HBK Sorce Advisory LLC trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 21.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 54,669 shares of the cell phone carrier’s stock after selling 14,545 shares during the period. Verizon Communications makes up about 0.7% of HBK Sorce Advisory LLC’s investment portfolio, making the stock its 24th largest holding. HBK Sorce Advisory LLC’s holdings in Verizon Communications were worth $3,053,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of VZ. Invesco Ltd. raised its holdings in Verizon Communications by 61.6% in the 2nd quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock worth $1,327,750,000 after purchasing an additional 8,858,448 shares during the period. APG Asset Management N.V. raised its holdings in Verizon Communications by 64.8% in the 4th quarter. APG Asset Management N.V. now owns 15,572,858 shares of the cell phone carrier’s stock worth $765,872,000 after purchasing an additional 6,120,966 shares during the period. BlackRock Inc. raised its holdings in Verizon Communications by 1.7% in the 2nd quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after purchasing an additional 5,319,802 shares during the period. Vanguard Group Inc. raised its holdings in Verizon Communications by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock worth $18,527,217,000 after purchasing an additional 4,562,510 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Verizon Communications in the 2nd quarter worth $131,587,000. Institutional investors and hedge funds own 65.67% of the company’s stock.
In other news, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the sale, the chief executive officer now directly owns 853 shares of the company’s stock, valued at $49,260.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $58.15, for a total value of $78,444.35. Following the completion of the sale, the executive vice president now directly owns 25,379 shares in the company, valued at $1,475,788.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,047 shares of company stock worth $1,212,038. Insiders own 0.03% of the company’s stock.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.03. The business had revenue of $32.07 billion for the quarter, compared to analysts’ expectations of $32.42 billion. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same period last year, the firm earned $1.20 earnings per share. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a dividend of $0.615 per share. The ex-dividend date is Wednesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a yield of 4.11%. Verizon Communications’s dividend payout ratio (DPR) is currently 51.17%.
VZ has been the topic of a number of recent research reports. Oppenheimer raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price on the stock in a report on Tuesday, August 27th. Citigroup set a $62.00 target price on Verizon Communications and gave the stock a “hold” rating in a report on Tuesday, September 10th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Monday, September 2nd. Finally, UBS Group cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 target price on the stock. in a report on Thursday, May 30th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Verizon Communications has an average rating of “Hold” and an average price target of $60.96.
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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