Advisors Asset Management Inc. lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,270,218 shares of the cell phone carrier’s stock after selling 15,657 shares during the period. Verizon Communications accounts for approximately 1.1% of Advisors Asset Management Inc.’s holdings, making the stock its 6th biggest position. Advisors Asset Management Inc.’s holdings in Verizon Communications were worth $63,905,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Financial Gravity Wealth Inc. acquired a new position in Verizon Communications in the first quarter worth about $128,000. Arvest Bank Trust Division grew its stake in Verizon Communications by 44.3% in the first quarter. Arvest Bank Trust Division now owns 209,217 shares of the cell phone carrier’s stock worth $10,004,000 after purchasing an additional 64,276 shares in the last quarter. Keating Investment Counselors Inc. grew its stake in Verizon Communications by 13.3% in the first quarter. Keating Investment Counselors Inc. now owns 164,050 shares of the cell phone carrier’s stock worth $7,845,000 after purchasing an additional 19,291 shares in the last quarter. Financial Advocates Investment Management grew its stake in Verizon Communications by 15.7% in the first quarter. Financial Advocates Investment Management now owns 50,767 shares of the cell phone carrier’s stock worth $2,428,000 after purchasing an additional 6,906 shares in the last quarter. Finally, Private Ocean LLC grew its stake in Verizon Communications by 208.1% in the first quarter. Private Ocean LLC now owns 7,304 shares of the cell phone carrier’s stock worth $349,000 after purchasing an additional 4,933 shares in the last quarter. Hedge funds and other institutional investors own 64.17% of the company’s stock.
Shares of VZ stock opened at $60.30 on Monday. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.97 and a quick ratio of 0.93. Verizon Communications Inc. has a 52 week low of $46.08 and a 52 week high of $61.58. The company has a market capitalization of $248.92 billion, a price-to-earnings ratio of 16.12, a P/E/G ratio of 2.62 and a beta of 0.46.
VZ has been the subject of a number of research reports. Bank of America reiterated a “buy” rating and issued a $58.00 price target on shares of Verizon Communications in a research note on Monday, October 22nd. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. ValuEngine downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Scotiabank set a $62.00 price target on Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, October 24th. Finally, JPMorgan Chase & Co. lifted their target price on Verizon Communications from $59.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, October 24th. Seven equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $56.22.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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