Letko Brosseau & Associates Inc. Has $273,527,000 Position in Verizon Communications Inc. (VZ)
Letko Brosseau & Associates Inc. lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,898,404 shares of the cell phone carrier’s stock after selling 82,458 shares during the period. Verizon Communications accounts for approximately 2.6% of Letko Brosseau & Associates Inc.’s holdings, making the stock its 14th largest position. Letko Brosseau & Associates Inc. owned approximately 0.12% of Verizon Communications worth $273,527,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in VZ. Narwhal Capital Management raised its stake in Verizon Communications by 0.6% in the first quarter. Narwhal Capital Management now owns 93,045 shares of the cell phone carrier’s stock valued at $5,032,000 after buying an additional 600 shares during the period. Carroll Financial Associates Inc. raised its stake in Verizon Communications by 9.1% in the first quarter. Carroll Financial Associates Inc. now owns 27,518 shares of the cell phone carrier’s stock valued at $1,488,000 after buying an additional 2,297 shares during the period. Cohen Lawrence B raised its stake in Verizon Communications by 13.1% in the first quarter. Cohen Lawrence B now owns 52,575 shares of the cell phone carrier’s stock valued at $2,843,000 after buying an additional 6,110 shares during the period. Rosenbaum Jay D. acquired a new stake in Verizon Communications during the first quarter valued at about $551,000. Finally, Moreno Evelyn V raised its stake in Verizon Communications by 3.3% in the first quarter. Moreno Evelyn V now owns 98,761 shares of the cell phone carrier’s stock valued at $5,341,000 after buying an additional 3,175 shares during the period. 63.47% of the stock is currently owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.02% during mid-day trading on Friday, hitting $50.28. 8,853,208 shares of the stock were exchanged. Verizon Communications Inc. has a 12 month low of $43.79 and a 12 month high of $56.95. The stock has a market cap of $204.96 billion, a price-to-earnings ratio of 14.20 and a beta of 0.30. The company has a 50-day moving average price of $51.75 and a 200-day moving average price of $52.63.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.02. The company had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. Verizon Communications’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.04 earnings per share. Equities analysts expect that Verizon Communications Inc. will post $3.89 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be given a $0.0125 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio is currently 65.25%.
VZ has been the subject of a number of research reports. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Monday, June 27th. Robert W. Baird reissued a “neutral” rating and set a $54.00 price target on shares of Verizon Communications in a research report on Tuesday, June 28th. Citigroup Inc. reissued a “neutral” rating on shares of Verizon Communications in a research report on Wednesday, June 29th. Macquarie reissued a “neutral” rating and set a $55.00 price target on shares of Verizon Communications in a research report on Wednesday, July 6th. Finally, Oppenheimer Holdings Inc. reissued an “outperform” rating on shares of Verizon Communications in a research report on Friday, July 8th. Twenty-four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $54.44.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $54.81, for a total transaction of $36,832.32. Following the completion of the sale, the executive vice president now directly owns 11,198 shares in the company, valued at $613,762.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.10% of the stock is owned by corporate insiders.
About Verizon Communications
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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