BDO Wealth Advisors LLC increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 10.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,490 shares of the cell phone carrier’s stock after acquiring an additional 1,110 shares during the quarter. BDO Wealth Advisors LLC’s holdings in Verizon Communications were worth $569,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Verizon Communications by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after buying an additional 5,837,702 shares in the last quarter. Capital Research Global Investors lifted its position in Verizon Communications by 15.1% during the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock valued at $6,851,202,000 after purchasing an additional 20,070,391 shares during the period. FMR LLC lifted its position in Verizon Communications by 15.0% during the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock valued at $2,761,466,000 after purchasing an additional 8,077,275 shares during the period. Legal & General Group Plc lifted 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 period. Finally, Franklin Resources Inc. lifted 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 period. 63.31% of the stock is currently owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE VZ) traded down $0.47 during trading hours on Tuesday, reaching $49.64. The company’s stock had a trading volume of 4,703,320 shares, compared to its average volume of 18,480,891. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.77. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.91 and a quick ratio of 0.87. The company has a market cap of $202,010.00, a P/E ratio of 6.74, a PEG ratio of 2.03 and a beta of 0.58.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The company had revenue of $33.96 billion for the quarter, compared to analysts’ expectations of $33.20 billion. During the same period last year, the company posted $0.86 EPS. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. sell-side analysts forecast that Verizon Communications Inc. will post 4.54 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th were issued a $0.59 dividend. The ex-dividend date was Tuesday, January 9th. This represents a $2.36 annualized dividend and a dividend yield of 4.75%. Verizon Communications’s payout ratio is currently 32.07%.
A number of analysts have recently commented on VZ shares. Nomura raised Verizon Communications from a “neutral” rating to a “buy” rating and upped their price target for the company from $47.00 to $61.00 in a research note on Tuesday, December 12th. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $54.80 price target for the company in a research note on Monday, February 5th. KeyCorp reissued a “hold” rating on shares of Verizon Communications in a research note on Saturday, October 21st. Macquarie reissued a “hold” rating and set a $52.00 target price on shares of Verizon Communications in a research note on Sunday, October 22nd. Finally, ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the company. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $53.37.
In other Verizon Communications 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 value of $28,920.10. Following the sale, the executive vice president now owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.13% of the company’s stock.
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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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