Thomaspartners Inc. grew its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 4.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,852,630 shares of the cell phone carrier’s stock after acquiring an additional 278,045 shares during the period. Verizon Communications comprises approximately 2.4% of Thomaspartners Inc.’s holdings, making the stock its 11th largest position. Thomaspartners Inc. owned about 0.17% of Verizon Communications worth $327,693,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of VZ. Earnest Partners LLC bought a new position in Verizon Communications in the 4th quarter worth $103,000. Exane Derivatives purchased a new stake in Verizon Communications in the 4th quarter worth $103,000. Stelac Advisory Services LLC purchased a new stake in Verizon Communications in the 4th quarter worth $111,000. Wagner Wealth Management LLC purchased a new stake in Verizon Communications in the 4th quarter worth $129,000. Finally, IFG Advisory LLC purchased a new stake in Verizon Communications in the 4th quarter worth $2,055,000. 63.68% of the stock is owned by hedge funds and other institutional investors.
Shares of Verizon Communications opened at $48.50 on Wednesday, according to Marketbeat Ratings. The company has a debt-to-equity ratio of 2.15, a quick ratio of 0.94 and a current ratio of 0.98. The stock has a market cap of $198.39 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 1.67 and a beta of 0.63. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.77.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, April 24th. The cell phone carrier reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.06. The firm had revenue of $31.77 billion for the quarter, compared to analysts’ expectations of $31.25 billion. Verizon Communications had a net margin of 24.37% and a return on equity of 42.62%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 EPS. sell-side analysts expect that Verizon Communications Inc. will post 4.57 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 1st. Investors of record on Tuesday, July 10th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.87%. The ex-dividend date is Monday, July 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 63.10%.
In related news, SVP Anthony T. Skiadas sold 1,974 shares of the stock in a transaction dated Tuesday, May 1st. The shares were sold at an average price of $49.44, for a total value of $97,594.56. Following the sale, the senior vice president now directly owns 16,060 shares of the company’s stock, valued at approximately $794,006.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.09% of the company’s stock.
VZ has been the topic of several research analyst reports. SunTrust Banks upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, April 25th. They noted that the move was a valuation call. UBS Group upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 25th. Vetr cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $54.24 price target on the stock. in a research note on Tuesday, March 6th. Moffett Nathanson upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 28th. Finally, HSBC upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Wednesday, March 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seventeen have issued a buy rating to the stock. Verizon Communications presently has a consensus rating of “Buy” and an average price target of $54.55.
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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