Verizon Communications Inc. (NYSE:VZ) Shares Purchased by Investment Management of Virginia LLC

Investment Management of Virginia LLC lifted its holdings in Verizon Communications Inc. (NYSE:VZ) by 3.5% during the second quarter, Holdings Channel reports. The fund owned 26,097 shares of the cell phone carrier’s stock after buying an additional 873 shares during the quarter. Investment Management of Virginia LLC’s holdings in Verizon Communications were worth $1,462,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the company. National Asset Management Inc. grew its position in Verizon Communications by 1.5% during the second quarter. National Asset Management Inc. now owns 223,632 shares of the cell phone carrier’s stock valued at $12,538,000 after buying an additional 3,324 shares during the period. One Charles Private Wealth Services LLC acquired a new stake in Verizon Communications during the second quarter valued at $220,000. Cutler Investment Counsel LLC grew its position in shares of Verizon Communications by 0.3% in the second quarter. Cutler Investment Counsel LLC now owns 126,893 shares of the cell phone carrier’s stock valued at $7,110,000 after purchasing an additional 432 shares during the period. Davidson Capital Management Inc. grew its position in shares of Verizon Communications by 7.9% in the second quarter. Davidson Capital Management Inc. now owns 21,925 shares of the cell phone carrier’s stock valued at $1,228,000 after purchasing an additional 1,607 shares during the period. Finally, Cibc World Markets Corp grew its position in shares of Verizon Communications by 3.1% in the second quarter. Cibc World Markets Corp now owns 1,859,056 shares of the cell phone carrier’s stock valued at $104,163,000 after purchasing an additional 55,852 shares during the period. Hedge funds and other institutional investors own 63.65% of the company’s stock.

In related news, CEO Kumara Guru Gowrappan sold 14,077 shares of the company’s stock in a transaction on Wednesday, August 11th. The shares were sold at an average price of $55.56, for a total value of $782,118.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 1,554 shares of the company’s stock in a transaction on Wednesday, August 4th. The shares were sold at an average price of $55.57, for a total transaction of $86,355.78. Following the completion of the sale, the executive vice president now owns 30,023 shares of the company’s stock, valued at approximately $1,668,378.11. The disclosure for this sale can be found here. Insiders have sold a total of 18,740 shares of company stock valued at $1,042,314 in the last 90 days. Insiders own 0.10% of the company’s stock.

Several analysts have recently issued reports on VZ shares. JPMorgan Chase & Co. lifted their target price on shares of Verizon Communications from $64.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, July 22nd. Cowen lifted their target price on shares of Verizon Communications from $66.00 to $68.00 and gave the company an “outperform” rating in a research report on Thursday, July 22nd. Redburn Partners initiated coverage on shares of Verizon Communications in a research report on Friday, June 25th. They issued a “sell” rating and a $50.00 target price on the stock. HSBC raised their price target on shares of Verizon Communications from $58.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, May 24th. Finally, Tigress Financial reissued a “buy” rating and issued a $67.00 price target on shares of Verizon Communications in a research note on Wednesday, July 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $61.83.

Shares of VZ stock traded up $0.14 during trading on Wednesday, reaching $54.55. The company’s stock had a trading volume of 141,555 shares, compared to its average volume of 17,307,883. The company has a debt-to-equity ratio of 1.93, a current ratio of 0.89 and a quick ratio of 0.85. Verizon Communications Inc. has a 1-year low of $53.83 and a 1-year high of $61.95. The company has a market capitalization of $225.84 billion, a price-to-earnings ratio of 11.30, a P/E/G ratio of 2.89 and a beta of 0.47. The stock’s 50-day moving average price is $55.50 and its 200 day moving average price is $56.55.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 EPS for the quarter, topping the consensus estimate of $1.30 by $0.07. The company had revenue of $33.76 billion during the quarter, compared to analysts’ expectations of $32.73 billion. Verizon Communications had a net margin of 15.05% and a return on equity of 30.00%. The firm’s revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.18 EPS. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 5.31 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Stockholders of record on Friday, October 8th will be given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 4.69%. The ex-dividend date is Thursday, October 7th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.63. Verizon Communications’s payout ratio is currently 51.22%.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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

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