Livingston Group Asset Management CO operating as Southport Capital Management cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 9.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,988 shares of the cell phone carrier’s stock after selling 1,863 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in Verizon Communications were worth $1,043,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Verizon Communications in the 2nd quarter valued at $28,000. Lenox Wealth Advisors LLC purchased a new position in Verizon Communications in the 3rd quarter valued at $39,000. Advocacy Wealth Management Services LLC grew its position in Verizon Communications by 35.8% in the 3rd quarter. Advocacy Wealth Management Services LLC now owns 687 shares of the cell phone carrier’s stock valued at $41,000 after buying an additional 181 shares during the last quarter. WealthStone Inc. purchased a new position in Verizon Communications in the 2nd quarter valued at $45,000. Finally, Fulcrum Equity Management purchased a new position in Verizon Communications in the 3rd quarter valued at $48,000. Institutional investors and hedge funds own 65.25% of the company’s stock.
A number of equities analysts recently weighed in on VZ shares. Guggenheim lifted their price objective on shares of Verizon Communications from $65.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, October 28th. SunTrust Banks lifted their price target on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Moffett Nathanson set a $57.00 price target on Verizon Communications and gave the stock a “hold” rating in a research note on Friday, October 25th. Nomura downgraded Verizon Communications from a “buy” rating to a “neutral” rating and cut their price target for the stock from $67.00 to $65.00 in a research note on Monday, November 4th. Finally, Sanford C. Bernstein started coverage on Verizon Communications in a research note on Tuesday, October 15th. They set a “market perform” rating and a $63.00 price target for the company. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and an average price target of $63.44.
NYSE:VZ opened at $59.67 on Friday. The stock has a fifty day simple moving average of $60.63 and a 200-day simple moving average of $59.03. Verizon Communications Inc. has a 52-week low of $52.28 and a 52-week high of $62.22. The company has a market capitalization of $244.18 billion, a PE ratio of 12.67, a price-to-earnings-growth ratio of 3.72 and a beta of 0.51. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.99.
Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.01. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The firm had revenue of $32.89 billion during the quarter, compared to the consensus estimate of $32.74 billion. During the same quarter in the previous year, the company posted $1.22 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.83 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a yield of 4.12%. The ex-dividend date is Thursday, January 9th. Verizon Communications’s payout ratio is 52.23%.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $60.42, for a total value of $81,506.58. Following the completion of the sale, the executive vice president now owns 19,983 shares in the company, valued at approximately $1,207,372.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Craig L. Silliman sold 1,346 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $59.55, for a total value of $80,154.30. Following the sale, the executive vice president now owns 18,637 shares of the company’s stock, valued at approximately $1,109,833.35. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.
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.
See Also: Overbought
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.