Verizon Communications Inc. (VZ) Shares Sold by Optimum Investment Advisors
Optimum Investment Advisors lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 4.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 31,697 shares of the cell phone carrier’s stock after selling 1,488 shares during the quarter. Optimum Investment Advisors’ holdings in Verizon Communications were worth $1,569,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Caxton Associates LP acquired a new stake in shares of Verizon Communications during the 2nd quarter worth approximately $607,000. DekaBank Deutsche Girozentrale grew its holdings in shares of Verizon Communications by 4.6% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 1,673,761 shares of the cell phone carrier’s stock worth $74,961,000 after purchasing an additional 72,980 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Verizon Communications by 1.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 10,704,239 shares of the cell phone carrier’s stock worth $478,051,000 after purchasing an additional 136,700 shares in the last quarter. Alps Advisors Inc. grew its holdings in shares of Verizon Communications by 5.2% during the 2nd quarter. Alps Advisors Inc. now owns 1,018,021 shares of the cell phone carrier’s stock worth $45,465,000 after purchasing an additional 50,602 shares in the last quarter. Finally, E&G Advisors LP grew its holdings in shares of Verizon Communications by 18.2% during the 3rd quarter. E&G Advisors LP now owns 24,735 shares of the cell phone carrier’s stock worth $1,224,000 after purchasing an additional 3,803 shares in the last quarter. 64.21% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE VZ) opened at $48.26 on Friday. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.91 and a quick ratio of 0.87. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.77. The stock has a market capitalization of $196,870.00, a price-to-earnings ratio of 14.85, a price-to-earnings-growth ratio of 1.95 and a beta of 0.67.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 6,967 shares of Verizon Communications stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total value of $346,956.60. Following the completion of the transaction, the senior vice president now owns 16,059 shares in the company, valued at approximately $799,738.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.13% of the company’s stock.
Several analysts have recently weighed in on the company. KeyCorp lifted their price objective on Verizon Communications from $50.00 to $53.00 and gave the stock a “sector weight” rating in a report on Tuesday, January 2nd. Macquarie reissued a “hold” rating and set a $54.00 price objective on shares of Verizon Communications in a report on Wednesday, January 24th. Nomura lifted their price objective on Verizon Communications from $61.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Bank of America lifted their price objective on Verizon Communications from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Finally, SunTrust Banks lifted their price objective on Verizon Communications to $58.00 and gave the stock a “hold” rating in a report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have issued a buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and an average target price of $53.45.
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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