Westfield Capital Management Co. LP boosted its position in Verizon Communications Inc. (NYSE:VZ) by 4,718.0% in the third quarter, HoldingsChannel reports. The firm owned 1,380,852 shares of the cell phone carrier’s stock after buying an additional 1,352,192 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Verizon Communications were worth $68,338,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Verizon Communications by 2.1% in the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after acquiring an additional 5,837,702 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Verizon Communications by 15.1% in the second quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after acquiring an additional 20,070,391 shares during the last quarter. FMR LLC grew its stake in shares of Verizon Communications by 15.0% in the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after acquiring an additional 8,077,275 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Verizon Communications by 2.7% in the third quarter. Legal & General Group Plc now owns 24,495,234 shares of the cell phone carrier’s stock worth $1,212,227,000 after acquiring an additional 636,014 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Verizon Communications by 19.9% in the second quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after acquiring an additional 3,623,182 shares during the last quarter. Institutional investors and hedge funds own 63.31% of the company’s stock.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.41, for a total value of $28,920.10. Following the transaction, the executive vice president now owns 3,269 shares of the company’s stock, valued at $154,983.29. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Anthony T. Skiadas sold 6,967 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $49.80, for a total value of $346,956.60. Following the completion of the transaction, the senior vice president now directly owns 16,059 shares in the company, valued at approximately $799,738.20. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by corporate insiders.
Verizon Communications Inc. (VZ) opened at $50.15 on Friday. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.77. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.91 and a quick ratio of 0.87. The firm has a market capitalization of $204,561.86, a PE ratio of 6.81, a price-to-earnings-growth ratio of 2.04 and a beta of 0.58.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The firm had revenue of $33.96 billion during the quarter, compared to the consensus estimate of $33.20 billion. During the same period in the prior year, the company posted $0.86 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. equities research analysts forecast that Verizon Communications Inc. will post 4.54 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date of this dividend was Tuesday, January 9th. Verizon Communications’s dividend payout ratio is 32.07%.
A number of equities research analysts have recently commented on VZ shares. Wells Fargo & Co raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research note on Monday, November 20th. Instinet increased their target price on Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, December 12th. Nomura raised Verizon Communications from a “neutral” rating to a “buy” rating and increased their target price for the stock from $47.00 to $61.00 in a research note on Tuesday, December 12th. Scotiabank raised Verizon Communications from a “sector perform” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Monday, January 22nd. Finally, Moffett Nathanson cut Verizon Communications from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $53.51.
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Verizon Communications Profile
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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