Midas Management Corp Has $2,010,000 Stake in Verizon Communications Inc. (VZ)
Midas Management Corp continued to hold its position in shares of Verizon Communications Inc. (NYSE:VZ) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 45,000 shares of the cell phone carrier’s stock at the end of the 2nd quarter. Midas Management Corp’s holdings in Verizon Communications were worth $2,010,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Ronna Sue Cohen boosted its stake in Verizon Communications by 0.4% in the 2nd quarter. Ronna Sue Cohen now owns 4,832 shares of the cell phone carrier’s stock valued at $216,000 after purchasing an additional 19 shares during the period. Oakmont Partners LLC boosted its stake in Verizon Communications by 0.3% in the 2nd quarter. Oakmont Partners LLC now owns 6,391 shares of the cell phone carrier’s stock valued at $285,000 after purchasing an additional 22 shares during the period. Conservest Capital Advisors Inc. boosted its stake in Verizon Communications by 0.5% in the 2nd quarter. Conservest Capital Advisors Inc. now owns 5,024 shares of the cell phone carrier’s stock valued at $224,000 after purchasing an additional 23 shares during the period. Nottingham Advisors Inc. boosted its stake in Verizon Communications by 0.5% in the 2nd quarter. Nottingham Advisors Inc. now owns 6,425 shares of the cell phone carrier’s stock valued at $287,000 after purchasing an additional 35 shares during the period. Finally, Cobblestone Capital Advisors LLC NY boosted its stake in Verizon Communications by 0.3% in the 1st quarter. Cobblestone Capital Advisors LLC NY now owns 19,401 shares of the cell phone carrier’s stock valued at $946,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 62.24% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) opened at 47.86 on Monday. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The firm has a 50-day moving average price of $48.46 and a 200-day moving average price of $47.01. The firm has a market cap of $195.24 billion, a PE ratio of 12.30 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.96. The business had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The business’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 EPS. On average, equities analysts expect that Verizon Communications Inc. will post $3.76 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 4.93%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, October 6th. Verizon Communications’s payout ratio is presently 60.51%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $48.65, for a total transaction of $29,676.50. Following the sale, the executive vice president now directly owns 7,209 shares of the company’s stock, valued at approximately $350,717.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 1,830 shares of company stock worth $88,828. Insiders own 0.13% of the company’s stock.
Several analysts recently issued reports on the company. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. KeyCorp restated a “hold” rating on shares of Verizon Communications in a research note on Wednesday, October 11th. Cowen and Company restated a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a research note on Tuesday, September 19th. Royal Bank Of Canada lifted their price objective on Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a report on Monday, July 31st. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a report on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $52.86.
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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