Duality Advisers LP purchased a new stake in Verizon Communications Inc. (NYSE:VZ) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 71,427 shares of the cell phone carrier’s stock, valued at approximately $3,938,000.
Several other large investors have also modified their holdings of VZ. Geode Capital Management LLC grew its position in shares of Verizon Communications by 1.6% in the 1st quarter. Geode Capital Management LLC now owns 63,513,728 shares of the cell phone carrier’s stock valued at $3,406,555,000 after purchasing an additional 1,027,649 shares during the period. Capital World Investors raised its position in Verizon Communications by 6.2% in the 1st quarter. Capital World Investors now owns 54,544,125 shares of the cell phone carrier’s stock valued at $2,930,662,000 after buying an additional 3,202,996 shares during the last quarter. Capital International Investors lifted its stake in Verizon Communications by 17.4% in the 1st quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock valued at $1,892,254,000 after acquiring an additional 5,213,722 shares in the last quarter. Nuveen Asset Management LLC boosted its position in Verizon Communications by 9.7% during the 1st quarter. Nuveen Asset Management LLC now owns 27,819,680 shares of the cell phone carrier’s stock worth $1,494,751,000 after acquiring an additional 2,450,049 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Verizon Communications by 2.5% during the 1st quarter. Legal & General Group Plc now owns 26,777,937 shares of the cell phone carrier’s stock worth $1,439,500,000 after acquiring an additional 640,654 shares in the last quarter. Institutional investors own 65.23% of the company’s stock.
VZ has been the subject of several recent research reports. Moffett Nathanson restated a “hold” rating and set a $62.00 target price on shares of Verizon Communications in a report on Friday, July 24th. SunTrust Banks increased their price objective on shares of Verizon Communications from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Scotiabank lifted their target price on Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research report on Monday, July 27th. UBS Group increased their price target on Verizon Communications from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Finally, Citigroup boosted their price target on Verizon Communications from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a sell rating, sixteen 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 a consensus rating of “Hold” and a consensus target price of $62.00.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business had revenue of $30.40 billion for the quarter, compared to the consensus estimate of $29.98 billion. During the same period in the prior year, the company posted $1.23 earnings per share. Verizon Communications’s revenue was down 5.2% compared to the same quarter last year. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.78 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 10th will be issued a $0.615 dividend. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $2.46 annualized dividend and a yield of 4.28%. Verizon Communications’s dividend payout ratio is presently 51.14%.
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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