Inverness Counsel LLC NY trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 82.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,043 shares of the cell phone carrier’s stock after selling 246,251 shares during the quarter. Inverness Counsel LLC NY’s holdings in Verizon Communications were worth $2,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also made changes to their positions in VZ. Vantage Financial Partners Ltd. Inc. acquired a new position in Verizon Communications in the 2nd quarter worth about $623,000. Mountain Capital Investment Advisors Inc acquired a new position in Verizon Communications in the 2nd quarter worth about $156,000. Regal Wealth Group Inc. raised its holdings in Verizon Communications by 0.7% in the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after purchasing an additional 24 shares during the period. Camarda Financial Advisors LLC raised its holdings in Verizon Communications by 11.3% in the 2nd quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after purchasing an additional 382 shares during the period. Finally, M. Kraus & Co acquired a new position in Verizon Communications in the 3rd quarter worth about $201,000. Hedge funds and other institutional investors own 63.21% of the company’s stock.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the transaction, the executive vice president now owns 3,269 shares of the company’s stock, valued at $154,983.29. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.13% of the company’s stock.
A number of equities analysts have commented on VZ shares. Nomura raised Verizon Communications from a “neutral” rating to a “buy” rating and increased their target price for the company from $47.00 to $61.00 in a report on Tuesday, December 12th. KeyCorp restated a “hold” rating on shares of Verizon Communications in a research report on Saturday, October 21st. Cowen restated a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a research report on Tuesday, September 19th. Macquarie reiterated a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a research report on Sunday, October 22nd. Finally, ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Two investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications currently has an average rating of “Hold” and an average price target of $51.98.
Shares of Verizon Communications Inc. (VZ) traded down $0.25 during mid-day trading on Friday, hitting $51.86. The company’s stock had a trading volume of 17,673,452 shares, compared to its average volume of 16,230,000. The stock has a market capitalization of $211,560.00, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 4.71 and a beta of 0.57. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $53.69. The company has a debt-to-equity ratio of 4.05, a quick ratio of 1.02 and a current ratio of 1.07.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.98. The company had revenue of $31.70 billion for the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.01 earnings per share. research analysts forecast that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date of this dividend is Tuesday, January 9th. Verizon Communications’s dividend payout ratio is currently 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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