Gillespie Robinson & Grimm Inc. reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 14.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,977 shares of the cell phone carrier’s stock after selling 2,637 shares during the period. Gillespie Robinson & Grimm Inc.’s holdings in Verizon Communications were worth $779,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Guidant Wealth Advisors bought a new stake in shares of Verizon Communications during the third quarter worth $107,000. Sunbelt Securities Inc. bought a new stake in shares of Verizon Communications during the fourth quarter worth $115,000. Ruggie Capital Group increased its stake in shares of Verizon Communications by 0.3% in the third quarter. Ruggie Capital Group now owns 2,649 shares of the cell phone carrier’s stock worth $137,000 after buying an additional 9 shares in the last quarter. Tortoise Investment Management LLC increased its stake in shares of Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock worth $139,000 after buying an additional 680 shares in the last quarter. Finally, Northwest Quadrant Wealth Management LLC bought a new stake in shares of Verizon Communications during the fourth quarter worth $155,000. 62.53% of the stock is currently owned by institutional investors and hedge funds.
Verizon Communications Inc. (NYSE:VZ) opened at 46.63 on Friday. The stock has a market cap of $190.22 billion, a price-to-earnings ratio of 15.60 and a beta of 0.56. Verizon Communications Inc. has a 12 month low of $44.46 and a 12 month high of $56.95. The firm’s 50-day moving average price is $46.05 and its 200 day moving average price is $49.18.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by $0.03. Verizon Communications had a return on equity of 66.99% and a net margin of 9.92%. The firm had revenue of $29.81 billion for the quarter, compared to the consensus estimate of $30.41 billion. During the same period in the previous year, the company posted $1.06 EPS. Verizon Communications’s quarterly revenue was down 7.3% compared to the same quarter last year. On average, analysts anticipate that Verizon Communications Inc. will post $3.75 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be given a dividend of $0.5775 per share. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.95%. The ex-dividend date is Thursday, July 6th. Verizon Communications’s payout ratio is 77.00%.
A number of equities research analysts recently weighed in on the stock. Argus downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Zacks Investment Research downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, April 25th. Moffett Nathanson raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and raised their target price for the company from $53.00 to $54.00 in a research note on Tuesday, February 21st. Instinet reaffirmed a “neutral” rating and issued a $46.00 target price (down from $47.00) on shares of Verizon Communications in a research note on Sunday, April 23rd. Finally, Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $52.26 target price on the stock in a research note on Monday, March 27th. Twenty-seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Verizon Communications presently has a consensus rating of “Hold” and an average price target of $53.54.
In other news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $45.34, for a total transaction of $27,657.40. Following the transaction, the executive vice president now owns 9,039 shares of the company’s stock, valued at approximately $409,828.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Marni M. Walden sold 16,362 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $46.08, for a total value of $753,960.96. Following the transaction, the executive vice president now directly owns 11,797 shares in the company, valued at approximately $543,605.76. The disclosure for this sale can be found here. Insiders have sold a total of 18,192 shares of company stock worth $840,801 in the last three months. 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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