Legacy Capital Partners Inc. increased its stake in shares of Verizon Communications Inc. (NYSE: VZ – Get Rating) by 1.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 97,372 shares of the cell phone carrier’s stock after buying an additional 1,610 shares during the period. Verizon Communications accounts for approximately 1.6% of Legacy Capital Partners Inc.’s holdings, making its stock its 20th biggest holding. Legacy Capital Partners Inc.’s holdings in Verizon Communications were worth $ 4,960,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in VZ. Rinkey Investments bought a new stake in Verizon Communications during the 4th quarter worth about $ 27,000. Econ Financial Services Corp bought a new stake in Verizon Communications during the 4th quarter worth about $ 32,000. Gibson Wealth Advisors LLC bought a new stake in Verizon Communications during the 4th quarter worth about $ 37,000. Rather & Kittrell Inc. bought a new stake in shares of Verizon Communications in the 4th quarter valued at about $ 43,000. Finally, Bivin & Associates Inc. bought a new stake in shares of Verizon Communications in the 4th quarter valued at about $ 46,000. 63.78% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction on Monday, April 4th. The stock was sold at an average price of $ 52.00, for a total value of $ 81,016.00. Following the sale, the executive vice president now owns 38,077 shares in the company, valued at approximately $ 1,980,004. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Tami A. Erwin sold 23,647 shares of the stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $ 49.77, for a total value of $ 1,176,911.19. Following the completion of the sale, the chief executive officer now owns 21,817 shares in the company, valued at approximately $ 1,085,832.09. The disclosure for this sale can be found here. In the last three months, insiders sold 28,321 shares of company stock valued at $ 1,415,192. 0.02% of the stock is currently owned by insiders.
NYSE: VZ opened at $ 50.65 on Wednesday. Verizon Communications Inc. has a twelve month low of $ 45.55 and a twelve month high of $ 56.85. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.64. The business has a 50 day moving average price of $ 50.18 and a two-hundred day moving average price of $ 51.83. The company has a market cap of $ 212.71 billion, a P / E ratio of 9.83, a price-to-earnings-growth ratio of 2.52 and a beta of 0.41.
Verizon Communications (NYSE: VZ – Get Rating) last released its quarterly earnings results on Friday, April 22nd. The cell phone carrier reported $ 1.35 earnings per share for the quarter, hitting analysts’ consensus estimates of $ 1.35. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The firm had revenue of $ 33.60 billion during the quarter, compared to the consensus estimate of $ 33.61 billion. During the same quarter in the prior year, the firm posted $ 1.31 EPS. The business’s revenue was up 2.2% on a year-over-year basis. As a group, analysts anticipate that Verizon Communications Inc. will post 5.4 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 8th will be issued a $ 0.64 dividend. This represents a $ 2.56 annualized dividend and a dividend yield of 5.05%. The ex-dividend date is Thursday, July 7th. Verizon Communications’s payout ratio is presently 49.71%.
A number of analysts have recently commented on the company. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Thursday, May 12th. DZ Bank cut Verizon Communications from a “hold” rating to a “sell” rating and set a $ 44.00 price target for the company. in a research note on Friday, April 29th. Credit Suisse Group lowered their price target on Verizon Communications from $ 58.00 to $ 54.00 and set a “neutral” rating for the company in a research note on Tuesday. The Goldman Sachs Group cut Verizon Communications from a “buy” rating to a “neutral” rating and lowered their price target for the company from $ 61.00 to $ 55.00 in a research note on Monday, April 25th. Finally, Wolfe Research lowered their price target on Verizon Communications from $ 60.00 to $ 51.00 and set a “peer perform” rating for the company in a research note on Thursday, June 2nd. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $ 56.80.
Verizon Communications Profile: (Get Rating)
Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.
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