World Asset Management Inc lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 6.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 368,925 shares of the cell phone carrier’s stock after selling 26,045 shares during the period. Verizon Communications makes up about 0.7% of World Asset Management Inc’s portfolio, making the stock its 20th biggest holding. World Asset Management Inc’s holdings in Verizon Communications were worth $19,527,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. Capital Research Global Investors grew its position in Verizon Communications by 15.1% during the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after purchasing an additional 20,070,391 shares during the period. FMR LLC grew its position in Verizon Communications by 15.0% during the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after purchasing an additional 8,077,275 shares during the period. Vanguard Group Inc. grew its position in shares of Verizon Communications by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock valued at $12,634,070,000 after acquiring an additional 5,837,702 shares during the period. Stifel Financial Corp grew its position in shares of Verizon Communications by 7,639.8% during the 3rd quarter. Stifel Financial Corp now owns 3,877,541 shares of the cell phone carrier’s stock valued at $191,847,000 after acquiring an additional 3,827,442 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of Verizon Communications by 19.9% during the 2nd quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock valued at $974,515,000 after acquiring an additional 3,623,182 shares during the period. Hedge funds and other institutional investors own 63.98% of the company’s stock.
Verizon Communications stock traded up $0.27 during mid-day trading on Monday, reaching $48.56. The company had a trading volume of 25,633,256 shares, compared to its average volume of 18,255,805. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.54. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.77. The firm has a market cap of $200,453.94, a PE ratio of 6.60, a price-to-earnings-growth ratio of 1.97 and a beta of 0.68.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.02). Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The business had revenue of $33.96 billion during the quarter, compared to analysts’ expectations of $33.20 billion. During the same period last year, the business earned $0.86 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. equities research analysts anticipate that Verizon Communications Inc. will post 4.55 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Shareholders of record on Tuesday, April 10th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.86%. The ex-dividend date is Monday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is 32.07%.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 6,967 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $49.80, for a total value of $346,956.60. Following the transaction, the senior vice president now directly owns 16,059 shares of the company’s stock, valued at approximately $799,738.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.13% of the company’s stock.
VZ has been the topic of a number of analyst reports. Scotiabank upgraded Verizon Communications from a “sector perform” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Monday, January 22nd. Scotia Howard Weill upgraded Verizon Communications from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, January 22nd. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research report on Tuesday, February 13th. Moffett Nathanson cut Verizon Communications from a “buy” rating to a “neutral” rating in a research report on Tuesday, January 16th. Finally, Wells Fargo upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research report on Monday, November 20th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $53.69.
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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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