Verizon Communications Inc. (VZ) Stake Lifted by Doyle Wealth Management
Doyle Wealth Management lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 2.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 173,393 shares of the cell phone carrier’s stock after purchasing an additional 3,988 shares during the quarter. Verizon Communications accounts for approximately 1.4% of Doyle Wealth Management’s portfolio, making the stock its 28th largest position. Doyle Wealth Management’s holdings in Verizon Communications were worth $9,257,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of VZ. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Verizon Communications in the third quarter valued at approximately $107,000. Catalyst Capital Advisors LLC bought a new stake in Verizon Communications in the second quarter valued at approximately $103,000. Barnett & Company Inc. lifted its position in Verizon Communications by 152.3% in the third quarter. Barnett & Company Inc. now owns 2,445 shares of the cell phone carrier’s stock valued at $131,000 after purchasing an additional 1,476 shares during the last quarter. Psagot Investment House Ltd. lifted its position in Verizon Communications by 157.4% in the third quarter. Psagot Investment House Ltd. now owns 3,500 shares of the cell phone carrier’s stock valued at $187,000 after purchasing an additional 2,140 shares during the last quarter. Finally, O Brien Wealth Partners LLC lifted its position in Verizon Communications by 262.1% in the third quarter. O Brien Wealth Partners LLC now owns 3,599 shares of the cell phone carrier’s stock valued at $192,000 after purchasing an additional 2,605 shares during the last quarter. 64.92% of the stock is owned by institutional investors.
Shares of Verizon Communications stock opened at $53.57 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 1.94. The company has a market cap of $222.04 billion, a P/E ratio of 11.37, a price-to-earnings-growth ratio of 2.86 and a beta of 0.48. Verizon Communications Inc. has a 52 week low of $46.08 and a 52 week high of $61.58.
The firm also recently announced a quarterly dividend, which was paid on Friday, February 1st. Investors of record on Thursday, January 10th were issued a dividend of $0.6025 per share. The ex-dividend date of this dividend was Wednesday, January 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.50%. Verizon Communications’s dividend payout ratio is presently 51.17%.
Several analysts have weighed in on VZ shares. Scotiabank set a $62.00 price objective on Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, October 24th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Bank of America reiterated a “buy” rating and issued a $58.00 price objective on shares of Verizon Communications in a research report on Monday, October 22nd. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Saturday, January 26th. Finally, Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 price objective for the company. in a research report on Wednesday, December 12th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Verizon Communications presently has a consensus rating of “Buy” and an average price target of $55.90.
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Verizon Communications 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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