Point View Wealth Management Inc. lessened its holdings in Verizon Communications Inc. (NYSE:VZ) by 3.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 27,125 shares of the cell phone carrier’s stock after selling 1,108 shares during the period. Point View Wealth Management Inc.’s holdings in Verizon Communications were worth $1,297,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in VZ. Oak Point Wealth Management purchased a new stake in shares of Verizon Communications in the 4th quarter worth approximately $476,000. DnB Asset Management AS raised its stake in shares of Verizon Communications by 76.3% during the 4th quarter. DnB Asset Management AS now owns 2,240,265 shares of the cell phone carrier’s stock worth $118,577,000 after acquiring an additional 969,277 shares in the last quarter. F&V Capital Management LLC raised its stake in shares of Verizon Communications by 5.3% during the 4th quarter. F&V Capital Management LLC now owns 169,991 shares of the cell phone carrier’s stock worth $8,998,000 after acquiring an additional 8,590 shares in the last quarter. White Lighthouse Investment Management Inc. bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $271,000. Finally, Sit Investment Associates Inc. raised its stake in shares of Verizon Communications by 1.4% during the 4th quarter. Sit Investment Associates Inc. now owns 1,268,706 shares of the cell phone carrier’s stock worth $67,153,000 after acquiring an additional 17,327 shares in the last quarter. 63.72% of the stock is owned by hedge funds and other institutional investors.
Several research firms recently commented on VZ. Zacks Investment Research lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Saturday, June 30th. Vetr lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $52.49 price objective for the company. in a research note on Tuesday, April 3rd. Goldman Sachs Group upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $51.00 to $56.00 in a research note on Thursday, June 21st. William Blair reiterated a “market perform” rating on shares of Verizon Communications in a research note on Wednesday, April 25th. Finally, Jefferies Financial Group began coverage on shares of Verizon Communications in a research note on Thursday, June 7th. They set a “hold” rating and a $52.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eighteen have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $54.62.
In other news, SVP Anthony T. Skiadas sold 1,974 shares of the stock in a transaction on Tuesday, May 1st. The shares were sold at an average price of $49.44, for a total value of $97,594.56. Following the sale, the senior vice president now owns 16,060 shares in the company, valued at $794,006.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.09% of the stock is owned by corporate insiders.
Shares of Verizon Communications stock opened at $50.70 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.94 and a debt-to-equity ratio of 2.15. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.77. The company has a market cap of $208.13 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 1.75 and a beta of 0.65.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, April 24th. The cell phone carrier reported $1.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.06. The business had revenue of $31.77 billion for the quarter, compared to analyst estimates of $31.25 billion. Verizon Communications had a net margin of 24.37% and a return on equity of 42.62%. Verizon Communications’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 EPS. research analysts forecast that Verizon Communications Inc. will post 4.58 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 1st. Stockholders of record on Tuesday, July 10th will be paid a $0.59 dividend. The ex-dividend date is Monday, July 9th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.65%. Verizon Communications’s payout ratio is currently 63.10%.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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