Oppenheimer & Co. Inc. reduced its position in Verizon Communications Inc. (NYSE:VZ) by 3.7% during the first quarter, Holdings Channel reports. The institutional investor owned 434,075 shares of the cell phone carrier’s stock after selling 16,754 shares during the period. Verizon Communications accounts for 0.6% of Oppenheimer & Co. Inc.’s portfolio, making the stock its 27th largest position. Oppenheimer & Co. Inc.’s holdings in Verizon Communications were worth $21,161,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Huff W R Asset Management Co. LLC DE increased its stake in Verizon Communications by 17.5% in the fourth quarter. Huff W R Asset Management Co. LLC DE now owns 86,642 shares of the cell phone carrier’s stock worth $4,625,000 after buying an additional 12,918 shares in the last quarter. Excalibur Management Corp raised its position in Verizon Communications by 5.7% in the first quarter. Excalibur Management Corp now owns 123,976 shares of the cell phone carrier’s stock worth $6,044,000 after buying an additional 6,723 shares during the last quarter. Beutel Goodman & Co Ltd. raised its position in Verizon Communications by 6.8% in the first quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock worth $179,129,000 after buying an additional 277,129 shares during the last quarter. Edge Wealth Management LLC raised its position in Verizon Communications by 1.4% in the first quarter. Edge Wealth Management LLC now owns 283,113 shares of the cell phone carrier’s stock worth $13,824,000 after buying an additional 3,887 shares during the last quarter. Finally, Congress Asset Management Co. MA bought a new position in Verizon Communications during the fourth quarter worth approximately $8,037,000. 62.35% of the stock is owned by institutional investors and hedge funds.
Verizon Communications Inc. (NYSE:VZ) traded down 0.1370% on Friday, hitting $47.9542. The company’s stock had a trading volume of 2,838,605 shares. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83. The firm has a 50 day moving average of $45.48 and a 200 day moving average of $47.37. The firm has a market cap of $195.62 billion, a price-to-earnings ratio of 12.3276 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.96. The business had revenue of $30.55 billion during the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 earnings per share. Equities research analysts forecast that Verizon Communications Inc. will post $3.79 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were given a dividend of $0.5775 per share. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date of this dividend was Thursday, July 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 59.23%.
A number of equities analysts have recently commented on the company. Argus lowered Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. Zacks Investment Research lowered Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, April 25th. Instinet reaffirmed a “neutral” rating and issued a $46.00 price target (down from $47.00) on shares of Verizon Communications in a report on Sunday, April 23rd. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $48.00 price target on shares of Verizon Communications in a report on Sunday, July 9th. Two equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $27,450.00. Following the transaction, the executive vice president now directly owns 8,429 shares of the company’s stock, valued at $379,305. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 1,830 shares of company stock worth $84,229. Corporate insiders own 0.13% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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