Lansforsakringar Fondforvaltning AB publ increased its position in Verizon Communications Inc. (NYSE:VZ – Free Report) by 3.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,450,129 shares of the cell phone carrier’s stock after purchasing an additional 73,159 shares during the period. Verizon Communications comprises about 0.6% of Lansforsakringar Fondforvaltning AB publ’s investment portfolio, making the stock its 20th biggest holding. Lansforsakringar Fondforvaltning AB publ’s holdings in Verizon Communications were worth $122,996,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the business. Bigelow Investment Advisors LLC boosted its position in shares of Verizon Communications by 7.9% in the first quarter. Bigelow Investment Advisors LLC now owns 16,628 shares of the cell phone carrier’s stock worth $835,000 after buying an additional 1,224 shares during the period. SageGuard Financial Group LLC boosted its position in Verizon Communications by 24.0% during the 1st quarter. SageGuard Financial Group LLC now owns 10,454 shares of the cell phone carrier’s stock worth $525,000 after acquiring an additional 2,026 shares during the period. Next Level Private LLC grew its stake in Verizon Communications by 64.2% during the 1st quarter. Next Level Private LLC now owns 21,034 shares of the cell phone carrier’s stock valued at $1,056,000 after acquiring an additional 8,221 shares in the last quarter. 3Chopt Investment Partners LLC increased its holdings in shares of Verizon Communications by 11.0% in the 1st quarter. 3Chopt Investment Partners LLC now owns 9,906 shares of the cell phone carrier’s stock valued at $497,000 after purchasing an additional 979 shares during the period. Finally, Tred Avon Family Wealth LLC increased its holdings in shares of Verizon Communications by 11.7% in the 1st quarter. Tred Avon Family Wealth LLC now owns 36,275 shares of the cell phone carrier’s stock valued at $1,821,000 after purchasing an additional 3,796 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.
Verizon Communications Stock Down 5.1%
Shares of Verizon Communications stock opened at $44.15 on Tuesday. The firm has a market cap of $184.35 billion, a price-to-earnings ratio of 10.77, a P/E/G ratio of 1.13 and a beta of 0.24. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.64 and a quick ratio of 0.61. Verizon Communications Inc. has a 52-week low of $38.39 and a 52-week high of $51.68. The stock has a 50-day simple moving average of $46.88 and a 200-day simple moving average of $45.89.
Verizon Communications Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be paid a dividend of $0.7075 per share. The ex-dividend date is Friday, July 10th. This represents a $2.83 annualized dividend and a dividend yield of 6.4%. Verizon Communications’s dividend payout ratio is 69.02%.
Key Headlines Impacting Verizon Communications
Here are the key news stories impacting Verizon Communications this week:
- Positive Sentiment: Verizon and BT Group announced a 50:50 joint venture to combine their international enterprise operations, which could strengthen Verizon’s global connectivity offering and improve its long-term competitiveness. Reuters article on BT, Verizon announce joint venture for international enterprise units
- Neutral Sentiment: Wall Street commentary notes that the BT-Verizon deal could simplify Verizon’s international operations and better position the company for multinational enterprise customers, but the benefit is likely longer term. WSJ article on BT, Verizon to Form International Joint Venture
- Negative Sentiment: Verizon was removed from the Dow Jones Industrial Average, creating index rebalancing pressure and likely heavy selling from passive funds tracking the benchmark. MSN article on Dow Jones S&P indices replaces Verizon with Alphabet
- Negative Sentiment: Reports that Verizon expects an estimated second-quarter loss tied to asset reclassification and restructuring charges added to concerns about earnings quality and near-term profitability. Seeking Alpha article on Verizon reclassifies assets, expects estimated Q2 loss
- Negative Sentiment: Broader telecom weakness was also amplified by speculation that SpaceX/Starlink could eventually challenge legacy wireless carriers, increasing competitive pressure on Verizon. Barron’s article on SpaceX might bring mobile phone to market
Wall Street Analysts Forecast Growth
VZ has been the subject of several research reports. Weiss Ratings restated a “buy (b)” rating on shares of Verizon Communications in a report on Friday, May 29th. Citigroup upped their price objective on shares of Verizon Communications from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Raymond James Financial reiterated an “outperform” rating and issued a $56.00 target price on shares of Verizon Communications in a research report on Thursday, March 12th. Freedom Capital raised shares of Verizon Communications to a “hold” rating in a research note on Friday, June 12th. Finally, Scotiabank upgraded shares of Verizon Communications from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the company from $50.25 to $54.50 in a report on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.59.
View Our Latest Stock Report on VZ
About Verizon Communications
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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