Old Mutual Global Investors UK Ltd. increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 58.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 249,848 shares of the cell phone carrier’s stock after purchasing an additional 92,578 shares during the quarter. Old Mutual Global Investors UK Ltd.’s holdings in Verizon Communications were worth $11,158,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its holdings in Verizon Communications by 52.6% during the 2nd quarter. Principal Financial Group Inc. now owns 9,014,846 shares of the cell phone carrier’s stock valued at $402,604,000 after buying an additional 3,107,054 shares in the last quarter. State Street Corp grew its holdings in Verizon Communications by 1.2% during the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock valued at $8,195,661,000 after buying an additional 2,066,816 shares in the last quarter. Harbour Capital Advisors LLC grew its holdings in Verizon Communications by 3,914.3% during the 2nd quarter. Harbour Capital Advisors LLC now owns 1,310,548 shares of the cell phone carrier’s stock valued at $29,345,000 after buying an additional 1,277,901 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Verizon Communications by 7.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 19,403,560 shares of the cell phone carrier’s stock valued at $866,563,000 after buying an additional 1,277,604 shares in the last quarter. Finally, Flossbach Von Storch AG grew its holdings in Verizon Communications by 139.2% during the 2nd quarter. Flossbach Von Storch AG now owns 1,982,895 shares of the cell phone carrier’s stock valued at $88,556,000 after buying an additional 1,153,770 shares in the last quarter. Hedge funds and other institutional investors own 63.37% of the company’s stock.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $48.62, for a total value of $29,658.20. Following the completion of the sale, the executive vice president now directly owns 5,989 shares of the company’s stock, valued at approximately $291,185.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 1,830 shares of company stock valued at $88,609 over the last ninety days. Corporate insiders own 0.13% of the company’s stock.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.98. The business had revenue of $31.70 billion during the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period last year, the company earned $1.01 EPS. analysts expect that Verizon Communications Inc. will post 3.77 earnings per share for the current year.
VZ has been the subject of several research analyst reports. KeyCorp restated a “hold” rating on shares of Verizon Communications in a report on Saturday, October 21st. Cowen restated a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a report on Tuesday, September 19th. Macquarie restated a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a report on Sunday, October 22nd. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, Bank of America set a $52.00 price target on Verizon Communications and gave the company a “buy” rating in a report on Friday, October 20th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications presently has an average rating of “Hold” and an average target price of $51.25.
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Verizon Communications Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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