Retirement Planning Group Has $200,000 Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Retirement Planning Group cut its position in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 11.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,933 shares of the cell phone carrier’s stock after selling 525 shares during the period. Retirement Planning Group’s holdings in Verizon Communications were worth $200,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in Verizon Communications in the 4th quarter valued at about $1,884,917,000. BlackRock Inc. grew its stake in Verizon Communications by 4.8% in the 1st quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock valued at $15,521,461,000 after buying an additional 13,959,954 shares during the last quarter. Vanguard Group Inc. grew its stake in Verizon Communications by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock valued at $16,821,462,000 after buying an additional 8,570,818 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Verizon Communications by 71.7% in the 1st quarter. Fisher Asset Management LLC now owns 16,787,501 shares of the cell phone carrier’s stock valued at $855,155,000 after purchasing an additional 7,008,579 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in Verizon Communications by 81.3% in the 1st quarter. Renaissance Technologies LLC now owns 10,604,493 shares of the cell phone carrier’s stock valued at $540,193,000 after purchasing an additional 4,756,222 shares during the period. 62.83% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $39.93 on Friday. The company has a market cap of $167.69 billion, a price-to-earnings ratio of 8.00, a PEG ratio of 1.89 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. The firm has a 50 day simple moving average of $44.00 and a 200 day simple moving average of $48.51. Verizon Communications Inc. has a one year low of $39.26 and a one year high of $55.51.

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

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 is an increase from Verizon Communications’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $2.61 annualized dividend and a yield of 6.54%. Verizon Communications’s dividend payout ratio is presently 51.30%.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, 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 filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.10% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on VZ. Royal Bank of Canada cut their price objective on shares of Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating for the company in a report on Wednesday, June 22nd. JPMorgan Chase & Co. reissued a “hold” rating and issued a $57.00 price objective on shares of Verizon Communications in a report on Friday, June 24th. Credit Suisse Group cut their price objective on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a report on Tuesday, June 21st. Bank of America downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and cut their price objective for the company from $64.00 to $51.00 in a report on Thursday, July 28th. Finally, Morgan Stanley cut their price objective on shares of Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Monday, July 25th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $55.61.

Verizon Communications 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.

See Also

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

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