DNB Asset Management AS trimmed its stake in Verizon Communications Inc. (NYSE:VZ) by 7.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,241,952 shares of the cell phone carrier’s stock after selling 106,759 shares during the quarter. Verizon Communications makes up 0.8% of DNB Asset Management AS’s holdings, making the stock its 27th biggest position. DNB Asset Management AS’s holdings in Verizon Communications were worth $73,884,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. purchased a new position in shares of Verizon Communications during the 1st quarter valued at $109,968,000. Nordea Investment Management AB raised its stake in Verizon Communications by 94.9% in the 2nd quarter. Nordea Investment Management AB now owns 20,863,824 shares of the cell phone carrier’s stock valued at $1,135,410,000 after acquiring an additional 10,157,152 shares during the period. Capital International Investors lifted its holdings in Verizon Communications by 17.4% during the first quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock valued at $1,892,254,000 after purchasing an additional 5,213,722 shares during the last quarter. Mn Services Vermogensbeheer B.V. bought a new position in Verizon Communications during the second quarter worth about $184,333,000. Finally, FIL Ltd increased its stake in shares of Verizon Communications by 150.8% in the second quarter. FIL Ltd now owns 5,500,094 shares of the cell phone carrier’s stock worth $303,221,000 after purchasing an additional 3,307,291 shares in the last quarter. 64.85% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently commented on VZ shares. Raymond James upped their price target on shares of Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Moffett Nathanson restated a “hold” rating and set a $62.00 target price on shares of Verizon Communications in a research report on Friday, July 24th. Scotiabank lifted their price target on Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research report on Monday, July 27th. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a report on Tuesday, August 11th. Finally, Oppenheimer initiated coverage on Verizon Communications in a research note on Tuesday, September 15th. They issued a “buy” rating and a $70.00 target price for the company. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $62.24.
Shares of NYSE:VZ opened at $58.05 on Friday. The firm has a market capitalization of $240.21 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 3.67 and a beta of 0.46. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 0.96. Verizon Communications Inc. has a 52-week low of $48.84 and a 52-week high of $62.22. The firm has a fifty day moving average of $59.66 and a 200 day moving average of $57.28.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.03. The firm had revenue of $30.40 billion during the quarter, compared to analyst estimates of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The company’s revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.23 earnings per share. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be paid a $0.6275 dividend. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $2.51 annualized dividend and a yield of 4.32%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.62. Verizon Communications’s dividend payout ratio is currently 52.18%.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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