Beese Fulmer Investment Management Inc. Lowers Holdings in Verizon Communications Inc. (NYSE:VZ)

Beese Fulmer Investment Management Inc. cut its holdings in Verizon Communications Inc. (NYSE:VZGet Rating) by 2.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,309 shares of the cell phone carrier’s stock after selling 1,985 shares during the period. Beese Fulmer Investment Management Inc.’s holdings in Verizon Communications were worth $3,974,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Virginia Retirement Systems ET AL lifted its holdings in Verizon Communications by 0.5% in the 1st quarter. Virginia Retirement Systems ET AL now owns 1,996,800 shares of the cell phone carrier’s stock worth $101,717,000 after purchasing an additional 9,200 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its holdings in Verizon Communications by 860.0% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 336,892 shares of the cell phone carrier’s stock worth $17,161,000 after purchasing an additional 301,800 shares in the last quarter. WC Walker & Associates Inc. raised its holdings in shares of Verizon Communications by 2.7% during the 1st quarter. WC Walker & Associates Inc. now owns 41,306 shares of the cell phone carrier’s stock worth $2,236,000 after acquiring an additional 1,096 shares in the last quarter. Wilson & Boucher Capital Management LLC raised its holdings in shares of Verizon Communications by 1.2% during the 1st quarter. Wilson & Boucher Capital Management LLC now owns 17,693 shares of the cell phone carrier’s stock worth $901,000 after acquiring an additional 202 shares in the last quarter. Finally, CRA Financial Services LLC raised its holdings in shares of Verizon Communications by 9.1% during the 1st quarter. CRA Financial Services LLC now owns 16,518 shares of the cell phone carrier’s stock worth $841,000 after acquiring an additional 1,375 shares in the last quarter. 62.83% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

Shares of VZ stock opened at $41.25 on Monday. Verizon Communications Inc. has a twelve month low of $40.66 and a twelve month high of $55.51. The stock has a market capitalization of $173.24 billion, a price-to-earnings ratio of 8.27, a P/E/G ratio of 1.91 and a beta of 0.36. The stock has a fifty day simple moving average of $44.82 and a two-hundred day simple moving average of $48.87. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.56.

Verizon Communications (NYSE:VZGet Rating) last issued its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The firm had revenue of $33.79 billion during the quarter, compared to analysts’ expectations of $33.77 billion. During the same quarter in the prior year, the company posted $1.37 earnings per share. Verizon Communications’s quarterly revenue was up .1% compared to the same quarter last year. On average, analysts predict that Verizon Communications Inc. will post 5.19 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be issued a $0.6525 dividend. This represents a $2.61 annualized dividend and a dividend yield of 6.33%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, October 6th. Verizon Communications’s dividend payout ratio is currently 51.30%.

Analyst Ratings Changes

VZ has been the topic of several analyst reports. Wells Fargo & Company cut their target price on Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Friday, July 8th. Cowen cut their target price on Verizon Communications from $71.00 to $64.00 and set an “outperform” rating on the stock in a research report on Monday, July 25th. Wolfe Research cut their target price on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a research report on Thursday, June 2nd. Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a research report on Friday, July 22nd. Finally, Raymond James reissued an “outperform” rating and set a $64.00 target price on shares of Verizon Communications in a research report on Thursday, July 7th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $55.68.

Insider Buying and Selling

In related news, EVP Craig L. Silliman sold 1,558 shares of the company’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total transaction of $80,112.36. Following the completion of the sale, the executive vice president now directly owns 33,403 shares in the company, valued at approximately $1,717,582.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.10% of the stock is currently owned by company insiders.

Verizon Communications Company Profile

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Verizon Communications Inc, through its subsidiaries, 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 comprising smart watches.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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