DORCHESTER WEALTH MANAGEMENT Co cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 52,690 shares of the cell phone carrier’s stock after selling 1,485 shares during the period. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Verizon Communications were worth $3,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Verizon Communications in the 2nd quarter worth approximately $28,000. Lenox Wealth Advisors LLC purchased a new position in Verizon Communications in the 3rd quarter valued at approximately $39,000. Advocacy Wealth Management Services LLC increased its stake in Verizon Communications by 35.8% in the 3rd quarter. Advocacy Wealth Management Services LLC now owns 687 shares of the cell phone carrier’s stock valued at $41,000 after purchasing an additional 181 shares in the last quarter. WealthStone Inc. purchased a new position in Verizon Communications in the 2nd quarter valued at approximately $45,000. Finally, Fulcrum Equity Management acquired a new position in Verizon Communications during the third quarter worth $48,000. 65.24% of the stock is owned by hedge funds and other institutional investors.
Shares of Verizon Communications stock opened at $60.32 on Wednesday. Verizon Communications Inc. has a 1 year low of $52.28 and a 1 year high of $62.22. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.89 and a quick ratio of 0.85. The business has a 50 day moving average price of $60.63 and a 200 day moving average price of $59.10. The company has a market capitalization of $248.68 billion, a P/E ratio of 15.51, a P/E/G ratio of 3.78 and a beta of 0.51.
Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.01. The firm had revenue of $32.89 billion for the quarter, compared to analysts’ expectations of $32.74 billion. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. Verizon Communications’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.22 EPS. As a group, research analysts expect that Verizon Communications Inc. will post 4.83 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be issued a $0.615 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.08%. Verizon Communications’s dividend payout ratio (DPR) is 52.23%.
A number of research firms have commented on VZ. SunTrust Banks boosted their target price on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Sanford C. Bernstein began coverage on Verizon Communications in a research report on Tuesday, October 15th. They issued a “market perform” rating and a $63.00 price target for the company. Guggenheim raised their price target on Verizon Communications from $65.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Moffett Nathanson set a $57.00 price target on Verizon Communications and gave the stock a “hold” rating in a research note on Friday, October 25th. Finally, Zacks Investment Research lowered shares of Verizon Communications from a “buy” rating to a “hold” rating and set a $62.00 price objective on the stock. in a research report on Saturday, January 11th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $63.44.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,346 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $59.55, for a total transaction of $80,154.30. Following the sale, the executive vice president now directly owns 18,637 shares of the company’s stock, valued at approximately $1,109,833.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $60.42, for a total transaction of $81,506.58. Following the sale, the executive vice president now owns 19,983 shares of the company’s stock, valued at $1,207,372.86. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.
Verizon Communications Company 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.
Further Reading: Asset Allocation, Balancing Your Investments
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