Gabalex Capital Management LLC Sells 541 Shares of Verizon Communications Inc. (NYSE:VZ)

Gabalex Capital Management LLC lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 0.8% in the first quarter, HoldingsChannel.com reports. The fund owned 70,000 shares of the cell phone carrier’s stock after selling 541 shares during the period. Verizon Communications accounts for about 2.1% of Gabalex Capital Management LLC’s investment portfolio, making the stock its 18th largest holding. Gabalex Capital Management LLC’s holdings in Verizon Communications were worth $4,071,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Insight Wealth Strategies LLC boosted its position in shares of Verizon Communications by 99.4% during the 1st quarter. Insight Wealth Strategies LLC now owns 37,876 shares of the cell phone carrier’s stock valued at $2,202,000 after acquiring an additional 18,884 shares during the last quarter. Weil Company Inc. lifted its position in Verizon Communications by 3.1% in the 1st quarter. Weil Company Inc. now owns 19,131 shares of the cell phone carrier’s stock worth $1,112,000 after buying an additional 570 shares during the last quarter. Ritholtz Wealth Management lifted its position in Verizon Communications by 3.2% in the 1st quarter. Ritholtz Wealth Management now owns 16,658 shares of the cell phone carrier’s stock worth $969,000 after buying an additional 512 shares during the last quarter. Oak Ridge Investments LLC lifted its position in Verizon Communications by 38.0% in the 1st quarter. Oak Ridge Investments LLC now owns 15,686 shares of the cell phone carrier’s stock worth $912,000 after buying an additional 4,321 shares during the last quarter. Finally, E Fund Management Co. Ltd. bought a new stake in Verizon Communications in the 1st quarter worth approximately $423,000. Hedge funds and other institutional investors own 64.42% of the company’s stock.

A number of research firms recently weighed in on VZ. Oppenheimer restated a “market perform” rating on shares of Verizon Communications in a research report on Wednesday, March 3rd. Scotiabank downgraded Verizon Communications from an “outperform” rating to a “sector perform” rating in a research report on Thursday, February 25th. Bank of America reaffirmed a “buy” rating and issued a $64.00 price target on shares of Verizon Communications in a research note on Thursday, March 11th. Tigress Financial raised Verizon Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 24th. Finally, Moffett Nathanson reaffirmed a “neutral” rating on shares of Verizon Communications in a research note on Monday, May 3rd. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $62.46.

In related news, CEO Kumara Guru Gowrappan sold 43,238 shares of the company’s stock in a transaction on Monday, May 10th. The stock was sold at an average price of $59.42, for a total value of $2,569,201.96. Following the sale, the chief executive officer now directly owns 14,077 shares of the company’s stock, valued at $836,455.34. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Craig L. Silliman sold 1,555 shares of the company’s stock in a transaction on Monday, April 5th. The stock was sold at an average price of $58.53, for a total value of $91,014.15. Following the completion of the sale, the executive vice president now directly owns 36,242 shares in the company, valued at $2,121,244.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 82,903 shares of company stock worth $4,877,955. 0.10% of the stock is owned by insiders.

Shares of VZ traded up $0.42 during mid-day trading on Thursday, hitting $57.47. 312,460 shares of the company’s stock traded hands, compared to its average volume of 18,956,963. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 2.06. Verizon Communications Inc. has a 1 year low of $52.85 and a 1 year high of $61.95. The stock has a market cap of $237.93 billion, a price-to-earnings ratio of 12.51, a P/E/G ratio of 3.89 and a beta of 0.47. The business has a 50-day simple moving average of $57.65.

Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, April 20th. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.29 by $0.02. Verizon Communications had a return on equity of 30.10% and a net margin of 14.58%. The firm had revenue of $32.87 billion for the quarter, compared to analysts’ expectations of $32.47 billion. During the same period in the previous year, the firm earned $1.26 earnings per share. The business’s revenue was up 4.0% compared to the same quarter last year. Equities research analysts forecast that Verizon Communications Inc. will post 5.07 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 2nd. Investors of record on Friday, July 9th will be paid a $0.627 dividend. The ex-dividend date of this dividend is Thursday, July 8th. This represents a $2.51 annualized dividend and a yield of 4.36%. Verizon Communications’s payout ratio is 51.22%.

About Verizon Communications

Verizon Communications Inc 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, such as smart watches.

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

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