Hennessy Advisors Inc. lowered its stake in Verizon Communications Inc. (NYSE:VZ) by 4.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 269,308 shares of the cell phone carrier’s stock after selling 11,200 shares during the quarter. Hennessy Advisors Inc.’s holdings in Verizon Communications were worth $14,378,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Neville Rodie & Shaw Inc. boosted its position in Verizon Communications by 1.2% during the 3rd quarter. Neville Rodie & Shaw Inc. now owns 77,364 shares of the cell phone carrier’s stock worth $4,130,000 after acquiring an additional 915 shares during the period. Windward Capital Management Co. CA boosted its position in Verizon Communications by 2.3% during the 3rd quarter. Windward Capital Management Co. CA now owns 42,100 shares of the cell phone carrier’s stock worth $2,248,000 after acquiring an additional 947 shares during the period. Cedar Hill Associates LLC boosted its position in Verizon Communications by 7.7% during the 2nd quarter. Cedar Hill Associates LLC now owns 13,539 shares of the cell phone carrier’s stock worth $681,000 after acquiring an additional 968 shares during the period. West Oak Capital LLC boosted its position in Verizon Communications by 2.9% during the 3rd quarter. West Oak Capital LLC now owns 34,650 shares of the cell phone carrier’s stock worth $1,850,000 after acquiring an additional 970 shares during the period. Finally, Bailard Inc. boosted its position in Verizon Communications by 1.0% during the 2nd quarter. Bailard Inc. now owns 99,356 shares of the cell phone carrier’s stock worth $4,999,000 after acquiring an additional 977 shares during the period. 64.92% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Verizon Communications stock opened at $57.25 on Thursday. The stock has a market cap of $238.10 billion, a PE ratio of 15.31, a PEG ratio of 2.51 and a beta of 0.48. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.97 and a quick ratio of 0.93. Verizon Communications Inc. has a 52-week low of $46.08 and a 52-week high of $61.58.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.03. The business had revenue of $32.61 billion during the quarter, compared to analyst estimates of $32.45 billion. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The firm’s revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.98 EPS. Equities analysts expect that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Thursday, January 10th will be paid a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend is Wednesday, January 9th. Verizon Communications’s payout ratio is 64.44%.

VZ has been the subject of a number of research reports. Barclays lowered Verizon Communications from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $56.00 to $50.00 in a research report on Tuesday, September 4th. Moffett Nathanson restated a “neutral” rating and set a $56.00 price objective on shares of Verizon Communications in a research report on Tuesday, September 4th. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research report on Tuesday, September 25th. Bank of America restated a “buy” rating and set a $58.00 price objective on shares of Verizon Communications in a research report on Monday, October 22nd. Finally, JPMorgan Chase & Co. lifted their price target on Verizon Communications from $59.00 to $62.00 and gave the company an “overweight” rating in a report on Wednesday, October 24th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $55.86.

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

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