Alethea Capital Management LLC acquired a new stake in shares of Verizon Communications Inc. (NYSE:VZ) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 10,063 shares of the cell phone carrier’s stock, valued at approximately $506,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Intrust Bank NA lifted its holdings in shares of Verizon Communications by 2.9% in the 4th quarter. Intrust Bank NA now owns 48,756 shares of the cell phone carrier’s stock valued at $2,581,000 after acquiring an additional 1,368 shares during the last quarter. Independence Bank of Kentucky bought a new position in shares of Verizon Communications in the 4th quarter valued at about $2,187,000. Baugh & Associates LLC bought a new position in shares of Verizon Communications in the 4th quarter valued at about $3,445,000. First Allied Advisory Services Inc. lifted its holdings in shares of Verizon Communications by 5.0% in the 4th quarter. First Allied Advisory Services Inc. now owns 288,011 shares of the cell phone carrier’s stock valued at $15,333,000 after acquiring an additional 13,718 shares during the last quarter. Finally, Squar Milner Financial Services LLC bought a new position in shares of Verizon Communications in the 4th quarter valued at about $397,000. 64.22% of the stock is owned by institutional investors.

Shares of NYSE VZ opened at $53.19 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 2.04. The stock has a market capitalization of $224.44 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 1.97 and a beta of 0.69. Verizon Communications Inc. has a 1 year low of $43.97 and a 1 year high of $55.21.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.06. The business had revenue of $32.20 billion during the quarter, compared to the consensus estimate of $31.78 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.96 earnings per share. sell-side analysts predict that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.

VZ has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Monday, August 6th. Scotiabank set a $61.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a report on Wednesday, July 25th. Goldman Sachs Group raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and increased their price target for the company from $51.00 to $56.00 in a report on Thursday, June 21st. Moffett Nathanson reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Verizon Communications in a report on Tuesday. Finally, Barclays downgraded shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $56.00 to $50.00 in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $55.17.

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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

Read More: Market Capitalization

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.