Mackenzie Financial Corp lifted its stake in Verizon Communications (NYSE:VZ) by 2,886.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,717,907 shares of the cell phone carrier’s stock after purchasing an additional 11,325,589 shares during the period. Verizon Communications accounts for about 1.5% of Mackenzie Financial Corp’s investment portfolio, making the stock its 12th biggest holding. Mackenzie Financial Corp owned about 0.29% of Verizon Communications worth $620,229,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently bought and sold shares of the company. Exane Derivatives purchased a new position in Verizon Communications during the 4th quarter valued at about $103,000. Stelac Advisory Services LLC purchased a new position in Verizon Communications during the 4th quarter valued at about $111,000. Delphi Private Advisors LLC purchased a new position in Verizon Communications during the 4th quarter valued at about $141,000. Tower View Investment Management & Research LLC purchased a new position in Verizon Communications during the 4th quarter valued at about $193,000. Finally, Riverbridge Partners LLC purchased a new position in Verizon Communications during the 4th quarter valued at about $201,000. 63.81% of the stock is owned by hedge funds and other institutional investors.
In other news, SVP Anthony T. Skiadas sold 1,974 shares of Verizon Communications stock in a transaction that occurred on Tuesday, May 1st. The shares were sold at an average price of $49.44, for a total value of $97,594.56. Following the completion of the sale, the senior vice president now directly owns 16,060 shares in the company, valued at $794,006.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.09% of the company’s stock.
A number of brokerages recently issued reports on VZ. JPMorgan Chase raised shares of Verizon Communications from a “neutral” rating to an “overweight” rating and set a $58.00 price target for the company in a research report on Friday, May 11th. William Blair reissued a “market perform” rating on shares of Verizon Communications in a research report on Wednesday, April 25th. SunTrust Banks raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Wednesday, April 25th. They noted that the move was a valuation call. UBS raised shares of Verizon Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 25th. Finally, Barclays raised shares of Verizon Communications from an “equal weight” rating to an “overweight” rating and set a $56.00 price target for the company in a research report on Monday, April 23rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and sixteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $54.75.
NYSE:VZ opened at $48.43 on Tuesday. The stock has a market cap of $197.07 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 1.91 and a beta of 0.62. The company has a debt-to-equity ratio of 2.15, a current ratio of 0.98 and a quick ratio of 0.94. Verizon Communications has a fifty-two week low of $42.80 and a fifty-two week high of $54.77.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, April 24th. The cell phone carrier reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.06. Verizon Communications had a net margin of 24.37% and a return on equity of 42.62%. The business had revenue of $31.77 billion during the quarter, compared to analyst estimates of $31.25 billion. During the same period last year, the business earned $0.95 EPS. Verizon Communications’s revenue was up 6.6% compared to the same quarter last year. equities research analysts expect that Verizon Communications will post 4.56 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, April 9th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.87%. Verizon Communications’s dividend payout ratio is presently 63.10%.
Verizon Communications Company 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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