Candriam Luxembourg S.C.A. increased its position in Verizon Communications Inc. (NYSE:VZ) by 10.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 816,546 shares of the cell phone carrier’s stock after acquiring an additional 74,287 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Verizon Communications were worth $50,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. increased its position in Verizon Communications by 1.7% in the 2nd quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after buying an additional 5,319,802 shares during the period. State Street Corp boosted its position in shares of Verizon Communications by 0.3% in the third quarter. State Street Corp now owns 162,854,317 shares of the cell phone carrier’s stock valued at $9,829,887,000 after acquiring an additional 509,082 shares during the period. California Public Employees Retirement System boosted its position in shares of Verizon Communications by 14.3% in the third quarter. California Public Employees Retirement System now owns 16,926,517 shares of the cell phone carrier’s stock valued at $1,021,685,000 after acquiring an additional 2,123,395 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Verizon Communications by 0.5% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 16,914,854 shares of the cell phone carrier’s stock worth $1,020,981,000 after acquiring an additional 83,608 shares during the last quarter. Finally, Eaton Vance Management grew its stake in shares of Verizon Communications by 1.2% in the second quarter. Eaton Vance Management now owns 8,496,032 shares of the cell phone carrier’s stock worth $485,210,000 after acquiring an additional 101,679 shares during the last quarter. 65.24% of the stock is currently owned by hedge funds and other institutional investors.
Shares of VZ stock opened at $60.32 on Wednesday. The stock has a market cap of $248.68 billion, a P/E ratio of 15.51, a price-to-earnings-growth ratio of 3.78 and a beta of 0.51. Verizon Communications Inc. has a one year low of $52.28 and a one year high of $62.22. The stock has a fifty day moving average price of $60.63 and a 200 day moving average price of $59.10. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.89 and a quick ratio of 0.85.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.01. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The firm had revenue of $32.89 billion for the quarter, compared to the consensus estimate of $32.74 billion. During the same quarter in the previous year, the company earned $1.22 earnings per share. The business’s revenue was up .9% compared to the same quarter last year. Equities research analysts anticipate that Verizon Communications Inc. will post 4.83 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date is Thursday, January 9th. Verizon Communications’s payout ratio is 52.23%.
A number of brokerages recently issued reports on VZ. Sanford C. Bernstein initiated coverage on shares of Verizon Communications in a research report on Tuesday, October 15th. They set a “market perform” rating and a $63.00 target price on the stock. Nomura downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and reduced their price target for the company from $67.00 to $65.00 in a report on Monday, November 4th. ValuEngine upgraded shares of Verizon Communications from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Moffett Nathanson set a $57.00 price objective on shares of Verizon Communications and gave the stock a “hold” rating in a report on Friday, October 25th. Finally, SunTrust Banks upped their price objective on shares of Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $63.44.
In related news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $60.42, for a total transaction of $81,506.58. Following the completion of the transaction, the executive vice president now owns 19,983 shares in the company, valued at approximately $1,207,372.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Craig L. Silliman sold 1,346 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $59.55, for a total value of $80,154.30. Following the transaction, the executive vice president now owns 18,637 shares of the company’s stock, valued at approximately $1,109,833.35. The disclosure for this sale can be found here. 0.03% of the stock is currently owned by company insiders.
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; 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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