Berkeley Capital Partners LLC grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,024 shares of the cell phone carrier’s stock after buying an additional 258 shares during the period. Berkeley Capital Partners LLC’s holdings in Verizon Communications were worth $773,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Advisor Group Holdings Inc. acquired a new position in shares of Verizon Communications in the 1st quarter valued at about $109,968,000. Capital International Investors raised its stake 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 worth $1,892,254,000 after acquiring an additional 5,213,722 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in Verizon Communications by 1,504.5% in the first quarter. Rockefeller Capital Management L.P. now owns 4,444,462 shares of the cell phone carrier’s stock worth $238,801,000 after acquiring an additional 4,167,470 shares during the last quarter. APG Asset Management N.V. boosted its stake in Verizon Communications by 34.5% in the first quarter. APG Asset Management N.V. now owns 15,146,312 shares of the cell phone carrier’s stock valued at $797,614,000 after acquiring an additional 3,886,881 shares during the period. Finally, Two Sigma Advisers LP grew its holdings in shares of Verizon Communications by 249.4% during the first quarter. Two Sigma Advisers LP now owns 5,175,563 shares of the cell phone carrier’s stock valued at $278,083,000 after purchasing an additional 3,694,500 shares during the last quarter. Institutional investors own 65.23% of the company’s stock.
A number of research analysts recently issued reports on VZ shares. JPMorgan Chase & Co. reduced their price objective on Verizon Communications from $63.00 to $62.00 and set a “neutral” rating for the company in a research report on Friday, April 17th. Royal Bank of Canada reissued a “hold” rating and set a $57.00 price target on shares of Verizon Communications in a report on Sunday, July 26th. Scotiabank increased their price objective on shares of Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a report on Monday, July 27th. Moffett Nathanson reissued a “hold” rating and set a $62.00 target price on shares of Verizon Communications in a research note on Friday, July 24th. Finally, Barclays restated a “hold” rating and issued a $54.00 price target on shares of Verizon Communications in a research note on Friday, April 17th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $62.00.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The company had revenue of $30.40 billion during the quarter, compared to analyst estimates of $29.98 billion. During the same quarter last year, the firm posted $1.23 EPS. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.79 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Friday, July 10th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date is Thursday, July 9th. Verizon Communications’s payout ratio is 51.14%.
Verizon Communications Profile
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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