Berkeley Capital Partners LLC increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 14,024 shares of the cell phone carrier’s stock after buying an additional 258 shares during the quarter. Berkeley Capital Partners LLC’s holdings in Verizon Communications were worth $773,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Advisor Group Holdings Inc. bought a new position in Verizon Communications in the 1st quarter worth $109,968,000. Capital International Investors grew its position in shares of Verizon Communications by 17.4% in the first quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock valued at $1,892,254,000 after purchasing an additional 5,213,722 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Verizon Communications by 1,504.5% in the first quarter. Rockefeller Capital Management L.P. now owns 4,444,462 shares of the cell phone carrier’s stock worth $238,801,000 after purchasing an additional 4,167,470 shares during the period. APG Asset Management N.V. increased its stake in shares of Verizon Communications by 34.5% in the first quarter. APG Asset Management N.V. now owns 15,146,312 shares of the cell phone carrier’s stock worth $797,614,000 after purchasing an additional 3,886,881 shares during the period. Finally, Two Sigma Advisers LP lifted its position in shares of Verizon Communications by 249.4% during the 1st quarter. Two Sigma Advisers LP now owns 5,175,563 shares of the cell phone carrier’s stock worth $278,083,000 after purchasing an additional 3,694,500 shares during the last quarter. 65.23% of the stock is owned by institutional investors and hedge funds.
Shares of VZ traded up $0.18 during trading hours on Friday, hitting $57.48. The stock had a trading volume of 16,195,136 shares, compared to its average volume of 13,092,914. The stock has a market capitalization of $237.85 billion, a price-to-earnings ratio of 11.93, a P/E/G ratio of 3.53 and a beta of 0.45. The company has a debt-to-equity ratio of 1.94, a current ratio of 0.96 and a quick ratio of 0.93. The company’s fifty day moving average is $55.64 and its two-hundred day moving average is $56.51. Verizon Communications Inc. has a 52 week low of $48.84 and a 52 week high of $62.22.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The firm had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. During the same period in the prior year, the firm earned $1.23 earnings per share. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. Equities analysts predict that Verizon Communications Inc. will post 4.79 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Friday, July 10th will be issued a dividend of $0.615 per share. The ex-dividend date is Thursday, July 9th. This represents a $2.46 dividend on an annualized basis and a yield of 4.28%. Verizon Communications’s dividend payout ratio is 51.14%.
Several brokerages have commented on VZ. Moffett Nathanson reaffirmed a “hold” rating and issued a $62.00 price target on shares of Verizon Communications in a research report on Friday, July 24th. Morgan Stanley dropped their target price on shares of Verizon Communications from $61.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Friday, April 17th. Citigroup increased their price target on shares of Verizon Communications from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Barclays restated a “hold” rating and set a $54.00 price objective on shares of Verizon Communications in a report on Friday, April 17th. Finally, Credit Suisse Group reaffirmed a “hold” rating and set a $61.00 price objective on shares of Verizon Communications in a research report on Thursday, July 2nd. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $62.00.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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