Verizon Communications Inc. (NYSE:VZ) Shares Purchased by Capital Wealth Planning LLC

Capital Wealth Planning LLC increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 37.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,973,838 shares of the cell phone carrier’s stock after purchasing an additional 1,916,951 shares during the period. Verizon Communications accounts for about 3.0% of Capital Wealth Planning LLC’s holdings, making the stock its 18th biggest holding. Capital Wealth Planning LLC owned approximately 0.17% of Verizon Communications worth $287,601,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bcwm LLC increased its position in shares of Verizon Communications by 4.1% during the second quarter. Bcwm LLC now owns 116,733 shares of the cell phone carrier’s stock valued at $4,814,000 after acquiring an additional 4,573 shares during the last quarter. Abound Wealth Management increased its position in shares of Verizon Communications by 14.4% during the second quarter. Abound Wealth Management now owns 2,811 shares of the cell phone carrier’s stock valued at $116,000 after acquiring an additional 354 shares during the last quarter. Plato Investment Management Ltd increased its position in shares of Verizon Communications by 1.7% during the second quarter. Plato Investment Management Ltd now owns 110,410 shares of the cell phone carrier’s stock valued at $4,553,000 after acquiring an additional 1,838 shares during the last quarter. Providence Wealth Advisors LLC increased its position in shares of Verizon Communications by 6.0% during the second quarter. Providence Wealth Advisors LLC now owns 33,564 shares of the cell phone carrier’s stock valued at $1,394,000 after acquiring an additional 1,913 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. increased its position in shares of Verizon Communications by 23.7% during the second quarter. Retirement Planning Co of New England Inc. now owns 18,454 shares of the cell phone carrier’s stock valued at $761,000 after acquiring an additional 3,531 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Up 1.3 %

Shares of Verizon Communications stock opened at $44.43 on Monday. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $44.47. The company has a 50 day moving average of $41.17 and a 200 day moving average of $40.64. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $187.03 billion, a P/E ratio of 16.58, a P/E/G ratio of 3.99 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter last year, the company earned $1.21 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. As a group, research analysts forecast that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. The ex-dividend date is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.10%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Analysts Set New Price Targets

VZ has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a research report on Monday, September 9th. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective for the company. TD Cowen raised their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, Scotiabank raised their price objective on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research note on Wednesday, July 10th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.66.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).