Spreng Capital Management Inc. trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,371 shares of the cell phone carrier’s stock after selling 1,300 shares during the quarter. Verizon Communications makes up about 3.6% of Spreng Capital Management Inc.’s portfolio, making the stock its 6th biggest holding. Spreng Capital Management Inc.’s holdings in Verizon Communications were worth $3,829,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of VZ. Nordea Investment Management AB increased its holdings in Verizon Communications by 94.9% in the 2nd quarter. Nordea Investment Management AB now owns 20,863,824 shares of the cell phone carrier’s stock worth $1,135,410,000 after acquiring an additional 10,157,152 shares in the last quarter. Mn Services Vermogensbeheer B.V. acquired a new stake in Verizon Communications during the 2nd quarter worth $184,333,000. FIL Ltd boosted its stake in Verizon Communications by 150.8% during the 2nd quarter. FIL Ltd now owns 5,500,094 shares of the cell phone carrier’s stock worth $303,221,000 after purchasing an additional 3,307,291 shares during the last quarter. Laidlaw Wealth Management LLC boosted its stake in Verizon Communications by 6,131.5% during the 2nd quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock worth $36,000 after purchasing an additional 1,935,783 shares during the last quarter. Finally, Achmea Investment Management B.V. acquired a new stake in Verizon Communications during the 2nd quarter worth $66,154,000. 64.85% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have issued reports on VZ. Argus raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research note on Tuesday, September 8th. Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research note on Tuesday, August 11th. Wolfe Research started coverage on shares of Verizon Communications in a research report on Monday, October 19th. They set a “peer perform” rating and a $62.00 price target on the stock. Credit Suisse Group reissued a “hold” rating and set a $61.00 price target on shares of Verizon Communications in a research report on Thursday, July 2nd. Finally, UBS Group boosted their price target on shares of Verizon Communications from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $62.23.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Wednesday, October 21st. The cell phone carrier reported $1.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.03. The business had revenue of $31.50 billion during the quarter, compared to the consensus estimate of $31.60 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The company’s revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.25 earnings per share. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.77 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 9th will be issued a $0.6275 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 annualized dividend and a dividend yield of 4.33%. The ex-dividend date is Thursday, October 8th. Verizon Communications’s dividend payout ratio is presently 52.18%.
Verizon Communications Company Profile
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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