Nordea Investment Management AB boosted its stake in Verizon Communications Inc. (NYSE: VZ – Get Rating) by 4.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,287,937 shares of the cell phone carrier’s stock after purchasing an additional 571,819 shares during the quarter. Verizon Communications comprises 0.9% of Nordea Investment Management AB’s portfolio, making the stock its 22nd largest position. Nordea Investment Management AB owned about 0.34% of Verizon Communications worth $ 733,972,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in Verizon Communications during the fourth quarter valued at approximately $ 1,884,917,000. Fisher Asset Management LLC lifted its position in Verizon Communications by 19,095.1% during the fourth quarter. Fisher Asset Management LLC now owns 9,778,922 shares of the cell phone carrier’s stock valued at $ 508,113,000 after buying an additional 9,727,977 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Verizon Communications by 8.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 56,847,194 shares of the cell phone carrier’s stock valued at $ 2,953,781,000 after buying an additional 4,571,857 shares in the last quarter. State Street Corp lifted its position in Verizon Communications by 2.6% during the fourth quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock valued at $ 8,858,320,000 after buying an additional 4,312,242 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Verizon Communications by 244.7% during the fourth quarter. Renaissance Technologies LLC now owns 5,848,271 shares of the cell phone carrier’s stock valued at $ 303,876,000 after buying an additional 4,151,749 shares in the last quarter. Hedge funds and other institutional investors own 63.78% of the company stock.
VZ opened at $ 49.03 on Tuesday. The company has a 50-day moving average of $ 50.24 and a 200-day moving average of $ 51.84. The company has a market capitalization of $ 205.91 billion, a P / E ratio of 9.52, a PEG ratio of 2.52 and a beta of 0.41. Verizon Communications Inc. has a 1-year low of $ 45.55 and a 1-year high of $ 56.85. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.69 and a current ratio of 0.76.
Verizon Communications (NYSE: VZ – Get Rating) last released its earnings results on Friday, April 22nd. The cell phone carrier reported $ 1.35 earnings per share for the quarter, hitting the consensus estimate of $ 1.35. The company had revenue of $ 33.60 billion during the quarter, compared to the estimate consensus of $ 33.61 billion. Verizon Communications had a net margin of 15.93% and a return on equity of 28.15%. The company revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $ 1.31 EPS. As a group, sell-side analysts expect that Verizon Communications Inc. will post 5.4 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 8th will be given a $ 0.64 dividend. This represents a $ 2.56 annualized dividend and a dividend yield of 5.22%. The ex-dividend date is Thursday, July 7th. Verizon Communications’s payout ratio is currently 49.71%.
A number of brokerages have weighed in on VZ. William Blair reaffirmed a “market perform” rating on shares of Verizon Communications in a research report on Monday, April 25th. DZ Bank cut shares of Verizon Communications from a “hold” rating to a “sell” rating and set a $ 44.00 price target on the stock. in a research report on Friday, April 29th. Credit Suisse Group reduced their target price on shares of Verizon Communications from $ 58.00 to $ 54.00 in a research report on Tuesday. The Goldman Sachs Group lowered shares of 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 report on Monday, April 25th. Finally, Wolfe Research dropped their price target on shares of Verizon Communications from $ 60.00 to $ 51.00 and set a “peer perform” rating on the stock in a research note on Thursday, June 2nd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $ 56.80.
In related news, CEO Tami A. Erwin sold 23,647 shares of the business’s stock in a transaction dated Tuesday, April 26th. The shares were sold at an average price of $ 49.77, for a total transaction of $ 1,176,911.19. Following the completion of the sale, the chief executive officer now owns 21,817 shares of the company stock, valued at approximately $ 1,085,832.09. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $ 50.94, for a total transaction of $ 79,364.52. Following the sale, the executive vice president now directly owns 34,961 shares of the company stock, valued at approximately $ 1,780,913.34. The disclosure for this sale can be found here. Insiders sold a total of 28,321 shares of company stock valued at $ 1,415,192 in the last three months. Insiders own 0.02% of the company stock.
Verizon Communications Company 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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