1832 Asset Management L.P. Decreases Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

1832 Asset Management L.P. lessened its holdings in Verizon Communications Inc. (NYSE:VZFree Report) by 5.8% in the fourth quarter, Holdings Channel reports. The firm owned 122,850 shares of the cell phone carrier’s stock after selling 7,572 shares during the period. 1832 Asset Management L.P.’s holdings in Verizon Communications were worth $4,631,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in VZ. Vanguard Group Inc. increased its holdings in Verizon Communications by 0.3% during the third quarter. Vanguard Group Inc. now owns 351,625,025 shares of the cell phone carrier’s stock worth $11,396,167,000 after buying an additional 930,367 shares during the last quarter. Norges Bank bought a new stake in Verizon Communications in the 4th quarter valued at about $1,882,164,000. Northern Trust Corp lifted its holdings in Verizon Communications by 4.7% during the third quarter. Northern Trust Corp now owns 44,621,839 shares of the cell phone carrier’s stock valued at $1,446,194,000 after purchasing an additional 2,015,139 shares during the last quarter. FMR LLC boosted its position in Verizon Communications by 17.0% during the third quarter. FMR LLC now owns 28,400,326 shares of the cell phone carrier’s stock worth $920,455,000 after purchasing an additional 4,134,150 shares during the period. Finally, Capital Research Global Investors increased its stake in shares of Verizon Communications by 92.9% in the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after purchasing an additional 10,882,873 shares in the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on VZ. Oppenheimer reissued an “outperform” rating and set a $48.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. Tigress Financial raised their target price on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Wells Fargo & Company cut their price target on shares of Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 23rd. Finally, Royal Bank of Canada lifted their price objective on shares of Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 2nd. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $44.77.

View Our Latest Analysis on Verizon Communications

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $40.94 on Friday. The firm has a market cap of $172.33 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 3.00 and a beta of 0.42. The company’s fifty day simple moving average is $40.27 and its two-hundred day simple moving average is $39.76. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 1.42. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $43.42.

Verizon Communications (NYSE:VZGet Free Report) last announced its quarterly earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The company had revenue of $33 billion for the quarter, compared to the consensus estimate of $33.23 billion. During the same quarter in the previous year, the business earned $1.20 EPS. Verizon Communications’s revenue was up .3% compared to the same quarter last year. As a group, equities analysts expect that Verizon Communications Inc. will post 4.6 EPS for the current year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be issued a $0.665 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $2.66 annualized dividend and a yield of 6.50%. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Verizon Communications Company Profile

(Free Report)

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

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

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