LSV Asset Management Increases Position in Verizon Communications Inc. (VZ)

LSV Asset Management boosted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 4.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,782,963 shares of the cell phone carrier’s stock after acquiring an additional 667,636 shares during the period. Verizon Communications accounts for approximately 1.1% of LSV Asset Management’s investment portfolio, making the stock its 10th biggest position. LSV Asset Management owned about 0.36% of Verizon Communications worth $706,921,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in VZ. Mackenzie Financial Corp grew its stake in shares of Verizon Communications by 2,886.8% in the 4th quarter. Mackenzie Financial Corp now owns 11,717,907 shares of the cell phone carrier’s stock valued at $620,229,000 after buying an additional 11,325,589 shares during the period. Boston Partners grew its stake in shares of Verizon Communications by 1,252.0% in the 4th quarter. Boston Partners now owns 7,986,475 shares of the cell phone carrier’s stock valued at $422,724,000 after buying an additional 7,395,776 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Verizon Communications by 14.1% in the 4th quarter. Bank of New York Mellon Corp now owns 48,749,993 shares of the cell phone carrier’s stock valued at $2,580,337,000 after buying an additional 6,007,544 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of Verizon Communications in the 4th quarter valued at approximately $182,955,000. Finally, American Century Companies Inc. grew its stake in shares of Verizon Communications by 34.2% in the 1st quarter. American Century Companies Inc. now owns 9,725,699 shares of the cell phone carrier’s stock valued at $465,083,000 after buying an additional 2,481,128 shares during the period. 63.72% of the stock is owned by institutional investors.

VZ has been the subject of several analyst reports. Zacks Investment Research cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, March 12th. Guggenheim initiated coverage on shares of Verizon Communications in a research note on Tuesday, March 13th. They issued a “buy” rating and a $58.00 price target for the company. Vetr raised shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $53.82 price target for the company in a research note on Tuesday, March 20th. 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 note on Wednesday, March 28th. 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 note on Monday, April 23rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eighteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $54.62.

In other Verizon Communications news, SVP Anthony T. Skiadas sold 1,974 shares of the stock in a transaction that occurred on Tuesday, May 1st. The shares were sold at an average price of $49.44, for a total transaction of $97,594.56. Following the sale, the senior vice president now directly owns 16,060 shares in the company, valued at approximately $794,006.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.09% of the stock is owned by corporate insiders.

Verizon Communications opened at $51.48 on Friday, MarketBeat reports. The company has a market cap of $209.29 billion, a price-to-earnings ratio of 13.76, a price-to-earnings-growth ratio of 1.76 and a beta of 0.65. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.77. The company has a current ratio of 0.98, a quick ratio of 0.94 and a debt-to-equity ratio of 2.15.

Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, April 24th. The cell phone carrier reported $1.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.06. The company had revenue of $31.77 billion for the quarter, compared to analyst estimates of $31.25 billion. Verizon Communications had a net margin of 24.37% and a return on equity of 42.62%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.95 EPS. equities analysts expect that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 1st. Shareholders of record on Tuesday, July 10th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, July 9th. This represents a $2.36 dividend on an annualized basis and a yield of 4.58%. Verizon Communications’s dividend payout ratio (DPR) 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.

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply