Lincoln Capital Corp raised its stake in Verizon Communications Inc. (NYSE:VZ) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,312 shares of the cell phone carrier’s stock after acquiring an additional 660 shares during the period. Verizon Communications accounts for approximately 2.5% of Lincoln Capital Corp’s portfolio, making the stock its 15th largest position. Lincoln Capital Corp’s holdings in Verizon Communications were worth $2,976,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Verizon Communications by 1.4% during the second quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock worth $18,527,217,000 after purchasing an additional 4,562,510 shares in the last quarter. BlackRock Inc. raised its holdings in Verizon Communications by 1.7% during the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after purchasing an additional 5,319,802 shares in the last quarter. Northern Trust Corp raised its holdings in Verizon Communications by 1.5% during the second quarter. Northern Trust Corp now owns 53,708,472 shares of the cell phone carrier’s stock worth $3,068,366,000 after purchasing an additional 785,670 shares in the last quarter. Morgan Stanley raised its holdings in Verizon Communications by 5.0% during the second quarter. Morgan Stanley now owns 34,002,255 shares of the cell phone carrier’s stock worth $1,942,547,000 after purchasing an additional 1,627,183 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in Verizon Communications by 6,712.8% during the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock worth $1,691,184,000 after purchasing an additional 29,167,876 shares in the last quarter. Institutional investors own 65.55% of the company’s stock.
VZ has been the subject of several analyst reports. Guggenheim increased their price target on shares of Verizon Communications from $65.00 to $69.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a report on Tuesday, August 27th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a report on Monday, September 2nd. Moffett Nathanson set a $57.00 target price on shares of Verizon Communications and gave the company a “hold” rating in a report on Friday, October 25th. Finally, ValuEngine raised shares of Verizon Communications from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Verizon Communications has an average rating of “Hold” and a consensus target price of $62.69.
In other news, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $56.01, for a total value of $75,557.49. Following the sale, the executive vice president now directly owns 22,681 shares in the company, valued at $1,270,362.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the sale, the chief executive officer now owns 853 shares in the company, valued at $49,260.75. The disclosure for this sale can be found here. Insiders sold 21,047 shares of company stock worth $1,219,943 over the last quarter. Company insiders own 0.03% of the company’s stock.
Verizon Communications stock traded down $1.18 during mid-day trading on Friday, reaching $59.35. The company had a trading volume of 17,467,367 shares, compared to its average volume of 13,203,746. Verizon Communications Inc. has a 1 year low of $52.28 and a 1 year high of $61.58. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.89 and a quick ratio of 0.85. The company has a market capitalization of $246.08 billion, a P/E ratio of 12.60, a P/E/G ratio of 2.97 and a beta of 0.53. The stock’s 50-day simple moving average is $60.20 and its 200-day simple moving average is $58.02.
Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.01. The company had revenue of $32.89 billion during the quarter, compared to analysts’ expectations of $32.74 billion. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period last year, the company posted $1.22 earnings per share. On average, equities analysts forecast that Verizon Communications Inc. will post 4.83 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were given a $0.615 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a dividend yield of 4.14%. Verizon Communications’s dividend payout ratio is currently 52.23%.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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