Verizon Communications Inc. (NYSE:VZ) Shares Purchased by Cullinan Associates Inc.

Cullinan Associates Inc. increased its stake in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 1.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 389,039 shares of the cell phone carrier’s stock after purchasing an additional 4,951 shares during the period. Verizon Communications accounts for approximately 1.2% of Cullinan Associates Inc.’s investment portfolio, making the stock its 15th biggest position. Cullinan Associates Inc.’s holdings in Verizon Communications were worth $19,744,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. True North Advisors LLC purchased a new stake in Verizon Communications in the 4th quarter valued at $364,000. Asset Allocation & Management Company LLC acquired a new position in shares of Verizon Communications during the 4th quarter valued at about $281,000. Alberta Investment Management Corp grew its holdings in shares of Verizon Communications by 39.1% in the fourth quarter. Alberta Investment Management Corp now owns 767,842 shares of the cell phone carrier’s stock valued at $39,897,000 after purchasing an additional 215,742 shares during the period. KRS Capital Management LLC acquired a new stake in Verizon Communications during the fourth quarter worth about $437,000. Finally, Invesco Ltd. raised its stake in Verizon Communications by 2.5% during the fourth quarter. Invesco Ltd. now owns 21,755,236 shares of the cell phone carrier’s stock worth $1,130,403,000 after purchasing an additional 524,481 shares during the period. Institutional investors and hedge funds own 62.83% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total value of $80,112.36. Following 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 through the SEC website. 0.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Royal Bank of Canada dropped their price target on shares of Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating for the company in a research note on Wednesday, June 22nd. Moffett Nathanson cut shares of Verizon Communications from a “market perform” rating to an “underperform” rating and set a $41.00 price target for the company. in a research note on Thursday, August 18th. Bank of America cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and dropped their price target for the company from $64.00 to $51.00 in a research note on Thursday, July 28th. Morgan Stanley dropped their price target on shares of Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Monday, July 25th. Finally, Wolfe Research dropped their price target on shares of Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating for the company in a research note on Thursday, June 2nd. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $55.68.

Verizon Communications Stock Up 0.5 %

Shares of NYSE VZ opened at $41.25 on Monday. The stock has a market cap of $173.24 billion, a P/E ratio of 8.27, a PEG ratio of 1.91 and a beta of 0.36. The business’s fifty day simple moving average is $44.82 and its 200-day simple moving average is $48.87. Verizon Communications Inc. has a 12-month low of $40.66 and a 12-month high of $55.51. 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 quarterly 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 company had revenue of $33.79 billion for the quarter, compared to analysts’ expectations of $33.77 billion. During the same quarter last year, the company earned $1.37 EPS. Verizon Communications’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, equities analysts predict that Verizon Communications Inc. will post 5.19 EPS for the current fiscal year.

Verizon Communications Increases Dividend

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

Verizon Communications Profile

(Get Rating)

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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