Viking Fund Management LLC raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 29.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 157,000 shares of the cell phone carrier’s stock after buying an additional 36,000 shares during the period. Viking Fund Management LLC’s holdings in Verizon Communications were worth $7,012,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Sentinel Trust Co. LBA increased its stake in shares of Verizon Communications by 94.7% in the second quarter. Sentinel Trust Co. LBA now owns 64,075 shares of the cell phone carrier’s stock worth $2,861,000 after buying an additional 31,166 shares during the last quarter. Reilly Financial Advisors LLC increased its stake in Verizon Communications by 3.1% in the second quarter. Reilly Financial Advisors LLC now owns 237,064 shares of the cell phone carrier’s stock worth $10,587,000 after buying an additional 7,113 shares in the last quarter. Harvey Capital Management Inc. increased its stake in Verizon Communications by 4.4% in the second quarter. Harvey Capital Management Inc. now owns 11,915 shares of the cell phone carrier’s stock worth $532,000 after buying an additional 500 shares in the last quarter. Kessler Investment Group LLC purchased a new stake in Verizon Communications during the second quarter worth about $1,690,000. Finally, Sit Investment Associates Inc. increased its stake in Verizon Communications by 2.6% in the second quarter. Sit Investment Associates Inc. now owns 1,253,129 shares of the cell phone carrier’s stock worth $55,965,000 after buying an additional 31,898 shares in the last quarter. 62.33% of the stock is owned by institutional investors.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.2783% during midday trading on Friday, reaching $47.7567. The company’s stock had a trading volume of 8,808,768 shares. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83. The company has a market cap of $194.82 billion, a PE ratio of 12.2768 and a beta of 0.56. The company’s 50-day moving average price is $45.92 and its 200-day moving average price is $47.30.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The business had revenue of $30.55 billion during the quarter, compared to analyst estimates of $29.84 billion. During the same quarter in the prior year, the business posted $0.94 EPS. Verizon Communications’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts anticipate that Verizon Communications Inc. will post $3.79 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were paid a $0.5775 dividend. The ex-dividend date was Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a yield of 4.82%. Verizon Communications’s payout ratio is presently 59.23%.
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A number of analysts have issued reports on the company. Argus downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. BidaskClub raised Verizon Communications from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Royal Bank Of Canada raised their target price on Verizon Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research report on Monday, July 31st. Finally, Cowen and Company reissued a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, twenty-two have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $52.73.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $27,450.00. Following the completion of the transaction, the executive vice president now owns 8,429 shares of the company’s stock, valued at approximately $379,305. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 1,830 shares of company stock valued at $84,229 in the last three months. Insiders own 0.13% of the company’s stock.
About Verizon Communications
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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