Newport Wealth Strategies Inc. Takes $200,000 Position in Verizon Communications Inc. (NYSE:VZ)

Newport Wealth Strategies Inc. bought a new stake in Verizon Communications Inc. (NYSE:VZ) during the 3rd quarter, Holdings Channel reports. The fund bought 3,319 shares of the cell phone carrier’s stock, valued at approximately $200,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Centaurus Financial Inc. boosted its stake in shares of Verizon Communications by 18.2% in the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Krane Funds Advisors LLC bought a new position in shares of Verizon Communications in the 2nd quarter valued at about $25,000. Global Trust Asset Management LLC boosted its stake in shares of Verizon Communications by 271.2% in the 2nd quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after purchasing an additional 13,966 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Verizon Communications in the 2nd quarter valued at approximately $28,000. Finally, Shine Investment Advisory Services Inc. acquired a new stake in shares of Verizon Communications in the 2nd quarter valued at approximately $29,000. 65.42% of the stock is currently owned by institutional investors.

Shares of NYSE:VZ traded up $0.12 during mid-day trading on Wednesday, reaching $59.22. The stock had a trading volume of 10,626,363 shares, compared to its average volume of 13,403,706. The firm has a market cap of $244.44 billion, a PE ratio of 12.57, a price-to-earnings-growth ratio of 2.99 and a beta of 0.53. The firm has a 50 day simple moving average of $58.95 and a two-hundred day simple moving average of $57.82. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $61.58.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $32.07 billion for the quarter, compared to the consensus estimate of $32.42 billion. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. Verizon Communications’s revenue for the quarter was down .4% on a year-over-year basis. During the same period last year, the company posted $1.20 EPS. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.81 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a dividend of $0.615 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a yield of 4.15%. The ex-dividend date is Wednesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.

A number of analysts recently weighed in on VZ shares. ValuEngine downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Nomura set a $65.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, September 18th. SunTrust Banks increased their price target on shares of Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup set a $62.00 price target on shares of Verizon Communications and gave the company a “hold” rating in a research report on Tuesday, September 10th. Finally, Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Monday, September 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and a consensus price target of $61.81.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $56.55, for a total transaction of $76,285.95. Following the sale, the executive vice president now directly owns 24,030 shares in the company, valued at approximately $1,358,896.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the sale, the chief executive officer now owns 853 shares in the company, valued at $49,260.75. The disclosure for this sale can be found here. Insiders have sold a total of 21,047 shares of company stock worth $1,214,722 over the last 90 days. Corporate insiders own 0.03% of the company’s stock.

Verizon Communications Company 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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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

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