Destination Wealth Management increased its holdings in Verizon Communications Inc. (NYSE:VZ) by 4.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 248,719 shares of the cell phone carrier’s stock after acquiring an additional 10,380 shares during the quarter. Destination Wealth Management’s holdings in Verizon Communications were worth $11,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of the stock. State Street Corp grew its position in Verizon Communications by 1.2% during the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock valued at $8,195,661,000 after purchasing an additional 2,066,816 shares during the last quarter. Legal & General Group Plc grew its position in Verizon Communications by 3.7% during the 2nd quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock valued at $1,065,488,000 after purchasing an additional 848,043 shares during the last quarter. Franklin Resources Inc. grew its position in Verizon Communications by 19.9% during the 2nd quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock valued at $974,515,000 after purchasing an additional 3,623,182 shares during the last quarter. Federated Investors Inc. PA grew its position in Verizon Communications by 4.8% during the 2nd quarter. Federated Investors Inc. PA now owns 20,896,007 shares of the cell phone carrier’s stock valued at $933,215,000 after purchasing an additional 956,578 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in Verizon Communications by 7.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 19,403,560 shares of the cell phone carrier’s stock valued at $866,563,000 after purchasing an additional 1,277,604 shares during the last quarter. Institutional investors own 63.37% of the company’s stock.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $48.62, for a total transaction of $29,658.20. Following the sale, the executive vice president now owns 5,989 shares in the company, valued at approximately $291,185.18. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders sold 1,830 shares of company stock worth $88,609. 0.13% of the stock is currently owned by insiders.
Several analysts recently commented on the stock. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Wells Fargo & Company raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research report on Monday, November 20th. Macquarie reissued a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research report on Sunday, October 22nd. KeyCorp reissued a “hold” rating on shares of Verizon Communications in a research report on Saturday, October 21st. Finally, Bank of America set a $52.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a research report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $51.25.
Verizon Communications Inc. (VZ) traded up $0.60 on Friday, hitting $51.02. 6,403,143 shares of the company were exchanged, compared to its average volume of 15,631,791. The company has a debt-to-equity ratio of 4.05, a quick ratio of 1.02 and a current ratio of 1.07. The stock has a market capitalization of $206,746.06, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 4.76 and a beta of 0.57. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.98. The company had revenue of $31.70 billion for the quarter, compared to the consensus estimate of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The firm’s revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.01 earnings per share. research analysts predict that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.63%. Verizon Communications’s payout ratio is 60.51%.
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Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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