Prudential Financial Inc. lessened its stake in Verizon Communications Inc. (NYSE:VZ) by 3.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,904,045 shares of the cell phone carrier’s stock after selling 349,704 shares during the quarter. Verizon Communications accounts for 0.9% of Prudential Financial Inc.’s investment portfolio, making the stock its 11th largest position. Prudential Financial Inc. owned approximately 0.27% of Verizon Communications worth $539,641,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Verizon Communications by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock valued at $12,634,070,000 after acquiring an additional 5,837,702 shares during the last quarter. Capital Research Global Investors grew its stake in Verizon Communications by 15.1% in the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock valued at $6,851,202,000 after acquiring an additional 20,070,391 shares during the last quarter. FMR LLC grew its stake in Verizon Communications by 15.0% in the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock valued at $2,761,466,000 after acquiring an additional 8,077,275 shares during the last quarter. Legal & General Group Plc grew its stake in Verizon Communications by 3.7% in the 2nd quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock valued at $1,065,488,000 after acquiring an additional 848,043 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in Verizon Communications by 19.9% in the 2nd quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock valued at $974,515,000 after acquiring an additional 3,623,182 shares during the last quarter. Institutional investors and hedge funds own 63.22% of the company’s stock.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $47.41, for a total value of $28,920.10. Following the sale, the executive vice president now directly owns 3,269 shares of the company’s stock, valued at $154,983.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.13% of the stock is currently owned by company insiders.
Shares of Verizon Communications Inc. (NYSE VZ) opened at $51.72 on Thursday. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $53.69. The stock has a market cap of $210,990.00, a P/E ratio of 13.26, a P/E/G ratio of 4.67 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The business had revenue of $31.70 billion for the quarter, compared to analysts’ expectations of $31.45 billion. During the same period last year, the company earned $1.01 earnings per share. The company’s quarterly revenue was up 2.5% on a year-over-year basis. analysts anticipate that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be given a $0.59 dividend. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.36 annualized dividend and a dividend yield of 4.56%. Verizon Communications’s dividend payout ratio is presently 60.51%.
VZ has been the topic of a number of research reports. Nomura raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and increased their price objective for the company from $47.00 to $61.00 in a research note on Tuesday, December 12th. KeyCorp reissued a “hold” rating on shares of Verizon Communications in a research note on Saturday, October 21st. Macquarie reissued a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a research note on Sunday, October 22nd. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, HSBC cut shares of Verizon Communications from a “buy” rating to a “hold” rating and lowered their price objective for the company from $54.83 to $42.80 in a research note on Thursday, December 14th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Verizon Communications has a consensus rating of “Hold” and a consensus price target of $51.98.
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Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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