Dynamic Technology Lab Private Ltd Purchases Shares of 14,900 Verizon Communications Inc. (VZ)
Dynamic Technology Lab Private Ltd purchased a new position in Verizon Communications Inc. (NYSE:VZ) during the first quarter, Holdings Channel reports. The fund purchased 14,900 shares of the cell phone carrier’s stock, valued at approximately $726,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of VZ. Levin Capital Strategies L.P. boosted its position in shares of Verizon Communications by 1.0% in the fourth quarter. Levin Capital Strategies L.P. now owns 1,114,934 shares of the cell phone carrier’s stock valued at $59,515,000 after buying an additional 11,525 shares during the period. Huff W R Asset Management Co. LLC DE boosted its position in shares of Verizon Communications by 17.5% in the fourth quarter. Huff W R Asset Management Co. LLC DE now owns 86,642 shares of the cell phone carrier’s stock valued at $4,625,000 after buying an additional 12,918 shares during the period. Excalibur Management Corp boosted its position in shares of Verizon Communications by 5.7% in the first quarter. Excalibur Management Corp now owns 123,976 shares of the cell phone carrier’s stock valued at $6,044,000 after buying an additional 6,723 shares during the period. Beutel Goodman & Co Ltd. boosted its position in shares of Verizon Communications by 6.8% in the first quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock valued at $179,129,000 after buying an additional 277,129 shares during the period. Finally, Edge Wealth Management LLC boosted its position in shares of Verizon Communications by 1.4% in the first quarter. Edge Wealth Management LLC now owns 283,113 shares of the cell phone carrier’s stock valued at $13,824,000 after buying an additional 3,887 shares during the period. 62.35% of the stock is owned by institutional investors and hedge funds.
Verizon Communications Inc. (NYSE VZ) opened at 48.86 on Tuesday. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83. The stock has a 50 day moving average of $45.05 and a 200 day moving average of $47.46. The stock has a market capitalization of $199.30 billion, a P/E ratio of 12.56 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.96. The firm had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the company earned $0.94 EPS. On average, analysts expect that Verizon Communications Inc. will post $3.79 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were paid a $0.5775 dividend. The ex-dividend date was Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a yield of 4.73%. Verizon Communications’s payout ratio is 59.23%.
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Several research analysts recently issued reports on the stock. Argus cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, April 25th. Instinet reissued a “neutral” rating and set a $46.00 target price (down previously from $47.00) on shares of Verizon Communications in a report on Sunday, April 23rd. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $48.00 target price on shares of Verizon Communications in a report on Sunday, July 9th. Two research analysts have rated the stock with a sell rating, twenty-two have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $52.73.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total value of $27,450.00. Following the sale, the executive vice president now directly owns 8,429 shares of the company’s stock, valued at approximately $379,305. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 1,830 shares of company stock worth $84,229. 0.13% of the stock is owned by corporate insiders.
About Verizon Communications
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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