Altavista Wealth Management Inc. decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 1.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,576 shares of the cell phone carrier’s stock after selling 270 shares during the period. Altavista Wealth Management Inc.’s holdings in Verizon Communications were worth $885,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. State Street Corp boosted its stake in Verizon Communications by 3.4% in the fourth quarter. State Street Corp now owns 166,049,068 shares of the cell phone carrier’s stock worth $8,863,705,000 after buying an additional 5,406,022 shares in the last quarter. Northern Trust Corp raised its position in shares of Verizon Communications by 1.1% in the third quarter. Northern Trust Corp now owns 50,072,612 shares of the cell phone carrier’s stock worth $2,602,775,000 after buying an additional 547,624 shares during the last quarter. FMR LLC raised its position in shares of Verizon Communications by 17.9% in the fourth quarter. FMR LLC now owns 48,743,437 shares of the cell phone carrier’s stock worth $2,601,925,000 after buying an additional 7,388,078 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Verizon Communications by 19.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 29,966,112 shares of the cell phone carrier’s stock worth $1,557,638,000 after buying an additional 4,982,419 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in shares of Verizon Communications by 20.0% in the third quarter. Nordea Investment Management AB now owns 23,807,665 shares of the cell phone carrier’s stock worth $1,237,522,000 after buying an additional 3,960,191 shares during the last quarter. Institutional investors and hedge funds own 63.38% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 2.44% during trading on Friday, reaching $47.23. 26,352,797 shares of the company’s stock were exchanged. Verizon Communications Inc. has a 52 week low of $46.01 and a 52 week high of $56.95. The firm has a market capitalization of $192.54 billion, a PE ratio of 14.71 and a beta of 0.43. The company’s 50-day moving average price is $49.32 and its 200 day moving average price is $49.96. Verizon Communications also saw some unusual options trading on Tuesday. Stock investors purchased 42,074 call options on the company. This is an increase of 391% compared to the typical volume of 8,574 call options.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.98 by $0.03. The company had revenue of $29.81 billion for the quarter, compared to the consensus estimate of $30.41 billion. Verizon Communications had a net margin of 10.42% and a return on equity of 72.75%. The firm’s revenue was down 7.3% compared to the same quarter last year. During the same period in the previous year, the business posted $1.06 earnings per share. Analysts predict that Verizon Communications Inc. will post $3.81 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 1st. Shareholders of record on Monday, April 10th will be issued a dividend of $0.5775 per share. The ex-dividend date of this dividend is Thursday, April 6th. This represents a $2.31 annualized dividend and a yield of 4.77%. Verizon Communications’s dividend payout ratio is currently 71.74%.
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A number of equities analysts recently commented on the stock. Citigroup Inc raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $52.25 to $53.38 in a research note on Tuesday, January 3rd. Drexel Hamilton reissued a “buy” rating and issued a $54.00 price objective on shares of Verizon Communications in a research note on Tuesday, January 24th. Vetr raised Verizon Communications from a “sell” rating to a “hold” rating and set a $52.16 price target on the stock in a research report on Monday, January 9th. FBR & Co downgraded Verizon Communications from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $57.00 to $52.00 in a research report on Wednesday, January 25th. Finally, Goldman Sachs Group Inc reduced their price target on Verizon Communications from $54.00 to $51.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 24th. One investment analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $54.23.
In other news, EVP Roger Gurnani sold 10,804 shares of the business’s stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $50.29, for a total transaction of $543,333.16. Following the completion of the transaction, the executive vice president now directly owns 63,734 shares in the company, valued at approximately $3,205,182.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Anthony T. Skiadas sold 12,495 shares of the business’s stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $48.27, for a total value of $603,133.65. Following the transaction, the senior vice president now owns 16,058 shares of the company’s stock, valued at $775,119.66. The disclosure for this sale can be found here. Insiders have sold a total of 56,163 shares of company stock valued at $2,786,879 over the last 90 days. Corporate insiders own 0.10% 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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