Northeast Investment Management Has $1.93 Million Position in Verizon Communications Inc. (VZ)

Northeast Investment Management increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.2% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 39,606 shares of the cell phone carrier’s stock after buying an additional 478 shares during the period. Northeast Investment Management’s holdings in Verizon Communications were worth $1,931,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Baltimore Washington Financial Advisors Inc. bought a new stake in shares of Verizon Communications during the fourth quarter worth approximately $9,742,000. Sunbelt Securities Inc. bought a new stake in shares of Verizon Communications during the fourth quarter worth approximately $115,000. Tortoise Investment Management LLC boosted its stake in shares of Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock worth $139,000 after buying an additional 680 shares during the period. Northwest Quadrant Wealth Management LLC bought a new stake in shares of Verizon Communications during the fourth quarter worth approximately $155,000. Finally, Portfolio Solutions LLC bought a new stake in shares of Verizon Communications during the first quarter worth approximately $179,000. Hedge funds and other institutional investors own 62.55% of the company’s stock.

Verizon Communications Inc. (NYSE VZ) opened at 44.22 on Friday. The firm has a 50-day moving average price of $45.13 and a 200 day moving average price of $47.92. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $56.25. The stock has a market capitalization of $180.39 billion, a price-to-earnings ratio of 14.79 and a beta of 0.54.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by $0.03. Verizon Communications had a net margin of 9.92% and a return on equity of 66.99%. The business had revenue of $29.81 billion during the quarter, compared to analyst estimates of $30.41 billion. During the same period in the previous year, the firm posted $1.06 EPS. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post $3.75 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be paid a $0.5775 dividend. This represents a $2.31 annualized dividend and a dividend yield of 5.22%. The ex-dividend date is Thursday, July 6th. Verizon Communications’s payout ratio is presently 77.00%.

A number of equities research analysts have commented on the company. Bank of America Corporation reiterated a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. Zacks Investment Research cut Verizon Communications from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Cowen and Company reiterated a “hold” rating and set a $49.00 target price on shares of Verizon Communications in a report on Wednesday. Argus cut Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Finally, Barclays PLC lowered their target price on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, twenty-five have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $53.23.

In related news, EVP Marni M. Walden sold 16,362 shares of Verizon Communications stock in a transaction on Monday, May 1st. The shares were sold at an average price of $46.08, for a total value of $753,960.96. Following the completion of the sale, the executive vice president now owns 11,797 shares of the company’s stock, valued at approximately $543,605.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $45.34, for a total transaction of $27,657.40. Following the completion of the sale, the executive vice president now directly owns 9,039 shares of the company’s stock, valued at approximately $409,828.26. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,192 shares of company stock valued at $837,958. 0.13% of the stock is owned by company insiders.

Verizon Communications Company Profile

Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.