Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 20th. They noted that the move was a valuation call. Finally, Imperial Capital downgraded shares of Verizon Communications from an “outperform” rating to an “in-line” rating and upped their target price for the stock from $50.00 to $60.00 in a research note on Tuesday, August 2nd. Twenty-four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $54.44.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $52.76, for a total transaction of $35,454.72. Following the sale, the executive vice president now directly owns 10,526 shares in the company, valued at $555,351.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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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