EP Wealth Advisors LLC cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 5.3% during the 4th quarter, HoldingsChannel reports. The fund owned 246,559 shares of the cell phone carrier’s stock after selling 13,678 shares during the quarter. Verizon Communications accounts for approximately 1.1% of EP Wealth Advisors LLC’s holdings, making the stock its 26th largest position. EP Wealth Advisors LLC’s holdings in Verizon Communications were worth $13,862,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Verizon Communications by 1.3% during the third quarter. Vanguard Group Inc. now owns 303,821,942 shares of the cell phone carrier’s stock worth $16,221,053,000 after buying an additional 3,957,224 shares in the last quarter. Vanguard Group Inc grew its stake in Verizon Communications by 1.3% during the third quarter. Vanguard Group Inc now owns 303,821,942 shares of the cell phone carrier’s stock worth $16,221,053,000 after buying an additional 3,957,224 shares in the last quarter. BlackRock Inc. grew its stake in Verizon Communications by 8.4% during the fourth quarter. BlackRock Inc. now owns 299,574,099 shares of the cell phone carrier’s stock worth $16,842,056,000 after buying an additional 23,309,257 shares in the last quarter. Capital World Investors grew its stake in Verizon Communications by 9.9% during the third quarter. Capital World Investors now owns 71,733,981 shares of the cell phone carrier’s stock worth $3,829,877,000 after buying an additional 6,485,041 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Verizon Communications by 4.0% during the fourth quarter. Bank of New York Mellon Corp now owns 57,437,652 shares of the cell phone carrier’s stock worth $3,229,145,000 after buying an additional 2,195,292 shares in the last quarter. Institutional investors and hedge funds own 65.56% of the company’s stock.
A number of equities research analysts have issued reports on VZ shares. Royal Bank of Canada reiterated a “neutral” rating and set a $57.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. Bank of America set a $64.00 price objective on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Goldman Sachs Group reissued a “buy” rating and issued a $65.00 target price on shares of Verizon Communications in a report on Tuesday, April 23rd. UBS Group cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 target price for the company. in a report on Thursday, May 30th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Saturday, May 11th. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $58.20.
In related news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $56.06, for a total value of $75,624.94. Following the completion of the transaction, the executive vice president now owns 28,077 shares in the company, valued at approximately $1,573,996.62. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Anthony T. Skiadas sold 6,134 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $57.11, for a total transaction of $350,312.74. Following the completion of the transaction, the senior vice president now owns 20,000 shares of the company’s stock, valued at approximately $1,142,200. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,181 shares of company stock valued at $587,143. 0.03% of the stock is owned by company insiders.
VZ stock opened at $58.28 on Friday. The stock has a market capitalization of $241.03 billion, a PE ratio of 12.37, a P/E/G ratio of 2.84 and a beta of 0.50. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.87 and a quick ratio of 0.83. Verizon Communications Inc. has a 12 month low of $47.13 and a 12 month high of $61.58.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, April 23rd. The cell phone carrier reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. The firm had revenue of $32.13 billion during the quarter, compared to analysts’ expectations of $32.13 billion. Verizon Communications had a net margin of 12.20% and a return on equity of 35.40%. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.17 earnings per share. As a group, analysts anticipate that Verizon Communications Inc. will post 4.75 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be issued a $0.6025 dividend. The ex-dividend date is Tuesday, July 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.14%. Verizon Communications’s dividend payout ratio (DPR) is currently 51.17%.
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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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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