Taurus Asset Management LLC reduced its holdings in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 30.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,257 shares of the cell phone carrier’s stock after selling 3,597 shares during the quarter. Taurus Asset Management LLC’s holdings in Verizon Communications were worth $421,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in VZ. First National Bank Sioux Falls boosted its position in shares of Verizon Communications by 2.8% during the first quarter. First National Bank Sioux Falls now owns 6,966 shares of the cell phone carrier’s stock valued at $355,000 after purchasing an additional 190 shares in the last quarter. Domani Wealth LLC boosted its holdings in Verizon Communications by 2.2% in the first quarter. Domani Wealth LLC now owns 9,145 shares of the cell phone carrier’s stock worth $466,000 after acquiring an additional 197 shares in the last quarter. Lathrop Investment Management Corp boosted its holdings in Verizon Communications by 3.8% in the first quarter. Lathrop Investment Management Corp now owns 5,462 shares of the cell phone carrier’s stock worth $278,000 after acquiring an additional 198 shares in the last quarter. Outfitter Financial LLC boosted its holdings in Verizon Communications by 0.8% in the fourth quarter. Outfitter Financial LLC now owns 24,250 shares of the cell phone carrier’s stock worth $1,260,000 after acquiring an additional 200 shares in the last quarter. Finally, First PREMIER Bank boosted its holdings in Verizon Communications by 0.7% in the first quarter. First PREMIER Bank now owns 27,522 shares of the cell phone carrier’s stock worth $1,401,000 after acquiring an additional 200 shares in the last quarter. 63.78% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
VZ has been the topic of several analyst reports. UBS Group dropped their target price on Verizon Communications from $57.00 to $47.00 and set a “neutral” rating on the stock in a report on Monday, July 25th. The Goldman Sachs Group cut Verizon Communications from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $61.00 to $55.00 in a research note on Monday, April 25th. Credit Suisse Group decreased their price target on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a research note on Tuesday, June 21st. Royal Bank of Canada reduced their price objective on Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating for the company in a research report on Wednesday, June 22nd. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Verizon Communications from $59.00 to $58.00 in a research report on Tuesday, July 19th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $56.50.
Insider Transactions at Verizon Communications
Verizon Communications Trading Up 1.2 %
Shares of VZ stock opened at $44.95 on Friday. Verizon Communications Inc. has a 1 year low of $43.76 and a 1 year high of $56.20. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.76 and a quick ratio of 0.69. The stock’s 50 day simple moving average is $49.40 and its two-hundred day simple moving average is $51.01. The company has a market cap of $188.78 billion, a PE ratio of 9.01, a price-to-earnings-growth ratio of 2.16 and a beta of 0.33.
Verizon Communications (NYSE:VZ – Get Rating) last issued its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The company had revenue of $33.79 billion for the quarter, compared to analysts’ expectations of $33.77 billion. During the same quarter last year, the company earned $1.37 earnings per share. The company’s revenue for the quarter was up .1% on a year-over-year basis. Research analysts predict that Verizon Communications Inc. will post 5.2 earnings per share for the current year.
Verizon Communications Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 8th were issued a $0.64 dividend. The ex-dividend date of this dividend was Thursday, July 7th. This represents a $2.56 annualized dividend and a dividend yield of 5.70%. Verizon Communications’s payout ratio is 51.30%.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.
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