GQ Asset Management LLC trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 90.1% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 2,394 shares of the cell phone carrier’s stock after selling 21,674 shares during the period. Verizon Communications makes up about 0.2% of GQ Asset Management LLC’s holdings, making the stock its 22nd largest holding. GQ Asset Management LLC’s holdings in Verizon Communications were worth $129,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of VZ. Danda Trouve Investment Management Inc. purchased a new position in Verizon Communications in the fourth quarter worth approximately $25,000. Lionsbridge Wealth Management LLC purchased a new position in Verizon Communications in the fourth quarter worth approximately $32,000. HighMark Wealth Management LLC acquired a new position in Verizon Communications during the fourth quarter worth $33,000. AlphaCore Capital LLC acquired a new position in Verizon Communications during the first quarter worth $35,000. Finally, Permanens Capital L.P. acquired a new position in Verizon Communications during the fourth quarter worth $37,000. Institutional investors own 65.98% of the company’s stock.
A number of research analysts have commented on VZ shares. Goldman Sachs Group upgraded Verizon Communications from a “buy” rating to a “conviction-buy” rating in a research note on Wednesday, April 1st. Raymond James upped their price target on Verizon Communications from $58.00 to $61.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Royal Bank of Canada reiterated a “hold” rating on shares of Verizon Communications in a research note on Monday, April 27th. SunTrust Banks increased their price objective on Verizon Communications from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Finally, ValuEngine cut Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, May 1st. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Verizon Communications presently has an average rating of “Hold” and an average target price of $61.44.
Verizon Communications stock traded down $0.26 during midday trading on Friday, reaching $53.71. The company’s stock had a trading volume of 1,114,845 shares, compared to its average volume of 14,904,664. Verizon Communications Inc. has a fifty-two week low of $48.84 and a fifty-two week high of $62.22. The company has a quick ratio of 0.95, a current ratio of 0.99 and a debt-to-equity ratio of 2.02. The company has a market cap of $224.53 billion, a P/E ratio of 12.15, a P/E/G ratio of 3.64 and a beta of 0.48. The business has a 50-day simple moving average of $56.53 and a 200-day simple moving average of $58.13.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, April 24th. The cell phone carrier reported $1.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.04. The company had revenue of $31.81 billion for the quarter, compared to analysts’ expectations of $32.37 billion. Verizon Communications had a return on equity of 33.26% and a net margin of 14.00%. Verizon Communications’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period last year, the firm earned $1.20 earnings per share. As a group, equities analysts forecast that Verizon Communications Inc. will post 4.77 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Monday, April 13th were issued a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.58%. The ex-dividend date was Thursday, April 9th. Verizon Communications’s payout ratio is 51.14%.
Verizon Communications declared that its Board of Directors has initiated a stock repurchase program on Thursday, February 6th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the cell phone carrier to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
Further Reading: How can investors invest in the S&P/TSX Index?
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.