Verizon Communications Inc. (VZ) Shares Sold by Lincluden Management Ltd.
Lincluden Management Ltd. decreased its holdings in Verizon Communications Inc. (NYSE:VZ) by 8.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 354,438 shares of the cell phone carrier’s stock after selling 30,905 shares during the quarter. Verizon Communications comprises approximately 1.6% of Lincluden Management Ltd.’s portfolio, making the stock its 15th biggest holding. Lincluden Management Ltd.’s holdings in Verizon Communications were worth $18,923,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in VZ. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Verizon Communications in the third quarter valued at $107,000. Barnett & Company Inc. grew its holdings in Verizon Communications by 152.3% in the third quarter. Barnett & Company Inc. now owns 2,445 shares of the cell phone carrier’s stock valued at $131,000 after purchasing an additional 1,476 shares during the last quarter. Psagot Investment House Ltd. grew its holdings in Verizon Communications by 157.4% in the third quarter. Psagot Investment House Ltd. now owns 3,500 shares of the cell phone carrier’s stock valued at $187,000 after purchasing an additional 2,140 shares during the last quarter. O Brien Wealth Partners LLC grew its holdings in Verizon Communications by 262.1% in the third quarter. O Brien Wealth Partners LLC now owns 3,599 shares of the cell phone carrier’s stock valued at $192,000 after purchasing an additional 2,605 shares during the last quarter. Finally, Montgomery Investment Management Inc. acquired a new stake in Verizon Communications in the third quarter valued at $202,000. Hedge funds and other institutional investors own 65.90% of the company’s stock.
Several analysts have weighed in on the company. ValuEngine lowered Verizon Communications from a “buy” rating to a “hold” rating in a report on Tuesday, January 29th. JPMorgan Chase & Co. lowered Verizon Communications from an “overweight” rating to a “neutral” rating and set a $59.89 price objective on the stock. in a research note on Sunday, December 9th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research note on Saturday, January 26th. Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research note on Friday, December 28th. Finally, Morgan Stanley lowered Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 price objective on the stock. in a research note on Wednesday, December 12th. Nine equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $55.76.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, January 29th. The cell phone carrier reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.03. Verizon Communications had a return on equity of 35.96% and a net margin of 11.87%. The firm had revenue of $34.28 billion for the quarter, compared to analyst estimates of $34.45 billion. During the same period last year, the company earned $0.86 EPS. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. Sell-side analysts expect that Verizon Communications Inc. will post 4.66 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be paid a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend is Tuesday, April 9th. Verizon Communications’s payout ratio is 51.17%.
In other Verizon Communications news, Director Lowell C. Mcadam sold 285,988 shares of the firm’s stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $56.72, for a total value of $16,221,239.36. Following the sale, the director now directly owns 362,932 shares of the company’s stock, valued at approximately $20,585,503.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $57.12, for a total value of $77,054.88. Following the completion of the sale, the executive vice president now directly owns 25,549 shares in the company, valued at $1,459,358.88. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.
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Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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