TradeLink Capital LLC Acquires New Holdings in Verizon Communications Inc. (NYSE:VZ)

TradeLink Capital LLC acquired a new stake in Verizon Communications Inc. (NYSE:VZ) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 8,800 shares of the cell phone carrier’s stock, valued at approximately $485,000. Verizon Communications accounts for about 2.0% of TradeLink Capital LLC’s portfolio, making the stock its 17th biggest position.

A number of other large investors also recently modified their holdings of the stock. Geode Capital Management LLC lifted its stake in Verizon Communications by 1.6% in the 1st quarter. Geode Capital Management LLC now owns 63,513,728 shares of the cell phone carrier’s stock valued at $3,406,555,000 after purchasing an additional 1,027,649 shares during the last quarter. Capital World Investors lifted its stake in Verizon Communications by 6.2% in the 1st quarter. Capital World Investors now owns 54,544,125 shares of the cell phone carrier’s stock valued at $2,930,662,000 after purchasing an additional 3,202,996 shares during the last quarter. Capital International Investors lifted its stake in Verizon Communications by 17.4% in the 1st quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock valued at $1,892,254,000 after purchasing an additional 5,213,722 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in Verizon Communications by 9.7% in the 1st quarter. Nuveen Asset Management LLC now owns 27,819,680 shares of the cell phone carrier’s stock valued at $1,494,751,000 after purchasing an additional 2,450,049 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Verizon Communications by 2.5% in the 1st quarter. Legal & General Group Plc now owns 26,777,937 shares of the cell phone carrier’s stock valued at $1,439,500,000 after purchasing an additional 640,654 shares during the last quarter. 65.23% of the stock is owned by institutional investors and hedge funds.

NYSE:VZ opened at $57.48 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.94. The stock has a market capitalization of $237.85 billion, a price-to-earnings ratio of 11.93, a PEG ratio of 3.53 and a beta of 0.45. The firm has a fifty day simple moving average of $55.64 and a two-hundred day simple moving average of $56.51. Verizon Communications Inc. has a 12 month low of $48.84 and a 12 month high of $62.22.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. The business had revenue of $30.40 billion during the quarter, compared to analysts’ expectations of $29.98 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period last year, the company posted $1.23 earnings per share. Equities analysts predict that Verizon Communications Inc. will post 4.79 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 10th will be issued a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date is Thursday, July 9th. Verizon Communications’s payout ratio is 51.14%.

Several equities analysts have recently issued reports on the stock. Moffett Nathanson reaffirmed a “hold” rating and set a $62.00 price target on shares of Verizon Communications in a research note on Friday, July 24th. SunTrust Banks raised their price target on shares of Verizon Communications from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Scotiabank raised their price target on shares of Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research note on Monday, July 27th. Barclays reaffirmed a “hold” rating and set a $54.00 price target on shares of Verizon Communications in a research note on Friday, April 17th. Finally, Morgan Stanley dropped their price target on shares of Verizon Communications from $61.00 to $60.00 and set an “equal weight” rating for the company in a research note on Friday, April 17th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications currently has a consensus rating of “Hold” and an average price target of $62.00.

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: Federal Reserve

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).

Institutional Ownership by Quarter for Verizon Communications (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.