Brookstone Capital Management decreased its position in Verizon Communications Inc. (NYSE:VZ) by 8.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 145,830 shares of the cell phone carrier’s stock after selling 13,220 shares during the period. Brookstone Capital Management’s holdings in Verizon Communications were worth $7,337,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in VZ. Financial Gravity Wealth Inc. purchased a new stake in shares of Verizon Communications during the first quarter valued at $128,000. Rainier Group Investment Advisory LLC purchased a new stake in shares of Verizon Communications during the first quarter valued at $134,000. Elmwood Wealth Management Inc. purchased a new stake in shares of Verizon Communications during the first quarter valued at $146,000. Emerald Investment Partners LLC purchased a new stake in shares of Verizon Communications during the second quarter valued at $174,000. Finally, Clarus Wealth Advisors purchased a new stake in shares of Verizon Communications during the second quarter valued at $182,000. Institutional investors and hedge funds own 64.11% of the company’s stock.
Shares of VZ stock opened at $54.90 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.92 and a debt-to-equity ratio of 2.04. Verizon Communications Inc. has a fifty-two week low of $43.97 and a fifty-two week high of $55.90. The stock has a market capitalization of $225.59 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 2.17 and a beta of 0.71.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.06. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The company had revenue of $32.20 billion for the quarter, compared to analyst estimates of $31.78 billion. During the same period in the prior year, the firm posted $0.96 EPS. The business’s revenue was up 5.4% compared to the same quarter last year. Equities research analysts expect that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th will be given a $0.6025 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 annualized dividend and a yield of 4.39%. The ex-dividend date is Tuesday, October 9th. Verizon Communications’s dividend payout ratio is presently 64.44%.
Several equities research analysts have recently commented on VZ shares. Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $56.00 to $50.00 in a report on Tuesday, September 4th. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating in a report on Monday, August 6th. Moffett Nathanson reissued a “neutral” rating and set a $56.00 price target on shares of Verizon Communications in a research report on Tuesday, September 4th. Scotiabank set a $61.00 price target on Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, July 25th. Finally, Credit Suisse Group initiated coverage on Verizon Communications in a research report on Tuesday, July 10th. They set an “outperform” rating and a $58.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $55.42.
About Verizon Communications
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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