Verizon Communications Inc. (NYSE:VZ) Shares Bought by Pine Haven Investment Counsel Inc

Pine Haven Investment Counsel Inc raised its stake in Verizon Communications Inc. (NYSE:VZGet Rating) by 7.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,784 shares of the cell phone carrier’s stock after acquiring an additional 483 shares during the period. Pine Haven Investment Counsel Inc’s holdings in Verizon Communications were worth $346,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in the business. BlackRock Inc. boosted its stake in shares of Verizon Communications by 0.3% during the fourth quarter. BlackRock Inc. now owns 290,740,891 shares of the cell phone carrier’s stock worth $15,106,895,000 after buying an additional 791,443 shares during the period. State Street Corp lifted its position in Verizon Communications by 2.6% in the fourth quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock valued at $8,858,320,000 after purchasing an additional 4,312,242 shares during the period. Geode Capital Management LLC lifted its position in Verizon Communications by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 73,174,424 shares of the cell phone carrier’s stock valued at $3,792,626,000 after purchasing an additional 1,776,263 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Verizon Communications by 8.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 56,847,194 shares of the cell phone carrier’s stock valued at $2,953,781,000 after purchasing an additional 4,571,857 shares during the period. Finally, Norges Bank acquired a new stake in Verizon Communications in the fourth quarter valued at about $1,884,917,000. Institutional investors and hedge funds own 63.78% of the company’s stock.

Verizon Communications Stock Up 1.2 %

VZ stock opened at $44.95 on Friday. The stock has a market capitalization of $188.78 billion, a P/E ratio of 9.01, a PEG ratio of 2.16 and a beta of 0.33. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76. Verizon Communications Inc. has a one year low of $43.76 and a one year high of $56.20. The company has a 50 day moving average price of $49.40 and a two-hundred day moving average price of $51.01.

Verizon Communications (NYSE:VZGet Rating) last announced its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The company had revenue of $33.79 billion during the quarter, compared to analyst estimates of $33.77 billion. Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter last year, the business earned $1.37 EPS. As a group, sell-side analysts expect that Verizon Communications Inc. will post 5.2 EPS for the current year.

Verizon Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 8th were issued a $0.64 dividend. The ex-dividend date was Thursday, July 7th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 5.70%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.30%.

Analyst Upgrades and Downgrades

VZ has been the subject of a number of recent analyst reports. Cowen reduced their price objective on shares of Verizon Communications from $71.00 to $64.00 and set an “outperform” rating for the company in a research report on Monday, July 25th. Bank of America downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $64.00 to $51.00 in a research report on Thursday, July 28th. JPMorgan Chase & Co. restated a “hold” rating and issued a $57.00 price objective on shares of Verizon Communications in a research report on Friday, June 24th. Wolfe Research dropped their target price on shares of Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating for the company in a report on Thursday, June 2nd. Finally, Morgan Stanley dropped their target price on shares of Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Monday, July 25th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $56.50.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $50.00, for a total value of $77,900.00. Following the transaction, the executive vice president now owns 36,519 shares in the company, valued at approximately $1,825,950. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 4,674 shares of company stock worth $237,377 in the last quarter. 0.10% of the stock is owned by insiders.

Verizon Communications Company Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, 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 comprising smart watches.

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

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