Reynders McVeigh Capital Management LLC raised its stake in Verizon Communications Inc. (NYSE:VZ) by 7.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,034 shares of the cell phone carrier’s stock after acquiring an additional 3,648 shares during the period. Reynders McVeigh Capital Management LLC’s holdings in Verizon Communications were worth $2,819,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Markel Corp acquired a new position in shares of Verizon Communications during the second quarter worth approximately $2,616,000. Trust Co boosted its position in shares of Verizon Communications by 6.5% during the first quarter. Trust Co now owns 100,146 shares of the cell phone carrier’s stock worth $4,789,000 after buying an additional 6,126 shares during the period. Levin Capital Strategies L.P. boosted its position in shares of Verizon Communications by 24.8% during the first quarter. Levin Capital Strategies L.P. now owns 24,000 shares of the cell phone carrier’s stock worth $1,148,000 after buying an additional 4,775 shares during the period. Wetherby Asset Management Inc. boosted its position in shares of Verizon Communications by 3.8% during the second quarter. Wetherby Asset Management Inc. now owns 59,532 shares of the cell phone carrier’s stock worth $2,995,000 after buying an additional 2,158 shares during the period. Finally, Buckley Wealth Management LLC boosted its position in shares of Verizon Communications by 8.1% during the first quarter. Buckley Wealth Management LLC now owns 54,885 shares of the cell phone carrier’s stock worth $2,625,000 after buying an additional 4,131 shares during the period. Institutional investors own 64.34% of the company’s stock.
VZ has been the subject of a number of research analyst reports. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. JPMorgan Chase & Co. upped their target price on Verizon Communications from $59.00 to $62.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 24th. Barclays upped their target price on Verizon Communications from $50.00 to $53.00 and gave the stock a “hold” rating in a research report on Wednesday, October 24th. Morgan Stanley upped their target price on Verizon Communications from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, October 29th. Finally, Moffett Nathanson restated a “neutral” rating and issued a $56.00 target price on shares of Verizon Communications in a research report on Tuesday, September 4th. Eight equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $55.93.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.03. The company had revenue of $32.61 billion for the quarter, compared to analysts’ expectations of $32.45 billion. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The firm’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.98 earnings per share. As a group, analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th were issued a $0.6025 dividend. The ex-dividend date was Tuesday, October 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.18%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s dividend payout ratio is currently 64.44%.
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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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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