Verizon Communications Inc. (VZ) Shares Bought by Alpha Cubed Investments LLC
Alpha Cubed Investments LLC increased its stake in Verizon Communications Inc. (NYSE:VZ) by 34.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 243,096 shares of the cell phone carrier’s stock after buying an additional 62,791 shares during the period. Verizon Communications makes up 2.4% of Alpha Cubed Investments LLC’s portfolio, making the stock its 14th largest position. Alpha Cubed Investments LLC’s holdings in Verizon Communications were worth $11,851,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Retirement Systems of Alabama increased its position in Verizon Communications by 35.5% in the first quarter. Retirement Systems of Alabama now owns 3,768,615 shares of the cell phone carrier’s stock valued at $183,720,000 after buying an additional 986,786 shares during the period. Macquarie Group Ltd. increased its position in Verizon Communications by 5.7% in the fourth quarter. Macquarie Group Ltd. now owns 15,133,689 shares of the cell phone carrier’s stock valued at $807,837,000 after buying an additional 820,585 shares during the period. Hexavest Inc. increased its position in Verizon Communications by 22.3% in the first quarter. Hexavest Inc. now owns 3,334,706 shares of the cell phone carrier’s stock valued at $162,567,000 after buying an additional 608,792 shares during the period. Honeywell International Inc. increased its position in Verizon Communications by 285.7% in the first quarter. Honeywell International Inc. now owns 675,000 shares of the cell phone carrier’s stock valued at $32,906,000 after buying an additional 500,000 shares during the period. Finally, Fisher Asset Management LLC increased its position in Verizon Communications by 1,740.4% in the first quarter. Fisher Asset Management LLC now owns 441,284 shares of the cell phone carrier’s stock valued at $21,513,000 after buying an additional 417,307 shares during the period. Hedge funds and other institutional investors own 62.32% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE VZ) traded down 0.27% during midday trading on Tuesday, hitting $48.48. 1,010,137 shares of the stock were exchanged. The firm has a 50 day moving average of $46.51 and a 200 day moving average of $47.28. The firm has a market cap of $197.77 billion, a P/E ratio of 12.46 and a beta of 0.56. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.96. The business had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. Verizon Communications’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the company posted $0.94 earnings per share. Equities analysts forecast that Verizon Communications Inc. will post $3.78 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were paid a $0.5775 dividend. The ex-dividend date of this dividend was Thursday, July 6th. This represents a $2.31 annualized dividend and a dividend yield of 4.75%. Verizon Communications’s payout ratio is 59.23%.
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Several analysts recently issued reports on the stock. Vetr raised shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective for the company in a research note on Wednesday, July 5th. Zacks Investment Research raised shares of Verizon Communications from a “sell” rating to a “hold” rating in a research note on Friday, May 12th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $48.00 price objective on shares of Verizon Communications in a research note on Sunday, July 9th. BidaskClub raised shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating on shares of Verizon Communications in a research note on Wednesday, June 28th. Two 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 given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $47.74, for a total value of $29,121.40. Following the sale, the executive vice president now owns 7,819 shares in the company, valued at $373,279.06. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.13% of the company’s stock.
Verizon Communications Company 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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