Parasol Investment Management LLC Sells 1,145 Shares of Verizon Communications Inc. (VZ)
Parasol Investment Management LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 11.4% during the second quarter, Holdings Channel reports. The institutional investor owned 8,914 shares of the cell phone carrier’s stock after selling 1,145 shares during the period. Parasol Investment Management LLC’s holdings in Verizon Communications were worth $498,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. AMP Capital Investors Ltd boosted its position in Verizon Communications by 10.4% in the first quarter. AMP Capital Investors Ltd now owns 1,752,370 shares of the cell phone carrier’s stock valued at $94,698,000 after buying an additional 164,905 shares during the period. Avalon Advisors LLC boosted its position in Verizon Communications by 49.3% in the first quarter. Avalon Advisors LLC now owns 1,037,516 shares of the cell phone carrier’s stock valued at $56,109,000 after buying an additional 342,424 shares during the period. State Farm Mutual Automobile Insurance Co. boosted its position in Verizon Communications by 1.0% in the first quarter. State Farm Mutual Automobile Insurance Co. now owns 11,321,427 shares of the cell phone carrier’s stock valued at $612,263,000 after buying an additional 115,883 shares during the period. NN Investment Partners Holdings N.V. purchased a new position in Verizon Communications during the first quarter valued at approximately $56,662,000. Finally, AMF Pensionsforsakring AB boosted its position in Verizon Communications by 6.2% in the first quarter. AMF Pensionsforsakring AB now owns 3,877,936 shares of the cell phone carrier’s stock valued at $209,719,000 after buying an additional 224,753 shares during the period. 63.49% of the stock is owned by institutional investors and hedge funds.
Verizon Communications Inc. (NYSE:VZ) traded down 0.19% on Friday, reaching $51.88. 19,932,330 shares of the company were exchanged. The stock has a 50 day moving average of $53.30 and a 200 day moving average of $52.85. The firm has a market capitalization of $211.48 billion, a PE ratio of 14.66 and a beta of 0.26. Verizon Communications Inc. has a 12-month low of $42.20 and a 12-month high of $56.95.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The business had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. During the same quarter last year, the firm earned $1.04 EPS. Verizon Communications’s quarterly revenue was down 5.3% compared to the same quarter last year. Equities analysts anticipate that Verizon Communications Inc. will post $3.89 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a dividend of $0.0125 per share. This represents a $0.05 annualized dividend and a yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s payout ratio is 63.84%.
Several research analysts have commented on the stock. Morgan Stanley restated a “buy” rating on shares of Verizon Communications in a research report on Monday, June 6th. Imperial Capital cut shares of Verizon Communications from an “outperform” rating to an “in-line” rating and upped their target price for the stock from $50.00 to $60.00 in a research report on Tuesday, August 2nd. Barclays PLC restated an “equal weight” rating and issued a $52.00 target price on shares of Verizon Communications in a research report on Friday, August 26th. Macquarie restated a “neutral” rating and issued a $55.00 target price on shares of Verizon Communications in a research report on Wednesday, July 6th. Finally, Jefferies Group restated a “hold” rating on shares of Verizon Communications in a research report on Friday, September 2nd. Twenty-three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $54.50.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total value of $36,832.32. Following the transaction, the executive vice president now owns 11,198 shares of the company’s stock, valued at $613,762.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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