Convergence Investment Partners LLC cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 16.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 74,748 shares of the cell phone carrier’s stock after selling 14,643 shares during the period. Verizon Communications comprises approximately 1.4% of Convergence Investment Partners LLC’s holdings, making the stock its 10th biggest position. Convergence Investment Partners LLC’s holdings in Verizon Communications were worth $4,121,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of VZ. LFA Lugano Financial Advisors SA bought a new stake in Verizon Communications in the 2nd quarter valued at about $27,000. Toth Financial Advisory Corp bought a new stake in Verizon Communications in the 2nd quarter valued at about $34,000. AlphaCore Capital LLC bought a new stake in Verizon Communications in the 1st quarter valued at about $35,000. Lion Street Advisors LLC bought a new stake in Verizon Communications in the 1st quarter valued at about $38,000. Finally, HighMark Wealth Management LLC lifted its position in Verizon Communications by 52.1% in the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock valued at $43,000 after purchasing an additional 270 shares during the last quarter. 65.23% of the stock is owned by institutional investors and hedge funds.
VZ has been the topic of several recent research reports. Morgan Stanley cut their price objective on shares of Verizon Communications from $61.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Friday, April 17th. Scotiabank lifted their price objective on shares of Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research report on Monday, July 27th. Credit Suisse Group reiterated a “hold” rating and issued a $61.00 price objective on shares of Verizon Communications in a research report on Thursday, July 2nd. Robert W. Baird dropped their price target on shares of Verizon Communications from $60.00 to $58.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 28th. Finally, Raymond James boosted their price target on shares of Verizon Communications from $61.00 to $64.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Verizon Communications presently has an average rating of “Hold” and a consensus target price of $62.00.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data 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 company had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business’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 EPS. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.79 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be given a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 4.28%. The ex-dividend date is Thursday, July 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 51.14%.
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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