Mogy Joel R Investment Counsel Inc. reduced its position in Verizon Communications Inc. (NYSE:VZ) by 3.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 218,953 shares of the cell phone carrier’s stock after selling 6,660 shares during the period. Verizon Communications accounts for approximately 1.8% of Mogy Joel R Investment Counsel Inc.’s investment portfolio, making the stock its 22nd largest position. Mogy Joel R Investment Counsel Inc.’s holdings in Verizon Communications were worth $10,674,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in VZ. Bienville Capital Management LLC boosted its position in shares of Verizon Communications by 110.1% in the fourth quarter. Bienville Capital Management LLC now owns 8,588 shares of the cell phone carrier’s stock valued at $458,000 after buying an additional 4,500 shares during the period. SRS Capital Advisors Inc. bought a new position in shares of Verizon Communications during the fourth quarter valued at $446,000. Janus Capital Management LLC boosted its position in shares of Verizon Communications by 0.3% in the fourth quarter. Janus Capital Management LLC now owns 4,754,518 shares of the cell phone carrier’s stock valued at $253,796,000 after buying an additional 15,742 shares during the period. Cheviot Value Management LLC raised its stake in Verizon Communications by 179.1% in the fourth quarter. Cheviot Value Management LLC now owns 14,158 shares of the cell phone carrier’s stock valued at $756,000 after buying an additional 9,086 shares in the last quarter. Finally, Quest Investment Management Inc. OR raised its stake in Verizon Communications by 234.7% in the fourth quarter. Quest Investment Management Inc. OR now owns 328,563 shares of the cell phone carrier’s stock valued at $17,539,000 after buying an additional 230,386 shares in the last quarter. 62.33% of the stock is owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.37% on Thursday, hitting $48.23. The stock had a trading volume of 4,256,333 shares. The firm’s 50-day moving average price is $45.83 and its 200 day moving average price is $47.30. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83. The firm has a market cap of $196.75 billion, a P/E ratio of 12.40 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. During the same quarter in the prior year, the company posted $0.94 EPS. The business’s revenue for the quarter was up .1% on a year-over-year basis. Analysts anticipate that Verizon Communications Inc. will post $3.79 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were paid a $0.5775 dividend. The ex-dividend date was Thursday, July 6th. This represents a $2.31 annualized dividend and a dividend yield of 4.77%. Verizon Communications’s dividend payout ratio (DPR) is 59.23%.
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Several equities research analysts have issued reports on VZ shares. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 price target for the company in a research note on Wednesday, June 21st. Cowen and Company restated a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a report on Wednesday, July 19th. ValuEngine downgraded Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $48.00 target price on shares of Verizon Communications in a report on Friday, April 21st. Two analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total value of $27,450.00. Following the transaction, the executive vice president now directly owns 8,429 shares in the company, valued at approximately $379,305. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders sold 1,830 shares of company stock valued at $84,229. Corporate insiders own 0.13% of the company’s stock.
About Verizon Communications
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.
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