Redpoint Investment Management Pty Ltd Grows Stock Holdings in Verizon Communications Inc. (NYSE:VZ)


Share on StockTwits

Redpoint Investment Management Pty Ltd raised its position in Verizon Communications Inc. (NYSE:VZ) by 2.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,435 shares of the cell phone carrier’s stock after acquiring an additional 2,928 shares during the quarter. Redpoint Investment Management Pty Ltd’s holdings in Verizon Communications were worth $6,136,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Baron Financial Group LLC bought a new stake in shares of Verizon Communications during the 3rd quarter valued at about $35,000. Avion Wealth boosted its stake in shares of Verizon Communications by 191.4% during the 3rd quarter. Avion Wealth now owns 609 shares of the cell phone carrier’s stock valued at $36,000 after purchasing an additional 400 shares in the last quarter. Kathmere Capital Management LLC bought a new stake in shares of Verizon Communications during the 3rd quarter valued at about $46,000. Stuart Chaussee & Associates Inc. boosted its stake in shares of Verizon Communications by 53.4% during the 3rd quarter. Stuart Chaussee & Associates Inc. now owns 1,224 shares of the cell phone carrier’s stock valued at $73,000 after purchasing an additional 426 shares in the last quarter. Finally, Grace Capital bought a new stake in shares of Verizon Communications during the 3rd quarter valued at about $78,000. Hedge funds and other institutional investors own 64.85% of the company’s stock.

In other news, EVP Craig L. Silliman sold 10,411 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $57.73, for a total transaction of $601,027.03. Following the completion of the transaction, the executive vice president now directly owns 23,771 shares of the company’s stock, valued at $1,372,299.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.07% of the stock is owned by insiders.

VZ has been the topic of several research reports. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a research note on Sunday, November 1st. Wolfe Research initiated coverage on shares of Verizon Communications in a research note on Monday, October 19th. They set a “peer perform” rating and a $62.00 price objective on the stock. Oppenheimer initiated coverage on shares of Verizon Communications in a research note on Tuesday, September 15th. They set a “buy” rating and a $70.00 price objective on the stock. Moffett Nathanson raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $59.00 to $66.00 in a research note on Wednesday, December 2nd. Finally, Wells Fargo & Company initiated coverage on shares of Verizon Communications in a research note on Monday, November 16th. They set an “equal weight” rating and a $60.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Verizon Communications currently has a consensus rating of “Hold” and a consensus price target of $62.00.

Shares of VZ traded down $0.20 during mid-day trading on Wednesday, hitting $57.06. 16,937,848 shares of the company traded hands, compared to its average volume of 20,107,268. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 0.96. The stock has a 50-day moving average price of $59.74 and a two-hundred day moving average price of $58.63. Verizon Communications Inc. has a 1 year low of $48.84 and a 1 year high of $61.95. The stock has a market cap of $236.12 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 3.54 and a beta of 0.44.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Wednesday, October 21st. The cell phone carrier reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The firm had revenue of $31.50 billion during the quarter, compared to analysts’ expectations of $31.60 billion. During the same period in the previous year, the company earned $1.25 earnings per share. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. On average, analysts forecast that Verizon Communications Inc. will post 4.77 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 1st. Stockholders of record on Friday, January 8th will be issued a dividend of $0.6275 per share. The ex-dividend date of this dividend is Thursday, January 7th. This represents a $2.51 annualized dividend and a dividend yield of 4.40%. Verizon Communications’s payout ratio is 52.18%.

About Verizon Communications

Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.

See Also: Technical Analysis of Stocks, How Can It Help

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.