MONECO Advisors LLC Increases Stock Position in Verizon Communications Inc. (NYSE:VZ)

MONECO Advisors LLC raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 7.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 13,857 shares of the cell phone carrier’s stock after purchasing an additional 908 shares during the period. MONECO Advisors LLC’s holdings in Verizon Communications were worth $776,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of Verizon Communications by 2.2% during the first quarter. BlackRock Inc. now owns 305,370,449 shares of the cell phone carrier’s stock valued at $17,757,293,000 after acquiring an additional 6,619,930 shares in the last quarter. Berkshire Hathaway Inc increased its holdings in shares of Verizon Communications by 8.3% during the first quarter. Berkshire Hathaway Inc now owns 158,824,575 shares of the cell phone carrier’s stock valued at $9,235,649,000 after acquiring an additional 12,108,079 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Verizon Communications by 3.7% during the first quarter. Geode Capital Management LLC now owns 67,034,733 shares of the cell phone carrier’s stock valued at $3,887,473,000 after acquiring an additional 2,373,835 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Verizon Communications by 0.3% during the first quarter. Bank of New York Mellon Corp now owns 42,547,971 shares of the cell phone carrier’s stock valued at $2,474,165,000 after acquiring an additional 131,971 shares in the last quarter. Finally, Morgan Stanley increased its holdings in shares of Verizon Communications by 6.8% during the first quarter. Morgan Stanley now owns 41,810,812 shares of the cell phone carrier’s stock valued at $2,431,297,000 after acquiring an additional 2,661,769 shares in the last quarter. Hedge funds and other institutional investors own 63.65% of the company’s stock.

Shares of VZ stock traded up $0.13 during trading hours on Wednesday, reaching $54.54. 295,952 shares of the company traded hands, compared to its average volume of 17,307,883. Verizon Communications Inc. has a 12-month low of $53.83 and a 12-month high of $61.95. The company has a debt-to-equity ratio of 1.93, a current ratio of 0.89 and a quick ratio of 0.85. The company has a market cap of $225.80 billion, a P/E ratio of 11.30, a P/E/G ratio of 2.89 and a beta of 0.47. The firm has a 50-day moving average price of $55.50 and a 200 day moving average price of $56.55.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.07. Verizon Communications had a return on equity of 30.00% and a net margin of 15.05%. The firm had revenue of $33.76 billion for the quarter, compared to analysts’ expectations of $32.73 billion. During the same period in the previous year, the firm earned $1.18 EPS. The business’s quarterly revenue was up 10.9% on a year-over-year basis. Sell-side analysts predict that Verizon Communications Inc. will post 5.31 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Stockholders of record on Friday, October 8th will be given a dividend of $0.64 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.63. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date of this dividend is Thursday, October 7th. Verizon Communications’s payout ratio is presently 51.22%.

In related news, EVP Craig L. Silliman sold 1,554 shares of the business’s stock in a transaction that occurred on Wednesday, August 4th. The stock was sold at an average price of $55.57, for a total value of $86,355.78. Following the transaction, the executive vice president now directly owns 30,023 shares of the company’s stock, valued at approximately $1,668,378.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Kumara Guru Gowrappan sold 14,077 shares of the business’s stock in a transaction that occurred on Wednesday, August 11th. The stock was sold at an average price of $55.56, for a total value of $782,118.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,740 shares of company stock worth $1,042,314. Insiders own 0.10% of the company’s stock.

Several equities research analysts recently commented on VZ shares. Redburn Partners started coverage on Verizon Communications in a report on Friday, June 25th. They issued a “sell” rating and a $50.00 price objective for the company. Tigress Financial reiterated a “buy” rating and issued a $67.00 price objective on shares of Verizon Communications in a report on Wednesday, July 7th. Royal Bank of Canada started coverage on Verizon Communications in a report on Thursday, July 22nd. They issued a “hold” rating and a $57.00 price objective for the company. Cowen lifted their price objective on Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a report on Thursday, July 22nd. Finally, Credit Suisse Group lifted their price objective on Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, July 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $61.83.

Verizon Communications Profile

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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

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