Advisor OS LLC reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 15.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 4,363 shares of the cell phone carrier’s stock after selling 772 shares during the quarter. Advisor OS LLC’s holdings in Verizon Communications were worth $253,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of VZ. Norges Bank bought a new position in Verizon Communications in the 4th quarter worth $2,373,000,000. BlackRock Inc. raised its holdings in Verizon Communications by 2.2% in the 1st quarter. BlackRock Inc. now owns 305,370,449 shares of the cell phone carrier’s stock worth $17,757,293,000 after purchasing an additional 6,619,930 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new position in Verizon Communications in the 1st quarter worth $241,988,000. GSB Wealth Management LLC raised its holdings in Verizon Communications by 55,390.7% in the 1st quarter. GSB Wealth Management LLC now owns 3,470,943 shares of the cell phone carrier’s stock worth $195,823,000 after purchasing an additional 3,464,688 shares in the last quarter. Finally, Morgan Stanley raised its holdings in Verizon Communications by 7.9% in the 4th quarter. Morgan Stanley now owns 39,149,043 shares of the cell phone carrier’s stock worth $2,300,008,000 after purchasing an additional 2,855,873 shares in the last quarter. Institutional investors own 64.42% of the company’s stock.
In other news, CEO Kumara Guru Gowrappan sold 43,238 shares of the stock in a transaction that occurred on Monday, May 10th. The shares were sold at an average price of $59.42, for a total value of $2,569,201.96. Following the transaction, the chief executive officer now owns 14,077 shares in the company, valued at approximately $836,455.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig L. Silliman sold 1,555 shares of the stock in a transaction that occurred on Monday, April 5th. The stock was sold at an average price of $58.53, for a total transaction of $91,014.15. Following the completion of the transaction, the executive vice president now owns 36,242 shares in the company, valued at approximately $2,121,244.26. The disclosure for this sale can be found here. Insiders have sold a total of 82,903 shares of company stock worth $4,877,955 in the last 90 days. Company insiders own 0.10% of the company’s stock.
VZ opened at $56.47 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 2.06. The company has a market cap of $233.79 billion, a PE ratio of 12.38, a P/E/G ratio of 3.90 and a beta of 0.47. The company’s 50-day moving average is $57.39. Verizon Communications Inc. has a 52-week low of $52.85 and a 52-week high of $61.95.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, April 20th. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.29 by $0.02. The business had revenue of $32.87 billion for the quarter, compared to analysts’ expectations of $32.47 billion. Verizon Communications had a net margin of 14.58% and a return on equity of 30.10%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.26 EPS. Research analysts forecast that Verizon Communications Inc. will post 5.08 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 2nd. Shareholders of record on Friday, July 9th will be paid a dividend of $0.627 per share. This represents a $2.51 annualized dividend and a yield of 4.44%. The ex-dividend date of this dividend is Thursday, July 8th. Verizon Communications’s dividend payout ratio is currently 51.22%.
VZ has been the subject of several research reports. Cowen restated a “buy” rating on shares of Verizon Communications in a report on Wednesday. Moffett Nathanson reaffirmed a “neutral” rating on shares of Verizon Communications in a research report on Monday, May 3rd. HSBC upped their target price on shares of Verizon Communications from $58.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday, May 24th. Scotiabank downgraded shares of Verizon Communications from an “outperform” rating to a “sector perform” rating in a research report on Thursday, February 25th. Finally, Tigress Financial raised shares of Verizon Communications from a “neutral” rating to a “buy” rating in a research report on Wednesday, March 24th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $62.46.
About Verizon Communications
Verizon Communications Inc offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.
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