AdvisorNet Financial Inc Has $5.86 Million Stock Position in Verizon Communications Inc. (NYSE:VZ)

AdvisorNet Financial Inc decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 1.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 106,200 shares of the cell phone carrier’s stock after selling 1,432 shares during the period. AdvisorNet Financial Inc’s holdings in Verizon Communications were worth $5,855,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in VZ. Geode Capital Management LLC grew its stake in Verizon Communications by 1.6% during the first quarter. Geode Capital Management LLC now owns 63,513,728 shares of the cell phone carrier’s stock valued at $3,406,555,000 after acquiring an additional 1,027,649 shares in the last quarter. Capital World Investors grew its stake in Verizon Communications by 6.2% in the 1st quarter. Capital World Investors now owns 54,544,125 shares of the cell phone carrier’s stock worth $2,930,662,000 after buying an additional 3,202,996 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Verizon Communications by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 41,576,844 shares of the cell phone carrier’s stock worth $2,292,133,000 after buying an additional 256,321 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Verizon Communications by 1.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 36,317,442 shares of the cell phone carrier’s stock worth $2,002,182,000 after buying an additional 391,277 shares in the last quarter. Finally, Capital International Investors grew its stake in Verizon Communications by 17.4% in the 1st quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock worth $1,892,254,000 after buying an additional 5,213,722 shares in the last quarter. 64.85% of the stock is currently owned by institutional investors and hedge funds.

Shares of VZ traded up $0.28 during trading hours on Tuesday, reaching $60.60. 713,742 shares of the company traded hands, compared to its average volume of 17,366,627. The firm has a market cap of $249.61 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 3.67 and a beta of 0.46. Verizon Communications Inc. has a 12-month low of $48.84 and a 12-month high of $62.22. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.66. The stock’s fifty day moving average price is $58.89 and its 200 day moving average price is $56.46.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.03. The firm had revenue of $30.40 billion during the quarter, compared to the consensus estimate of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.23 earnings per share. On average, research analysts forecast that Verizon Communications Inc. will post 4.78 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be issued a $0.6275 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend is Thursday, October 8th. Verizon Communications’s payout ratio is presently 51.14%.

VZ has been the subject of a number of recent analyst reports. Oppenheimer initiated coverage on shares of Verizon Communications in a report on Tuesday. They set a “buy” rating and a $70.00 price target for the company. Argus upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Tuesday, September 8th. Royal Bank of Canada reiterated a “hold” rating and issued a $57.00 price target on shares of Verizon Communications in a research note on Wednesday, September 9th. UBS Group increased their price target on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Finally, Scotiabank increased their price target on shares of Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a research note on Monday, July 27th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $62.27.

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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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