Verizon Communications Inc. (NYSE:VZ) Shares Purchased by New York Life Investment Management LLC

New York Life Investment Management LLC increased its position in Verizon Communications Inc. (NYSE:VZ) by 0.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 580,970 shares of the cell phone carrier’s stock after acquiring an additional 3,635 shares during the period. New York Life Investment Management LLC’s holdings in Verizon Communications were worth $23,959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VZ. Norges Bank purchased a new position in Verizon Communications during the 4th quarter worth approximately $1,882,164,000. Capital World Investors raised its holdings in shares of Verizon Communications by 127.6% during the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock worth $821,900,000 after purchasing an additional 12,220,777 shares during the last quarter. Capital Research Global Investors lifted its position in Verizon Communications by 92.9% during the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock valued at $851,989,000 after purchasing an additional 10,882,873 shares during the period. Swedbank AB purchased a new stake in Verizon Communications in the first quarter valued at $250,312,000. Finally, Third Point LLC purchased a new stake in Verizon Communications in the fourth quarter valued at $173,325,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Down 0.4 %

VZ stock opened at $41.16 on Friday. The business’s 50-day moving average is $40.93 and its 200 day moving average is $40.53. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $43.42. The stock has a market cap of $173.25 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 3.81 and a beta of 0.41. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.15. The company had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.21 EPS. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 4.57 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.59%. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s payout ratio is currently 99.25%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on VZ. Scotiabank lifted their price objective on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research note on Wednesday, July 10th. KeyCorp decreased their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Friday. Royal Bank of Canada restated a “sector perform” rating and issued a $42.00 price objective on shares of Verizon Communications in a research report on Tuesday, July 23rd. TD Cowen lifted their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, The Goldman Sachs Group began coverage on shares of Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $45.66.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).