Vicus Capital lessened its position in shares of Verizon Communications Inc. (NYSE:VZ) by 8.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,915 shares of the cell phone carrier’s stock after selling 2,167 shares during the quarter. Vicus Capital’s holdings in Verizon Communications were worth $1,203,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the stock. Financial Gravity Wealth Inc. bought a new stake in Verizon Communications during the first quarter valued at about $128,000. Wagner Wealth Management LLC bought a new stake in Verizon Communications during the fourth quarter valued at about $129,000. Rainier Group Investment Advisory LLC bought a new stake in Verizon Communications during the first quarter valued at about $134,000. Elmwood Wealth Management Inc. bought a new stake in Verizon Communications during the first quarter valued at about $146,000. Finally, Emerald Investment Partners LLC bought a new stake in Verizon Communications during the second quarter valued at about $174,000. Institutional investors own 64.04% of the company’s stock.
Several analysts have issued reports on VZ shares. Goldman Sachs Group raised Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price target for the company from $51.00 to $56.00 in a report on Thursday, June 21st. Deutsche Bank raised Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a report on Tuesday, June 19th. Scotiabank set a $61.00 price target on Verizon Communications and gave the company a “buy” rating in a report on Wednesday, July 25th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Wednesday, August 1st. Finally, Barclays lowered Verizon Communications from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $56.00 to $50.00 in a report on Tuesday, September 4th. Seven research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $55.42.
NYSE VZ opened at $53.73 on Friday. The stock has a market capitalization of $220.39 billion, a PE ratio of 14.37, a price-to-earnings-growth ratio of 1.94 and a beta of 0.71. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.96 and a quick ratio of 0.92. Verizon Communications Inc. has a twelve month low of $43.97 and a twelve month high of $55.90.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. The firm had revenue of $32.20 billion during the quarter, compared to analyst estimates of $31.78 billion. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.96 earnings per share. Equities research analysts predict that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th will be paid a $0.6025 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date is Tuesday, October 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.49%. Verizon Communications’s dividend payout ratio is 64.44%.
Verizon Communications 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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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