Profit Investment Management LLC held its stake in Verizon Communications Inc. (NYSE:VZ) during the second quarter, Holdings Channel reports. The fund owned 16,290 shares of the cell phone carrier’s stock at the end of the second quarter. Profit Investment Management LLC’s holdings in Verizon Communications were worth $728,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Ronna Sue Cohen increased its position in shares of Verizon Communications by 0.4% in the second quarter. Ronna Sue Cohen now owns 4,832 shares of the cell phone carrier’s stock worth $216,000 after buying an additional 19 shares in the last quarter. Oakmont Partners LLC increased its position in shares of Verizon Communications by 0.3% in the second quarter. Oakmont Partners LLC now owns 6,391 shares of the cell phone carrier’s stock worth $285,000 after buying an additional 22 shares in the last quarter. Conservest Capital Advisors Inc. increased its position in shares of Verizon Communications by 0.5% in the second quarter. Conservest Capital Advisors Inc. now owns 5,024 shares of the cell phone carrier’s stock worth $224,000 after buying an additional 23 shares in the last quarter. Nottingham Advisors Inc. increased its position in shares of Verizon Communications by 0.5% in the second quarter. Nottingham Advisors Inc. now owns 6,425 shares of the cell phone carrier’s stock worth $287,000 after buying an additional 35 shares in the last quarter. Finally, Cobblestone Capital Advisors LLC NY increased its position in shares of Verizon Communications by 0.3% in the first quarter. Cobblestone Capital Advisors LLC NY now owns 19,401 shares of the cell phone carrier’s stock worth $946,000 after buying an additional 50 shares in the last quarter. 62.35% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Inc. (NYSE:VZ) traded up 0.08% during midday trading on Friday, hitting $48.06. The company had a trading volume of 10,420,529 shares. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83. The stock has a 50 day moving average price of $45.56 and a 200-day moving average price of $47.34. The stock has a market capitalization of $196.06 billion, a PE ratio of 12.35 and a beta of 0.56.

Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The company had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. During the same period in the prior year, the company posted $0.94 EPS. The firm’s quarterly revenue was up .1% compared to the same quarter last year. On average, equities analysts predict that Verizon Communications Inc. will post $3.79 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were given a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a yield of 4.81%. The ex-dividend date was Thursday, July 6th. Verizon Communications’s dividend payout ratio is currently 59.23%.

ILLEGAL ACTIVITY WARNING: This report was first reported by Watch List News and is the sole property of of Watch List News. If you are accessing this report on another site, it was stolen and reposted in violation of international copyright & trademark law. The original version of this report can be read at https://www.watchlistnews.com/profit-investment-management-llc-maintains-position-in-verizon-communications-inc-nysevz/1479824.html.

A number of equities analysts recently commented on VZ shares. SunTrust Banks, Inc. started coverage on Verizon Communications in a report on Tuesday, April 18th. They set a “hold” rating and a $50.00 target price for the company. Argus downgraded Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Royal Bank Of Canada restated a “hold” rating and set a $48.00 target price on shares of Verizon Communications in a report on Friday, April 21st. Macquarie restated a “neutral” rating and set a $49.00 target price (down previously from $50.00) on shares of Verizon Communications in a report on Sunday, April 23rd. Finally, Jefferies Group LLC restated a “hold” rating and set a $50.00 target price (down previously from $51.00) on shares of Verizon Communications in a report on Sunday, April 23rd. Two research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $52.73.

In related news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $27,450.00. Following the transaction, the executive vice president now directly owns 8,429 shares of the company’s stock, valued at approximately $379,305. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 1,830 shares of company stock worth $84,229 over the last ninety days. 0.13% of the stock is currently owned by corporate insiders.

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.

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