Waverton Investment Management Ltd trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 10.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 38,354 shares of the cell phone carrier’s stock after selling 4,300 shares during the period. Waverton Investment Management Ltd’s holdings in Verizon Communications were worth $1,946,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in Verizon Communications by 2.7% during the first quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock worth $16,821,462,000 after acquiring an additional 8,570,818 shares during the period. BlackRock Inc. grew its holdings in Verizon Communications by 4.8% during the first quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock worth $15,521,461,000 after acquiring an additional 13,959,954 shares during the period. State Street Corp grew its holdings in Verizon Communications by 2.6% during the fourth quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock worth $8,858,320,000 after acquiring an additional 4,312,242 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Verizon Communications by 5.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 59,782,122 shares of the cell phone carrier’s stock worth $3,045,303,000 after acquiring an additional 2,934,928 shares during the period. Finally, Capital World Investors grew its holdings in Verizon Communications by 7.7% during the first quarter. Capital World Investors now owns 49,879,143 shares of the cell phone carrier’s stock worth $2,540,898,000 after acquiring an additional 3,568,252 shares during the period. 62.83% of the stock is owned by institutional investors and hedge funds.
Verizon Communications Stock Down 2.7 %
Shares of Verizon Communications stock opened at $39.48 on Thursday. The firm has a market cap of $165.80 billion, a price-to-earnings ratio of 7.91, a P/E/G ratio of 1.92 and a beta of 0.36. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.76 and a quick ratio of 0.69. Verizon Communications Inc. has a 52-week low of $39.47 and a 52-week high of $55.51. The stock has a 50-day simple moving average of $44.21 and a 200-day simple moving average of $48.61.
Verizon Communications Increases Dividend
The business also recently disclosed 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. This represents a $2.61 dividend on an annualized basis and a dividend yield of 6.61%. This is an increase 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 (DPR) is presently 51.30%.
Analysts Set New Price Targets
VZ has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft decreased their price target on Verizon Communications from $59.00 to $58.00 in a research report on Tuesday, July 19th. JPMorgan Chase & Co. reiterated a “hold” rating and issued a $57.00 price target on shares of Verizon Communications in a research report on Friday, June 24th. Credit Suisse Group decreased their price target on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a research report on Tuesday, June 21st. Cowen decreased their price target on Verizon Communications from $71.00 to $64.00 and set an “outperform” rating for the company in a research report on Monday, July 25th. Finally, Barclays lowered Verizon Communications from an “overweight” rating to an “equal weight” rating in a research report on Friday, July 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $55.61.
Insider Activity at Verizon Communications
In related news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total value of $80,112.36. Following the transaction, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at approximately $1,717,582.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.02% of the stock is owned by company insiders.
Verizon Communications Profile
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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