Brighton Jones LLC cut its stake in Verizon Communications Inc. (NYSE:VZ) by 11.9% during the second quarter, Holdings Channel reports. The institutional investor owned 19,607 shares of the cell phone carrier’s stock after selling 2,661 shares during the period. Brighton Jones LLC’s holdings in Verizon Communications were worth $1,095,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Emerald Acquisition Ltd. acquired a new position in shares of Verizon Communications during the second quarter worth approximately $297,331,000. Canada Pension Plan Investment Board raised its position in shares of Verizon Communications by 102.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,912,820 shares of the cell phone carrier’s stock worth $319,765,000 after buying an additional 2,985,510 shares during the period. Adage Capital Partners GP L.L.C. raised its position in shares of Verizon Communications by 45.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 6,069,655 shares of the cell phone carrier’s stock worth $328,247,000 after buying an additional 1,885,482 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of Verizon Communications by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 108,614,434 shares of the cell phone carrier’s stock worth $5,873,869,000 after buying an additional 1,582,173 shares during the period. Finally, Lazard Asset Management LLC raised its position in shares of Verizon Communications by 104.6% in the first quarter. Lazard Asset Management LLC now owns 3,054,161 shares of the cell phone carrier’s stock worth $165,168,000 after buying an additional 1,561,110 shares during the period. 63.47% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.27% during trading on Friday, reaching $51.98. The company’s stock had a trading volume of 13,077,552 shares. The company’s 50 day moving average price is $52.45 and its 200-day moving average price is $52.83. Verizon Communications Inc. has a 1-year low of $43.24 and a 1-year high of $56.95. The stock has a market cap of $211.89 billion, a P/E ratio of 14.68 and a beta of 0.26.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.02. The firm had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The business’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.04 earnings per share. Equities analysts forecast that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a $0.0125 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 annualized dividend and a yield of 0.10%. Verizon Communications’s dividend payout ratio is 63.84%.
A number of research analysts have recently commented on VZ shares. Jefferies Group reissued a “hold” rating on shares of Verizon Communications in a report on Monday, September 19th. Vetr lowered Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price target on the stock. in a report on Thursday, September 22nd. Drexel Hamilton reissued an “in-line” rating on shares of Verizon Communications in a report on Wednesday, July 27th. Oppenheimer Holdings Inc. lowered Verizon Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 20th. They noted that the move was a valuation call. Finally, Imperial Capital lowered Verizon Communications from an “outperform” rating to an “in-line” rating and raised their price target for the company from $50.00 to $60.00 in a report on Tuesday, August 2nd. Twenty-four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $54.48.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $52.76, for a total value of $35,454.72. Following the sale, the executive vice president now owns 10,526 shares in the company, valued at $555,351.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is owned by company insiders.
About Verizon Communications
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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