Whitnell & Co. boosted its position in Verizon Communications Inc. (NYSE:VZ) by 40.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 12,601 shares of the cell phone carrier’s stock after purchasing an additional 3,660 shares during the period. Whitnell & Co.’s holdings in Verizon Communications were worth $761,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Verizon Communications by 1.4% during the second quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock worth $18,527,217,000 after purchasing an additional 4,562,510 shares during the period. BlackRock Inc. increased its holdings in shares of Verizon Communications by 1.7% during the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after purchasing an additional 5,319,802 shares during the period. Northern Trust Corp increased its holdings in shares of Verizon Communications by 1.5% during the second quarter. Northern Trust Corp now owns 53,708,472 shares of the cell phone carrier’s stock worth $3,068,366,000 after purchasing an additional 785,670 shares during the period. Morgan Stanley increased its holdings in shares of Verizon Communications by 5.0% during the second quarter. Morgan Stanley now owns 34,002,255 shares of the cell phone carrier’s stock worth $1,942,547,000 after purchasing an additional 1,627,183 shares during the period. Finally, Nuveen Asset Management LLC increased its holdings in shares of Verizon Communications by 6,712.8% during the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock worth $1,691,184,000 after purchasing an additional 29,167,876 shares during the period. Institutional investors and hedge funds own 65.55% of the company’s stock.
VZ has been the topic of several recent research reports. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Monday, September 2nd. Moffett Nathanson set a $57.00 price objective on shares of Verizon Communications and gave the company a “hold” rating in a research note on Friday, October 25th. Nomura cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $67.00 to $65.00 in a research note on Monday, November 4th. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price objective on the stock in a research note on Tuesday, August 27th. Finally, Citigroup set a $62.00 price objective on shares of Verizon Communications and gave the company a “hold” rating in a research note on Tuesday, September 10th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Verizon Communications has an average rating of “Hold” and an average price target of $62.69.
Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.01. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The firm had revenue of $32.89 billion for the quarter, compared to analyst estimates of $32.74 billion. During the same quarter last year, the business posted $1.22 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. Research analysts forecast that Verizon Communications Inc. will post 4.83 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a $0.615 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $2.46 dividend on an annualized basis and a yield of 4.14%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio (DPR) is currently 52.23%.
In other news, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the transaction, the chief executive officer now owns 853 shares in the company, valued at $49,260.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction on Monday, August 26th. The stock was sold at an average price of $56.01, for a total transaction of $75,557.49. Following the transaction, the executive vice president now owns 22,681 shares in the company, valued at approximately $1,270,362.81. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,047 shares of company stock worth $1,219,943. 0.03% of the stock is owned by company insiders.
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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