Gabelli Funds LLC Sells 41,800 Shares of Verizon Communications Inc. (VZ)

Gabelli Funds LLC reduced its position in Verizon Communications Inc. (NYSE:VZ) by 1.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,296,111 shares of the cell phone carrier’s stock after selling 41,800 shares during the quarter. Verizon Communications accounts for approximately 0.6% of Gabelli Funds LLC’s investment portfolio, making the stock its 25th largest holding. Gabelli Funds LLC owned approximately 0.06% of Verizon Communications worth $102,544,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Franklin Parlapiano Turner & Welch LLC bought a new position in Verizon Communications in the first quarter worth about $136,000. American Beacon Advisors Inc. bought a new position in Verizon Communications in the first quarter worth about $140,000. Proficio Capital Partners LLC raised its holdings in Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after purchasing an additional 1,841 shares in the last quarter. Camarda Financial Advisors LLC raised its holdings in Verizon Communications by 11.3% in the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after purchasing an additional 382 shares in the last quarter. Finally, Asset Advisors Corp raised its holdings in Verizon Communications by 2.5% in the second quarter. Asset Advisors Corp now owns 4,085 shares of the cell phone carrier’s stock worth $182,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 62.09% of the company’s stock.

In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $48.62, for a total transaction of $29,658.20. Following the completion of the transaction, the executive vice president now directly owns 5,989 shares of the company’s stock, valued at approximately $291,185.18. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last ninety days, insiders have sold 1,830 shares of company stock valued at $89,365. Corporate insiders own 0.13% of the company’s stock.

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Verizon Communications Inc. (VZ) opened at $44.22 on Wednesday. The company has a debt-to-equity ratio of 4.05, a quick ratio of 1.02 and a current ratio of 1.07. The firm has a market capitalization of $183,085.31, a P/E ratio of 11.97, a PEG ratio of 4.22 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 announced its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98. The business had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.01 EPS. research analysts anticipate that Verizon Communications Inc. will post 3.77 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 5.34%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date was Friday, October 6th. Verizon Communications’s dividend payout ratio is presently 60.51%.

A number of brokerages have commented on VZ. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a report on Thursday, October 12th. TheStreet upgraded shares of Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Cowen and Company reiterated a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a report on Friday, July 28th. Robert W. Baird reiterated a “hold” rating and issued a $49.00 target price on shares of Verizon Communications in a report on Wednesday, October 4th. Finally, ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Monday, October 23rd. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Verizon Communications presently has an average rating of “Hold” and an average target price of $52.75.

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

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