Destination Wealth Management raised its position in Verizon Communications Inc. (NYSE:VZ) by 2.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 255,959 shares of the cell phone carrier’s stock after buying an additional 7,240 shares during the period. Destination Wealth Management’s holdings in Verizon Communications were worth $12,667,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the stock. Bbva Compass Bancshares Inc. boosted its holdings in shares of Verizon Communications by 18.8% during the 2nd quarter. Bbva Compass Bancshares Inc. now owns 87,519 shares of the cell phone carrier’s stock worth $3,909,000 after purchasing an additional 13,865 shares during the last quarter. Terril Brothers Inc. boosted its holdings in shares of Verizon Communications by 2.5% during the 2nd quarter. Terril Brothers Inc. now owns 33,326 shares of the cell phone carrier’s stock worth $1,488,000 after purchasing an additional 826 shares during the last quarter. Kornitzer Capital Management Inc. KS boosted its holdings in shares of Verizon Communications by 0.5% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 995,245 shares of the cell phone carrier’s stock worth $44,448,000 after purchasing an additional 4,685 shares during the last quarter. Honkamp Krueger Financial Services Inc. boosted its holdings in shares of Verizon Communications by 11.4% during the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 68,263 shares of the cell phone carrier’s stock worth $3,049,000 after purchasing an additional 6,965 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in shares of Verizon Communications by 1.4% during the 2nd quarter. CIBC Asset Management Inc now owns 507,427 shares of the cell phone carrier’s stock worth $22,615,000 after purchasing an additional 6,938 shares during the last quarter. Institutional investors own 63.31% of the company’s stock.
Several research analysts have recently weighed in on VZ shares. SunTrust Banks restated a “hold” rating and set a $50.00 target price on shares of Verizon Communications in a report on Friday, October 20th. Bank of America set a $52.00 target price on Verizon Communications and gave the stock a “buy” rating in a report on Friday, October 20th. KeyCorp restated a “hold” rating on shares of Verizon Communications in a report on Saturday, October 21st. Macquarie restated a “hold” rating and set a $52.00 target price on shares of Verizon Communications in a report on Sunday, October 22nd. Finally, ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Monday, October 23rd. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have issued a buy rating to the stock. Verizon Communications has a consensus rating of “Hold” and a consensus price target of $53.37.
Verizon Communications Inc. (NYSE VZ) opened at $50.11 on Tuesday. Verizon Communications Inc. has a twelve month low of $42.80 and a twelve month high of $54.77. The company has a market capitalization of $204,420.00, a P/E ratio of 6.81, a P/E/G ratio of 2.03 and a beta of 0.58. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.91 and a quick ratio of 0.87.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The business had revenue of $33.96 billion during the quarter, compared to analyst estimates of $33.20 billion. During the same quarter in the prior year, the company posted $0.86 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. equities analysts anticipate that Verizon Communications Inc. will post 4.54 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date was Tuesday, January 9th. Verizon Communications’s payout ratio is 32.07%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $47.41, for a total value of $28,920.10. Following the sale, the executive vice president now owns 3,269 shares of the company’s stock, valued at $154,983.29. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.13% of the stock is owned by insiders.
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Verizon Communications 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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