Nvwm LLC grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 9.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,510 shares of the cell phone carrier’s stock after purchasing an additional 3,156 shares during the period. Verizon Communications makes up 1.4% of Nvwm LLC’s portfolio, making the stock its 17th biggest holding. Nvwm LLC’s holdings in Verizon Communications were worth $1,962,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VZ. State Street Corp boosted its position in Verizon Communications by 0.9% during the fourth quarter. State Street Corp now owns 164,278,821 shares of the cell phone carrier’s stock valued at $10,086,720,000 after buying an additional 1,424,504 shares during the period. Geode Capital Management LLC raised its stake in shares of Verizon Communications by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 62,486,079 shares of the cell phone carrier’s stock valued at $3,829,119,000 after acquiring an additional 2,548,889 shares during the last quarter. Capital World Investors raised its stake in shares of Verizon Communications by 1.7% during the fourth quarter. Capital World Investors now owns 51,341,129 shares of the cell phone carrier’s stock valued at $3,152,345,000 after acquiring an additional 833,751 shares during the last quarter. Norges Bank bought a new position in shares of Verizon Communications during the fourth quarter valued at about $2,775,411,000. Finally, FMR LLC raised its stake in shares of Verizon Communications by 4.0% during the fourth quarter. FMR LLC now owns 44,620,912 shares of the cell phone carrier’s stock valued at $2,739,725,000 after acquiring an additional 1,704,351 shares during the last quarter. Hedge funds and other institutional investors own 65.98% of the company’s stock.
VZ stock traded down $0.05 on Friday, hitting $53.92. The company had a trading volume of 2,067,698 shares, compared to its average volume of 14,904,664. Verizon Communications Inc. has a 12-month low of $48.84 and a 12-month high of $62.22. The company has a current ratio of 0.99, a quick ratio of 0.95 and a debt-to-equity ratio of 2.02. The stock’s 50-day simple moving average is $56.53 and its 200 day simple moving average is $58.13. The stock has a market cap of $224.53 billion, a price-to-earnings ratio of 12.15, a P/E/G ratio of 3.64 and a beta of 0.48.
Verizon Communications declared that its Board of Directors has authorized a stock repurchase plan 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 plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Monday, April 13th were paid a $0.615 dividend. The ex-dividend date of this dividend was Thursday, April 9th. This represents a $2.46 annualized dividend and a dividend yield of 4.56%. Verizon Communications’s dividend payout ratio (DPR) is 51.14%.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 10,744 shares of Verizon Communications stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $57.10, for a total transaction of $613,482.40. Following the transaction, the senior vice president now owns 27,501 shares of the company’s stock, valued at $1,570,307.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.07% of the stock is owned by company insiders.
A number of research firms recently issued reports on VZ. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a research note on Thursday, January 23rd. Nomura Securities decreased their price target on shares of Verizon Communications from $65.00 to $61.00 and set a “neutral” rating for the company in a research note on Monday, March 30th. Royal Bank of Canada reissued a “hold” rating on shares of Verizon Communications in a research note on Monday, April 27th. Moffett Nathanson reissued a “hold” rating and issued a $58.00 price target on shares of Verizon Communications in a research note on Thursday, January 30th. Finally, Morgan Stanley cut their price objective on shares of Verizon Communications from $61.00 to $60.00 and set an “equal weight” rating on the stock in a report on Friday, April 17th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Verizon Communications presently has a consensus rating of “Hold” and an average target price of $61.44.
Verizon Communications Company Profile
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.
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