Verizon Communications Inc. (VZ) Shares Bought by Alpha Cubed Investments LLC
Alpha Cubed Investments LLC increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 11.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 270,901 shares of the cell phone carrier’s stock after buying an additional 27,805 shares during the quarter. Verizon Communications accounts for about 2.1% of Alpha Cubed Investments LLC’s portfolio, making the stock its 24th largest position. Alpha Cubed Investments LLC’s holdings in Verizon Communications were worth $12,098,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. State Street Corp grew its stake in Verizon Communications by 1.2% during the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after buying an additional 2,066,816 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in Verizon Communications by 6.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock valued at $883,641,000 after purchasing an additional 1,167,752 shares during the last quarter. Macquarie Group Ltd. grew its stake in Verizon Communications by 2.1% during the 1st quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock valued at $753,262,000 after purchasing an additional 318,586 shares during the last quarter. Clearbridge Investments LLC grew its stake in Verizon Communications by 1.8% during the 1st quarter. Clearbridge Investments LLC now owns 7,651,193 shares of the cell phone carrier’s stock valued at $372,996,000 after purchasing an additional 133,038 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in Verizon Communications by 9.1% during the 2nd quarter. Bank of Montreal Can now owns 7,455,407 shares of the cell phone carrier’s stock valued at $332,958,000 after purchasing an additional 619,401 shares during the last quarter. Hedge funds and other institutional investors own 62.24% of the company’s stock.
In related news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the sale, the executive vice president now owns 7,209 shares in the company, valued at approximately $350,717.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders sold 1,830 shares of company stock valued at $88,828. 0.13% of the stock is owned by insiders.
Several analysts have weighed in on the company. KeyCorp reiterated a “hold” rating on shares of Verizon Communications in a research note on Wednesday. Robert W. Baird reissued a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a report on Wednesday, October 4th. Cowen and Company reissued a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a report on Tuesday, September 19th. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Finally, BidaskClub raised Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Two analysts have rated the stock with a sell rating, twenty-two have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $52.86.
Verizon Communications Inc. (NYSE VZ) opened at 47.86 on Friday. The firm has a market capitalization of $195.24 billion, a P/E ratio of 12.30 and a beta of 0.56. The company’s 50 day moving average price is $48.46 and its 200 day moving average price is $47.03. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the consensus estimate of $0.96. The business had revenue of $30.55 billion during the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business earned $0.94 earnings per share. Analysts anticipate that Verizon Communications Inc. will post $3.76 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.93%. The ex-dividend date of this dividend is Friday, October 6th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio is 60.51%.
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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