Lourd Capital LLC Trims Holdings in Verizon Communications Inc. (VZ)
Lourd Capital LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 13.1% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 33,617 shares of the cell phone carrier’s stock after selling 5,064 shares during the quarter. Lourd Capital LLC’s holdings in Verizon Communications were worth $1,691,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mackenzie Financial Corp lifted its position in shares of Verizon Communications by 2,886.8% during the fourth quarter. Mackenzie Financial Corp now owns 11,717,907 shares of the cell phone carrier’s stock worth $620,229,000 after acquiring an additional 11,325,589 shares in the last quarter. CI Global Investments Inc. purchased a new stake in shares of Verizon Communications during the first quarter worth $261,019,000. BlackRock Inc. lifted its position in shares of Verizon Communications by 1.6% during the first quarter. BlackRock Inc. now owns 270,175,376 shares of the cell phone carrier’s stock worth $12,919,788,000 after acquiring an additional 4,270,608 shares in the last quarter. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of Verizon Communications during the fourth quarter worth $182,955,000. Finally, American Century Companies Inc. lifted its position in shares of Verizon Communications by 34.2% during the first quarter. American Century Companies Inc. now owns 9,725,699 shares of the cell phone carrier’s stock worth $465,083,000 after acquiring an additional 2,481,128 shares in the last quarter. 64.22% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have issued reports on VZ shares. Deutsche Bank upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Tuesday, June 19th. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Wednesday, August 1st. Goldman Sachs Group upgraded Verizon Communications from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $56.00 in a research report on Thursday, June 21st. Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $56.00 to $50.00 in a research report on Tuesday, September 4th. Finally, Scotiabank set a $61.00 price objective on Verizon Communications and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Seven analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $55.17.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 EPS for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.06. The business had revenue of $32.20 billion for the quarter, compared to analysts’ expectations of $31.78 billion. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The firm’s revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.96 earnings per share. sell-side analysts anticipate that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be paid a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a yield of 4.38%. The ex-dividend date of this dividend is Tuesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s dividend payout ratio is currently 63.10%.
About Verizon Communications
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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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