Davidson & Garrard Inc. boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 184,600 shares of the cell phone carrier’s stock after buying an additional 962 shares during the period. Verizon Communications accounts for approximately 2.5% of Davidson & Garrard Inc.’s investment portfolio, making the stock its 2nd largest position. Davidson & Garrard Inc.’s holdings in Verizon Communications were worth $10,308,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in VZ. AMP Capital Investors Ltd increased its stake in shares of Verizon Communications by 10.4% in the first quarter. AMP Capital Investors Ltd now owns 1,752,370 shares of the cell phone carrier’s stock worth $94,698,000 after buying an additional 164,905 shares during the last quarter. Avalon Advisors LLC increased its stake in shares of Verizon Communications by 49.3% in the first quarter. Avalon Advisors LLC now owns 1,037,516 shares of the cell phone carrier’s stock worth $56,109,000 after buying an additional 342,424 shares during the last quarter. State Farm Mutual Automobile Insurance Co. increased its stake in shares of Verizon Communications by 1.0% in the first quarter. State Farm Mutual Automobile Insurance Co. now owns 11,321,427 shares of the cell phone carrier’s stock worth $612,263,000 after buying an additional 115,883 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new stake in shares of Verizon Communications during the first quarter worth about $56,662,000. Finally, AMF Pensionsforsakring AB increased its stake in shares of Verizon Communications by 6.2% in the first quarter. AMF Pensionsforsakring AB now owns 3,877,936 shares of the cell phone carrier’s stock worth $209,719,000 after buying an additional 224,753 shares during the last quarter. Institutional investors and hedge funds own 63.47% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded down 0.02% during mid-day trading on Friday, reaching $50.28. 8,853,208 shares of the company were exchanged. The stock’s 50-day moving average price is $51.75 and its 200-day moving average price is $52.63. The stock has a market capitalization of $204.96 billion, a price-to-earnings ratio of 14.20 and a beta of 0.30. Verizon Communications Inc. has a 1-year low of $43.79 and a 1-year high of $56.95.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The business earned $30.53 billion during the quarter, compared to the consensus estimate of $30.95 billion. During the same period last year, the company earned $1.04 EPS. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, equities research analysts anticipate that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The business also recently announced 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. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s dividend payout ratio (DPR) is presently 65.25%.
A number of analysts have recently issued reports on VZ shares. Vetr downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $57.60 price target on the stock. in a report on Monday, October 3rd. HSBC reissued a “hold” rating and issued a $54.00 price objective on shares of Verizon Communications in a report on Wednesday, September 28th. Jefferies Group reissued a “hold” rating on shares of Verizon Communications in a report on Friday, September 2nd. Nomura reissued a “hold” rating and issued a $47.00 price objective on shares of Verizon Communications in a report on Monday, September 12th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $52.00 price objective on shares of Verizon Communications in a report on Friday, August 26th. Twenty-four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Verizon Communications presently has a consensus rating of “Hold” and an average target price of $54.44.
In related news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $54.81, for a total transaction of $36,832.32. Following the completion of the sale, the executive vice president now directly owns 11,198 shares of the company’s stock, valued at approximately $613,762.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is owned by company insiders.
Verizon Communications Company Profile
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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