Verizon Communications Inc. (VZ) Position Cut by Liberty Capital Management Inc.
Liberty Capital Management Inc. reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.9% during the third quarter, Holdings Channel reports. The fund owned 48,264 shares of the cell phone carrier’s stock after selling 3,050 shares during the period. Verizon Communications comprises 1.6% of Liberty Capital Management Inc.’s portfolio, making the stock its 20th largest position. Liberty Capital Management Inc.’s holdings in Verizon Communications were worth $2,474,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in VZ. Hancock Holding Co. raised its position in shares of Verizon Communications by 3.0% in the first quarter. Hancock Holding Co. now owns 247,592 shares of the cell phone carrier’s stock valued at $13,390,000 after buying an additional 7,295 shares during the last quarter. Mariner Wealth Advisors LLC raised its position in shares of Verizon Communications by 43.5% in the first quarter. Mariner Wealth Advisors LLC now owns 67,431 shares of the cell phone carrier’s stock valued at $3,646,000 after buying an additional 20,433 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Verizon Communications by 1.7% in the first quarter. Wellington Management Group LLP now owns 71,688,221 shares of the cell phone carrier’s stock valued at $3,876,898,000 after buying an additional 1,174,260 shares during the last quarter. Ironwood Investment Counsel LLC raised its position in shares of Verizon Communications by 9.1% in the first quarter. Ironwood Investment Counsel LLC now owns 19,413 shares of the cell phone carrier’s stock valued at $1,049,000 after buying an additional 1,621 shares during the last quarter. Finally, Simmons Bank bought a new position in shares of Verizon Communications during the first quarter valued at approximately $8,354,000. 62.41% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.31% during trading on Tuesday, reaching $50.96. The company’s stock had a trading volume of 11,532,765 shares. The company has a market capitalization of $207.75 billion, a P/E ratio of 14.85 and a beta of 0.38. The company’s 50-day moving average is $48.57 and its 200-day moving average is $51.88. Verizon Communications Inc. has a 1-year low of $43.79 and a 1-year high of $56.95.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, October 20th. The cell phone carrier reported $1.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.02. The company had revenue of $30.90 billion for the quarter, compared to analyst estimates of $31.08 billion. Verizon Communications had a return on equity of 78.75% and a net margin of 10.97%. Verizon Communications’s revenue was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.04 earnings per share. Equities analysts anticipate that Verizon Communications Inc. will post $3.90 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th were issued a $0.0125 dividend. This represents a $0.05 annualized dividend and a yield of 0.10%. The ex-dividend date of this dividend was Wednesday, October 5th. Verizon Communications’s dividend payout ratio (DPR) is 67.15%.
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VZ has been the topic of several research reports. Imperial Capital downgraded shares of Verizon Communications from an “outperform” rating to an “in-line” rating and increased their price target for the stock from $50.00 to $60.00 in a report on Tuesday, August 2nd. Vetr reiterated a “buy” rating on shares of Verizon Communications in a report on Wednesday, August 10th. Jefferies Group reiterated a “hold” rating on shares of Verizon Communications in a report on Saturday, August 6th. Barclays PLC reiterated an “equal weight” rating and issued a $52.00 price target on shares of Verizon Communications in a report on Friday, August 26th. Finally, Nomura reiterated a “hold” rating and issued a $47.00 price target on shares of Verizon Communications in a report on Monday, September 12th. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $54.61.
In other news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction on Wednesday, October 26th. The stock was sold at an average price of $47.76, for a total value of $32,094.72. Following the sale, the executive vice president now directly owns 9,182 shares in the company, valued at $438,532.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Craig L. Silliman sold 668 shares of the company’s stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $49.29, for a total value of $32,925.72. Following the completion of the sale, the executive vice president now owns 6,047 shares in the company, valued at $298,056.63. The disclosure for this sale can be found here. 0.10% of the stock is owned by insiders.
Verizon Communications Company Profile
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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