Pictet Asset Management Holding SA grew its holdings in Verizon Communications Inc. (NYSE:VZ – Free Report) by 3.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,726,171 shares of the cell phone carrier’s stock after acquiring an additional 80,001 shares during the period. Pictet Asset Management Holding SA owned about 0.07% of Verizon Communications worth $115,426,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Strengthening Families & Communities LLC raised its position in Verizon Communications by 490.0% in the fourth quarter. Strengthening Families & Communities LLC now owns 649 shares of the cell phone carrier’s stock valued at $26,000 after purchasing an additional 539 shares during the period. Robinswood Financial LLC purchased a new stake in shares of Verizon Communications in the first quarter worth about $27,000. Lam Group Inc. acquired a new stake in shares of Verizon Communications in the first quarter valued at about $28,000. EQ Wealth Advisors LLC acquired a new stake in shares of Verizon Communications in the fourth quarter valued at about $29,000. Finally, Sarver Vrooman Wealth Advisors raised its holdings in shares of Verizon Communications by 173.0% during the 4th quarter. Sarver Vrooman Wealth Advisors now owns 707 shares of the cell phone carrier’s stock valued at $29,000 after buying an additional 448 shares during the period. Institutional investors and hedge funds own 62.06% of the company’s stock.
Verizon Communications Stock Performance
Verizon Communications stock opened at $48.15 on Tuesday. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.60 and a quick ratio of 0.57. Verizon Communications Inc. has a 12 month low of $38.39 and a 12 month high of $51.68. The company has a fifty day moving average price of $45.35 and a two-hundred day moving average price of $47.11. The company has a market cap of $200.05 billion, a PE ratio of 12.54, a P/E/G ratio of 1.35 and a beta of 0.25.
Verizon Communications Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were given a dividend of $0.7075 per share. This represents a $2.83 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend was Friday, July 10th. Verizon Communications’s dividend payout ratio is currently 73.70%.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the company. Scotiabank boosted their price target on Verizon Communications from $51.50 to $52.50 and gave the stock a “sector outperform” rating in a research report on Monday, July 27th. Wells Fargo & Company boosted their target price on shares of Verizon Communications from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, July 27th. Royal Bank Of Canada raised their price target on shares of Verizon Communications from $46.00 to $47.00 and gave the company a “sector perform” rating in a report on Monday, July 27th. Barclays boosted their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the stock an “equal weight” rating in a report on Monday, July 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Verizon Communications in a research note on Friday, May 29th. Nine investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat.com, Verizon Communications currently has a consensus rating of “Hold” and an average price target of $50.84.
Check Out Our Latest Stock Analysis on Verizon Communications
Verizon Communications Profile
Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.
The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.
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