Verizon Communications Inc. (VZ) Position Increased by Lincluden Management Ltd.
Lincluden Management Ltd. boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 23.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 431,888 shares of the cell phone carrier’s stock after purchasing an additional 81,275 shares during the quarter. Verizon Communications makes up 1.7% of Lincluden Management Ltd.’s portfolio, making the stock its 15th biggest holding. Lincluden Management Ltd.’s holdings in Verizon Communications were worth $21,374,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in VZ. Vanguard Group Inc. lifted its position in Verizon Communications by 2.1% during the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock valued at $12,634,070,000 after buying an additional 5,837,702 shares during the period. Capital Research Global Investors lifted its position in Verizon Communications by 15.1% during the second quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock valued at $6,851,202,000 after buying an additional 20,070,391 shares during the period. FMR LLC lifted its position in Verizon Communications by 15.0% during the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock valued at $2,761,466,000 after buying an additional 8,077,275 shares during the period. Legal & General Group Plc lifted its position in Verizon Communications by 3.7% during the second quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock valued at $1,065,488,000 after buying an additional 848,043 shares during the period. Finally, Franklin Resources Inc. lifted its position in Verizon Communications by 19.9% during the second quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock valued at $974,515,000 after buying an additional 3,623,182 shares during the period. Institutional investors and hedge funds own 63.22% of the company’s stock.
VZ has been the subject of several recent research reports. Macquarie reissued a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research report on Sunday, October 22nd. SunTrust Banks reaffirmed a “hold” rating and issued a $50.00 price target on shares of Verizon Communications in a research report on Friday, October 20th. Moffett Nathanson reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. Wells Fargo & Co raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research report on Monday, November 20th. Finally, Instinet lifted their price target on Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, December 12th. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $51.98.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.98. The business had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 EPS. equities research analysts anticipate that Verizon Communications Inc. will post 3.77 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be paid a dividend of $0.59 per share. The ex-dividend date is Tuesday, January 9th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.57%. Verizon Communications’s dividend payout ratio is currently 60.51%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the completion of the sale, the executive vice president now directly owns 3,269 shares in the company, valued at approximately $154,983.29. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.13% of the company’s stock.
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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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