Mitchell Capital Management Co. increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 1.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,524 shares of the cell phone carrier’s stock after purchasing an additional 386 shares during the quarter. Mitchell Capital Management Co.’s holdings in Verizon Communications were worth $1,352,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in VZ. LFA Lugano Financial Advisors SA acquired a new position in Verizon Communications during the 2nd quarter worth approximately $27,000. Toth Financial Advisory Corp acquired a new position in Verizon Communications during the 2nd quarter worth approximately $34,000. AlphaCore Capital LLC acquired a new position in Verizon Communications during the 1st quarter worth approximately $35,000. Lion Street Advisors LLC acquired a new position in Verizon Communications in the 1st quarter valued at approximately $38,000. Finally, HighMark Wealth Management LLC increased its position in Verizon Communications by 52.1% in the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock valued at $43,000 after acquiring an additional 270 shares during the period. Institutional investors and hedge funds own 65.23% of the company’s stock.
Several brokerages have issued reports on VZ. Citigroup upped their price target on shares of Verizon Communications from $55.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. SunTrust Banks upped their price target on shares of Verizon Communications from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. UBS Group upped their price target on shares of Verizon Communications from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Oppenheimer restated a “buy” rating and issued a $70.00 price target on shares of Verizon Communications in a research report on Monday, July 27th. Finally, Raymond James upped their price target on shares of Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $62.00.
Shares of Verizon Communications stock opened at $57.48 on Friday. The company has a market cap of $237.85 billion, a PE ratio of 11.93, a price-to-earnings-growth ratio of 3.53 and a beta of 0.45. Verizon Communications Inc. has a 52 week low of $48.84 and a 52 week high of $62.22. The business has a 50 day moving average price of $55.64 and a 200-day moving average price of $56.51. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.94.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 EPS for the quarter, topping the consensus estimate of $1.15 by $0.03. The firm had revenue of $30.40 billion during the quarter, compared to the consensus estimate of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.23 earnings per share. As a group, research analysts anticipate that Verizon Communications Inc. will post 4.79 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 4.28%. The ex-dividend date is Thursday, July 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
Verizon Communications Company 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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