Verizon Communications Inc. (VZ) Position Lessened by Cypress Wealth Advisors LLC
Cypress Wealth Advisors LLC trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 47.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,712 shares of the cell phone carrier’s stock after selling 4,285 shares during the quarter. Cypress Wealth Advisors LLC’s holdings in Verizon Communications were worth $210,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. grew its position in Verizon Communications by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock valued at $12,634,070,000 after acquiring an additional 5,837,702 shares in the last quarter. Capital Research Global Investors grew its position in Verizon Communications by 15.1% in the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock valued at $6,851,202,000 after acquiring an additional 20,070,391 shares in the last quarter. FMR LLC grew its position in Verizon Communications by 15.0% in the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock valued at $2,761,466,000 after acquiring an additional 8,077,275 shares in the last quarter. Legal & General Group Plc grew its position in Verizon Communications by 3.7% in the 2nd quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock valued at $1,065,488,000 after acquiring an additional 848,043 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in Verizon Communications by 19.9% in the 2nd quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock valued at $974,515,000 after acquiring an additional 3,623,182 shares in the last quarter. 63.37% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on VZ shares. Nomura raised Verizon Communications from a “neutral” rating to a “buy” rating and lifted their target price for the company from $47.00 to $61.00 in a research report on Tuesday. KeyCorp reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Saturday, October 21st. Cowen reaffirmed a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research report on Tuesday, September 19th. Macquarie reaffirmed a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research report on Sunday, October 22nd. Finally, ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Two investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Verizon Communications has a consensus rating of “Hold” and an average target price of $52.43.
In related news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $47.41, for a total transaction of $28,920.10. Following the completion of the sale, the executive vice president now owns 3,269 shares in the company, valued at $154,983.29. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 1,830 shares of company stock valued at $88,609. 0.13% of the stock is owned by company insiders.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down $0.36 on Wednesday, hitting $52.83. The stock had a trading volume of 9,414,675 shares, compared to its average volume of 15,645,129. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 4.05. The stock has a market cap of $211,478.22, a PE ratio of 13.82, a PEG ratio of 4.87 and a beta of 0.57. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.98. The business had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.01 EPS. research analysts forecast that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 4.47%. The ex-dividend date is Tuesday, January 9th. Verizon Communications’s payout ratio is 60.51%.
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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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