Proffitt & Goodson Inc. raised its stake in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 7.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,062 shares of the cell phone carrier’s stock after buying an additional 690 shares during the quarter. Proffitt & Goodson Inc.’s holdings in Verizon Communications were worth $513,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Verizon Communications during the fourth quarter worth approximately $1,884,917,000. Fisher Asset Management LLC increased its stake in shares of Verizon Communications by 19,095.1% during the fourth quarter. Fisher Asset Management LLC now owns 9,778,922 shares of the cell phone carrier’s stock worth $508,113,000 after buying an additional 9,727,977 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Verizon Communications by 8.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 56,847,194 shares of the cell phone carrier’s stock worth $2,953,781,000 after buying an additional 4,571,857 shares during the period. State Street Corp increased its stake in shares of Verizon Communications by 2.6% during the fourth quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock worth $8,858,320,000 after buying an additional 4,312,242 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of Verizon Communications by 244.7% during the fourth quarter. Renaissance Technologies LLC now owns 5,848,271 shares of the cell phone carrier’s stock worth $303,876,000 after buying an additional 4,151,749 shares during the period. Institutional investors and hedge funds own 63.78% of the company’s stock.
Verizon Communications Price Performance
Shares of NYSE VZ opened at $44.95 on Friday. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.76 and a quick ratio of 0.69. The stock has a fifty day moving average price of $49.40 and a 200 day moving average price of $51.01. Verizon Communications Inc. has a 1-year low of $43.76 and a 1-year high of $56.20. The company has a market cap of $188.78 billion, a PE ratio of 9.01, a P/E/G ratio of 2.16 and a beta of 0.33.
Verizon Communications Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 8th were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 5.70%. The ex-dividend date of this dividend was Thursday, July 7th. Verizon Communications’s dividend payout ratio (DPR) is currently 51.30%.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on VZ. Barclays lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 22nd. JPMorgan Chase & Co. reiterated a “hold” rating and issued a $57.00 price target on shares of Verizon Communications in a research note on Friday, June 24th. Cowen dropped their price target on shares of Verizon Communications from $71.00 to $64.00 and set an “outperform” rating on the stock in a research note on Monday, July 25th. Bank of America lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and dropped their price target for the company from $64.00 to $51.00 in a research note on Thursday, July 28th. Finally, William Blair reiterated a “market perform” rating on shares of Verizon Communications in a research note on Monday, April 25th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $56.50.
Insider Buying and Selling at Verizon Communications
In other news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total value of $80,112.36. Following the completion of the transaction, the executive vice president now owns 33,403 shares in the company, valued at $1,717,582.26. The sale was disclosed in a document filed with the SEC, which is available at this link. Over the last quarter, insiders sold 4,674 shares of company stock valued at $237,377. 0.10% of the stock is owned by company insiders.
Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.
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