BerganKDV Wealth Management LLC raised its position in Verizon Communications Inc. (NYSE:VZ) by 3.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 84,644 shares of the cell phone carrier’s stock after buying an additional 3,155 shares during the period. BerganKDV Wealth Management LLC’s holdings in Verizon Communications were worth $4,743,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the business. Berkshire Hathaway Inc lifted its position in shares of Verizon Communications by 8.3% during the first quarter. Berkshire Hathaway Inc now owns 158,824,575 shares of the cell phone carrier’s stock worth $9,235,649,000 after purchasing an additional 12,108,079 shares during the last quarter. BlackRock Inc. lifted its position in shares of Verizon Communications by 2.2% during the first quarter. BlackRock Inc. now owns 305,370,449 shares of the cell phone carrier’s stock worth $17,757,293,000 after purchasing an additional 6,619,930 shares during the last quarter. Parnassus Investments CA lifted its position in shares of Verizon Communications by 20.9% during the second quarter. Parnassus Investments CA now owns 21,062,942 shares of the cell phone carrier’s stock worth $1,180,157,000 after purchasing an additional 3,636,712 shares during the last quarter. Factorial Partners LLC lifted its position in shares of Verizon Communications by 16,166.3% during the first quarter. Factorial Partners LLC now owns 3,611,115 shares of the cell phone carrier’s stock worth $62,100,000 after purchasing an additional 3,588,915 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. bought a new position in shares of Verizon Communications during the second quarter worth about $143,979,000. 63.65% of the stock is owned by institutional investors.
In other news, EVP Craig L. Silliman sold 1,554 shares of the firm’s stock in a transaction on Wednesday, August 4th. The shares were sold at an average price of $55.57, for a total transaction of $86,355.78. Following the transaction, the executive vice president now owns 30,023 shares in the company, valued at approximately $1,668,378.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kumara Guru Gowrappan sold 14,077 shares of the firm’s stock in a transaction on Wednesday, August 11th. The shares were sold at an average price of $55.56, for a total transaction of $782,118.12. The disclosure for this sale can be found here. Insiders sold a total of 18,740 shares of company stock valued at $1,042,314 in the last ninety days. Company insiders own 0.10% of the company’s stock.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.07. Verizon Communications had a net margin of 15.05% and a return on equity of 30.00%. The firm had revenue of $33.76 billion during the quarter, compared to analysts’ expectations of $32.73 billion. During the same period last year, the firm posted $1.18 earnings per share. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. As a group, analysts predict that Verizon Communications Inc. will post 5.31 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Investors of record on Friday, October 8th will be paid a $0.64 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Thursday, October 7th. This represents a $2.56 dividend on an annualized basis and a yield of 4.69%. Verizon Communications’s dividend payout ratio (DPR) is currently 51.22%.
A number of equities analysts have issued reports on VZ shares. Redburn Partners started coverage on shares of Verizon Communications in a report on Friday, June 25th. They issued a “sell” rating and a $50.00 target price on the stock. Tigress Financial reissued a “buy” rating and issued a $67.00 target price on shares of Verizon Communications in a report on Wednesday, July 7th. Credit Suisse Group raised their target price on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, July 22nd. JPMorgan Chase & Co. raised their target price on shares of Verizon Communications from $64.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday, July 22nd. Finally, Cowen raised their target price on shares of Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a report on Thursday, July 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $61.83.
About Verizon Communications
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.
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