Miller Howard Investments Inc. NY trimmed its stake in Verizon Communications Inc. (NYSE:VZ) by 3.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 773,103 shares of the cell phone carrier’s stock after selling 31,502 shares during the quarter. Miller Howard Investments Inc. NY’s holdings in Verizon Communications were worth $34,527,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of VZ. State Street Corp lifted its position in shares of Verizon Communications by 1.2% in the first 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 during the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of Verizon Communications by 6.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock valued at $883,641,000 after buying an additional 1,167,752 shares during the last quarter. Retirement Systems of Alabama lifted its position in shares of Verizon Communications by 35.5% in the first quarter. Retirement Systems of Alabama now owns 3,768,615 shares of the cell phone carrier’s stock valued at $183,720,000 after buying an additional 986,786 shares during the last quarter. Beutel Goodman & Co Ltd. lifted its position in shares of Verizon Communications by 22.5% in the second quarter. Beutel Goodman & Co Ltd. now owns 5,339,889 shares of the cell phone carrier’s stock valued at $183,686,000 after buying an additional 981,409 shares during the last quarter. Finally, WINTON GROUP Ltd lifted its position in shares of Verizon Communications by 3,178.5% in the first quarter. WINTON GROUP Ltd now owns 857,040 shares of the cell phone carrier’s stock valued at $44,549,000 after buying an additional 830,899 shares during the last quarter. Hedge funds and other institutional investors own 62.33% of the company’s stock.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $48.65, for a total value of $29,676.50. Following the sale, the executive vice president now owns 7,209 shares in the company, valued at $350,717.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have sold 1,830 shares of company stock worth $86,248. Company insiders own 0.13% of the company’s stock.
A number of research firms have recently issued reports on VZ. BidaskClub raised Verizon Communications from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Royal Bank Of Canada raised their price objective on Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a research report on Monday, July 31st. Cowen and Company reaffirmed a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a research report on Friday, July 28th. Finally, Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $53.00.
Shares of Verizon Communications Inc. (VZ) traded up 1.44% during trading on Friday, hitting $47.86. The stock had a trading volume of 24,626,478 shares. The company has a market cap of $195.24 billion, a PE ratio of 12.30 and a beta of 0.57. The firm’s 50 day moving average is $47.97 and its 200 day moving average is $47.12. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.96. The firm had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 earnings per share. Equities research analysts anticipate that Verizon Communications Inc. will post $3.78 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, October 6th. This represents a $2.36 annualized dividend and a dividend yield of 4.93%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio is currently 59.23%.
About Verizon Communications
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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