Verizon Communications Inc. (VZ) Shares Bought by Welch Group LLC

Welch Group LLC increased its stake in Verizon Communications Inc. (NYSE:VZ) by 12.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 334,735 shares of the cell phone carrier’s stock after purchasing an additional 36,071 shares during the period. Verizon Communications makes up approximately 2.5% of Welch Group LLC’s portfolio, making the stock its 29th biggest holding. Welch Group LLC’s holdings in Verizon Communications were worth $14,949,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. State Street Corp grew its position in Verizon Communications by 1.2% during the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock valued at $8,195,661,000 after acquiring an additional 2,066,816 shares during the last quarter. Legal & General Group Plc grew its position in Verizon Communications by 3.7% during the second quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock valued at $1,065,488,000 after acquiring an additional 848,043 shares during the last quarter. Federated Investors Inc. PA grew its position in Verizon Communications by 4.8% during the second quarter. Federated Investors Inc. PA now owns 20,896,007 shares of the cell phone carrier’s stock valued at $933,215,000 after acquiring an additional 956,578 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Verizon Communications by 7.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 19,403,560 shares of the cell phone carrier’s stock valued at $866,563,000 after acquiring an additional 1,277,604 shares during the last quarter. Finally, Macquarie Group Ltd. grew its position in Verizon Communications by 2.1% during the first quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock valued at $753,262,000 after acquiring an additional 318,586 shares during the last quarter. Institutional investors own 63.19% of the company’s stock.

Verizon Communications Inc. (NYSE:VZ) opened at $47.10 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05. The company has a market capitalization of $192,140.00, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 4.34 and a beta of 0.55. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.98. The firm had revenue of $31.70 billion during the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. Verizon Communications’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.01 EPS. equities research analysts forecast that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 5.01%. The ex-dividend date was Friday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s payout ratio is currently 60.51%.

In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $48.62, for a total value of $29,658.20. Following the completion of the transaction, the executive vice president now owns 5,989 shares of the company’s stock, valued at approximately $291,185.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 1,830 shares of company stock valued at $89,365. 0.13% of the stock is owned by insiders.

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A number of brokerages have commented on VZ. Wells Fargo & Company upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research report on Monday. ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Monday, October 23rd. Macquarie reiterated a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a research report on Sunday, October 22nd. KeyCorp reiterated a “hold” rating on shares of Verizon Communications in a research report on Saturday, October 21st. Finally, Bank of America Corporation set a $52.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a research report on Friday, October 20th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $51.25.

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.

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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