Kohmann Bosshard Financial Services LLC purchased a new position in shares of Verizon Communications Inc. (NYSE:VZ) in the first quarter, HoldingsChannel reports. The firm purchased 1,898 shares of the cell phone carrier’s stock, valued at approximately $102,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in VZ. Norges Bank purchased a new position in shares of Verizon Communications during the 4th quarter worth $2,775,411,000. Parnassus Investments CA purchased a new position in shares of Verizon Communications in the 4th quarter valued at about $728,007,000. Amundi Pioneer Asset Management Inc. boosted its stake in shares of Verizon Communications by 89.7% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 16,075,176 shares of the cell phone carrier’s stock valued at $986,935,000 after buying an additional 7,601,512 shares during the period. California Public Employees Retirement System raised its position in shares of Verizon Communications by 21.5% during the 4th quarter. California Public Employees Retirement System now owns 20,570,713 shares of the cell phone carrier’s stock worth $1,263,042,000 after acquiring an additional 3,644,196 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Verizon Communications by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 62,486,079 shares of the cell phone carrier’s stock worth $3,829,119,000 after acquiring an additional 2,548,889 shares in the last quarter. Institutional investors and hedge funds own 66.75% of the company’s stock.
Several research analysts have commented on VZ shares. Cowen raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $61.00 price target on the stock in a research report on Monday, March 2nd. New Street Research restated a “buy” rating on shares of Verizon Communications in a research note on Friday, January 10th. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating and set a $62.00 price target on the stock. in a research note on Saturday, January 11th. Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a research report on Thursday, January 23rd. Finally, Goldman Sachs Group raised Verizon Communications from a “buy” rating to a “conviction-buy” rating in a report on Wednesday, April 1st. Twelve research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $62.16.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, January 30th. The cell phone carrier reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.02). The firm had revenue of $34.78 billion for the quarter, compared to the consensus estimate of $34.62 billion. Verizon Communications had a net margin of 14.61% and a return on equity of 33.39%. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.12 earnings per share. Research analysts expect that Verizon Communications Inc. will post 4.89 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 1st. Shareholders of record on Monday, April 13th will be paid a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date is Thursday, April 9th. Verizon Communications’s payout ratio is currently 51.14%.
Verizon Communications declared that its Board of Directors has initiated a share repurchase plan on Thursday, February 6th that permits the company to buyback 100,000,000 shares. This buyback authorization permits the cell phone carrier to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
Verizon Communications Company 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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