Cubist Systematic Strategies LLC cut its stake in Verizon Communications Inc. (NYSE:VZ) by 34.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,888 shares of the cell phone carrier’s stock after selling 31,360 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Verizon Communications were worth $2,630,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Verizon Communications by 2.1% during the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after acquiring an additional 5,837,702 shares during the period. Capital Research Global Investors increased its position in Verizon Communications by 15.1% during the second quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after acquiring an additional 20,070,391 shares during the period. FMR LLC increased its position in Verizon Communications by 15.0% during the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after acquiring an additional 8,077,275 shares during the period. Legal & General Group Plc increased its position in Verizon Communications by 3.7% during the second quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock worth $1,065,488,000 after acquiring an additional 848,043 shares during the period. Finally, Franklin Resources Inc. increased its position in Verizon Communications by 19.9% during the second quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after acquiring an additional 3,623,182 shares during the period. 63.37% of the stock is currently owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded up $1.22 during trading hours on Tuesday, reaching $53.06. 14,340,000 shares of the company traded hands, compared to its average volume of 18,310,000. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05. Verizon Communications Inc. has a twelve month low of $42.80 and a twelve month high of $54.83. The firm has a market cap of $216,480.00, a P/E ratio of 13.62, a PEG ratio of 4.80 and a beta of 0.57.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be given a dividend of $0.59 per share. The ex-dividend date is Tuesday, January 9th. This represents a $2.36 annualized dividend and a yield of 4.45%. Verizon Communications’s dividend payout ratio is presently 60.51%.
In related news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $47.41, for a total transaction of $28,920.10. Following the sale, the executive vice president now directly owns 3,269 shares in the company, valued at approximately $154,983.29. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 1,830 shares of company stock worth $88,609. 0.13% of the stock is owned by corporate insiders.
Several equities analysts have commented on the stock. Instinet raised their target price on shares of Verizon Communications from $47.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday. Nomura upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and raised their price target for the company from $47.00 to $61.00 in a research note on Tuesday. ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Wells Fargo & Company upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Monday, November 20th. Finally, Macquarie restated a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a research note on Sunday, October 22nd. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $52.43.
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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