Hutchens Investment Management Inc Sells 12,095 Shares of Verizon Communications Inc. (NYSE:VZ)
Hutchens Investment Management Inc decreased its position in Verizon Communications Inc. (NYSE:VZ) by 37.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,104 shares of the cell phone carrier’s stock after selling 12,095 shares during the period. Hutchens Investment Management Inc’s holdings in Verizon Communications were worth $980,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Shepherd Financial Partners LLC bought a new stake in Verizon Communications during the fourth quarter worth approximately $285,000. Summit Global Investments bought a new stake in Verizon Communications during the fourth quarter worth approximately $6,050,000. Cigna Investments Inc. New bought a new stake in Verizon Communications during the fourth quarter worth approximately $11,407,000. L & S Advisors Inc bought a new stake in Verizon Communications during the fourth quarter worth approximately $551,000. Finally, Menora Mivtachim Holdings LTD. boosted its stake in Verizon Communications by 1.1% in the fourth quarter. Menora Mivtachim Holdings LTD. now owns 1,592,020 shares of the cell phone carrier’s stock worth $84,982,000 after buying an additional 18,030 shares in the last quarter. Hedge funds and other institutional investors own 62.33% of the company’s stock.
Verizon Communications Inc. (NYSE VZ) traded up 1.17% during midday trading on Monday, reaching $48.62. The company’s stock had a trading volume of 2,276,024 shares. The stock has a 50 day moving average of $45.56 and a 200 day moving average of $47.34. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83. The firm has a market capitalization of $198.34 billion, a PE ratio of 12.50 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.96. The firm had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the company earned $0.94 EPS. On average, equities research analysts predict that Verizon Communications Inc. will post $3.79 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were given a $0.5775 dividend. The ex-dividend date was Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a yield of 4.81%. Verizon Communications’s payout ratio is 59.23%.
A number of analysts recently commented on the company. SunTrust Banks, Inc. assumed coverage on Verizon Communications in a research report on Tuesday, April 18th. They set a “hold” rating and a $50.00 price objective for the company. Argus cut Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Finally, Royal Bank Of Canada lifted their price objective on Verizon Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, twenty-two have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $52.73.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total value of $27,450.00. Following the transaction, the executive vice president now directly owns 8,429 shares in the company, valued at approximately $379,305. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 1,830 shares of company stock worth $84,229 over the last quarter. Corporate insiders own 0.13% of the company’s stock.
About Verizon Communications
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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