Gateway Investment Advisers LLC cut its holdings in shares of Verizon Communications (NYSE:VZ) by 5.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,116,230 shares of the cell phone carrier’s stock after selling 120,940 shares during the period. Verizon Communications makes up 1.0% of Gateway Investment Advisers LLC’s holdings, making the stock its 23rd biggest holding. Gateway Investment Advisers LLC owned 0.05% of Verizon Communications worth $112,012,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. Beach Investment Management LLC. bought a new position in shares of Verizon Communications during the 2nd quarter valued at $4,320,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in Verizon Communications in the 2nd quarter worth $1,340,000. Camden National Bank lifted its position in shares of Verizon Communications by 0.7% in the 2nd quarter. Camden National Bank now owns 4,972 shares of the cell phone carrier’s stock worth $222,000 after purchasing an additional 37 shares during the period. GW Henssler & Associates Ltd. lifted its position in shares of Verizon Communications by 4.4% in the 2nd quarter. GW Henssler & Associates Ltd. now owns 39,546 shares of the cell phone carrier’s stock worth $1,766,000 after purchasing an additional 1,656 shares during the period. Finally, Bernzott Capital Advisors lifted its position in shares of Verizon Communications by 2.3% in the 2nd quarter. Bernzott Capital Advisors now owns 109,846 shares of the cell phone carrier’s stock worth $4,906,000 after purchasing an additional 2,424 shares during the period. 64.00% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Anthony T. Skiadas sold 6,967 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $49.80, for a total transaction of $346,956.60. Following the sale, the senior vice president now owns 16,059 shares of the company’s stock, valued at approximately $799,738.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is owned by company insiders.
Several equities research analysts have recently commented on the stock. Vetr cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $52.49 target price for the company. in a research report on Tuesday. HSBC raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Wednesday, March 28th. Guggenheim initiated coverage on shares of Verizon Communications in a report on Tuesday, March 13th. They issued a “buy” rating and a $58.00 target price for the company. Zacks Investment Research lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, March 12th. Finally, Moffett Nathanson upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $54.24.
VZ stock opened at $47.48 on Friday. The stock has a market cap of $197,853.31, a price-to-earnings ratio of 12.70, a PEG ratio of 1.95 and a beta of 0.64. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.54. Verizon Communications has a one year low of $42.80 and a one year high of $54.77.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $0.86 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.02). Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The company had revenue of $33.96 billion during the quarter, compared to analysts’ expectations of $33.20 billion. During the same period in the previous year, the business earned $0.86 earnings per share. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. analysts predict that Verizon Communications will post 4.54 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, April 9th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.97%. Verizon Communications’s payout ratio is 63.10%.
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Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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