Cornerstone Investment Partners LLC Buys Shares of 919,262 Verizon Communications Inc. (VZ)
Cornerstone Investment Partners LLC bought a new stake in shares of Verizon Communications Inc. (NYSE:VZ) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 919,262 shares of the cell phone carrier’s stock, valued at approximately $45,494,000.
A number of other hedge funds have also recently made changes to their positions in VZ. Legacy Advisors LLC purchased a new stake in shares of Verizon Communications during the third quarter valued at $132,000. Shine Investment Advisory Services Inc. lifted its stake in Verizon Communications by 190.9% in the 3rd quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock worth $134,000 after acquiring an additional 1,775 shares in the last quarter. Private Vista LLC lifted its stake in Verizon Communications by 3,339.1% in the 2nd quarter. Private Vista LLC now owns 389,552 shares of the cell phone carrier’s stock worth $143,000 after acquiring an additional 378,225 shares in the last quarter. Mountain Capital Investment Advisors Inc purchased a new stake in Verizon Communications in the 2nd quarter worth about $156,000. Finally, Regal Wealth Group Inc. lifted its stake in Verizon Communications by 0.7% in the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after acquiring an additional 24 shares in the last quarter. 63.22% of the stock is owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE VZ) opened at $52.98 on Monday. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.77. The company has a debt-to-equity ratio of 2.54, a quick ratio of 0.87 and a current ratio of 0.91. The firm has a market capitalization of $216,130.00, a PE ratio of 7.20, a PEG ratio of 2.16 and a beta of 0.58.
The company also recently declared a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date was Tuesday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 32.07%.
VZ has been the subject of several research analyst reports. Wells Fargo & Co raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research note on Monday, November 20th. Instinet increased their price objective on Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, December 12th. Nomura raised Verizon Communications from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $47.00 to $61.00 in a research note on Tuesday, December 12th. SunTrust Banks reissued a “hold” rating and issued a $50.00 price objective on shares of Verizon Communications in a research note on Friday, October 20th. Finally, Moffett Nathanson downgraded Verizon Communications from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 16th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $53.14.
In other news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the transaction, the executive vice president now owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.13% of the company’s stock.
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Verizon Communications Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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