Kornitzer Capital Management Inc. KS raised its stake in Verizon Communications Inc. (NYSE:VZ) by 1.1% during the second quarter, Holdings Channel reports. The institutional investor owned 1,040,273 shares of the cell phone carrier’s stock after purchasing an additional 11,065 shares during the quarter. Verizon Communications comprises about 0.9% of Kornitzer Capital Management Inc. KS’s investment portfolio, making the stock its 17th biggest position. Kornitzer Capital Management Inc. KS’s holdings in Verizon Communications were worth $52,336,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. HC Financial Advisors Inc. acquired a new stake in shares of Verizon Communications in the 4th quarter valued at about $1,371,000. Argent Trust Co raised its stake in shares of Verizon Communications by 10.9% in the 4th quarter. Argent Trust Co now owns 48,315 shares of the cell phone carrier’s stock valued at $2,558,000 after purchasing an additional 4,748 shares during the period. Penbrook Management LLC acquired a new stake in shares of Verizon Communications in the 4th quarter valued at about $1,563,000. Cedar Hill Associates LLC raised its stake in shares of Verizon Communications by 10.9% in the 4th quarter. Cedar Hill Associates LLC now owns 11,854 shares of the cell phone carrier’s stock valued at $627,000 after purchasing an additional 1,164 shares during the period. Finally, Colonial Trust Advisors raised its stake in shares of Verizon Communications by 27.0% in the 4th quarter. Colonial Trust Advisors now owns 178,155 shares of the cell phone carrier’s stock valued at $9,430,000 after purchasing an additional 37,927 shares during the period. 64.04% of the stock is currently owned by institutional investors.

NYSE:VZ opened at $53.73 on Friday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.92 and a current ratio of 0.96. The stock has a market capitalization of $220.39 billion, a P/E ratio of 14.37, a P/E/G ratio of 1.94 and a beta of 0.71. Verizon Communications Inc. has a 52-week low of $43.97 and a 52-week high of $55.90.

Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. The business had revenue of $32.20 billion for the quarter, compared to the consensus estimate of $31.78 billion. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. Verizon Communications’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.96 earnings per share. On average, analysts anticipate that Verizon Communications Inc. will post 4.66 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be issued a dividend of $0.6025 per share. The ex-dividend date of this dividend is Tuesday, October 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.49%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s dividend payout ratio (DPR) is presently 64.44%.

Several research firms have issued reports on VZ. Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $56.00 to $50.00 in a research note on Tuesday, September 4th. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. Moffett Nathanson reissued a “neutral” rating and issued a $56.00 price target on shares of Verizon Communications in a research note on Tuesday, September 4th. Credit Suisse Group began coverage on Verizon Communications in a research note on Tuesday, July 10th. They issued an “outperform” rating and a $58.00 price target on the stock. Finally, Robert W. Baird lifted their price target on Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Wednesday, July 25th. Seven investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $55.42.

Verizon Communications Company Profile

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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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