Evoke Wealth LLC cut its holdings in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 4.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,373 shares of the cell phone carrier's stock after selling 701 shares during the quarter. Evoke Wealth LLC's holdings in Verizon Communications were worth $584,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the business. BCK Partners Inc. bought a new position in Verizon Communications in the 1st quarter worth $2,101,000. Axiom Financial Strategies LLC grew its position in Verizon Communications by 8.9% in the 1st quarter. Axiom Financial Strategies LLC now owns 5,980 shares of the cell phone carrier's stock worth $279,000 after purchasing an additional 487 shares during the last quarter. Ergoteles LLC grew its position in Verizon Communications by 174.0% in the 1st quarter. Ergoteles LLC now owns 91,776 shares of the cell phone carrier's stock worth $4,675,000 after purchasing an additional 58,283 shares during the last quarter. Mackenzie Financial Corp grew its position in Verizon Communications by 10.5% in the 1st quarter. Mackenzie Financial Corp now owns 1,194,111 shares of the cell phone carrier's stock worth $60,828,000 after purchasing an additional 113,032 shares during the last quarter. Finally, First Western Trust Bank acquired a new stake in Verizon Communications in the 1st quarter worth $567,000. 60.96% of the stock is owned by institutional investors.
Get Verizon Communications alerts:Verizon Communications Price Performance
Shares of VZ opened at $41.05 on Tuesday. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.75 and a quick ratio of 0.71. The company's 50-day moving average is $39.22 and its 200-day moving average is $40.51. Verizon Communications Inc. has a fifty-two week low of $32.76 and a fifty-two week high of $55.51. The firm has a market capitalization of $172.40 billion, a PE ratio of 8.11, a PEG ratio of 2.09 and a beta of 0.37.
Verizon Communications (NYSE:VZ – Get Rating) last released its quarterly earnings results on Tuesday, January 24th. The cell phone carrier reported $1.19 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.01). The business had revenue of $35.30 billion during the quarter, compared to analyst estimates of $35.14 billion. Verizon Communications had a net margin of 15.53% and a return on equity of 24.60%. The company's revenue was up 3.5% on a year-over-year basis. During the same quarter last year, the company posted $1.31 earnings per share. Equities analysts forecast that Verizon Communications Inc. will post 4.7 EPS for the current year.Verizon Communications Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 1st. Shareholders of record on Tuesday, January 10th will be paid a dividend of $0.6525 per share. The ex-dividend date is Monday, January 9th. This represents a $2.61 dividend on an annualized basis and a yield of 6.36%. Verizon Communications's payout ratio is 51.58%.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on VZ. Cowen decreased their target price on shares of Verizon Communications from $64.00 to $55.00 and set an "outperform" rating on the stock in a research report on Monday, October 24th. Morgan Stanley raised shares of Verizon Communications from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $41.00 to $44.00 in a report on Thursday, December 15th. Royal Bank of Canada cut their price target on shares of Verizon Communications from $42.00 to $40.00 and set a "sector perform" rating for the company in a report on Wednesday, January 25th. Moffett Nathanson raised shares of Verizon Communications from an "underperform" rating to a "market perform" rating and set a $41.00 target price for the company in a research note on Monday, December 19th. Finally, UBS Group dropped their target price on shares of Verizon Communications from $47.00 to $37.00 and set a "neutral" rating for the company in a research note on Monday, October 24th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications presently has an average rating of "Hold" and an average target price of $47.63.
Verizon Communications Company Profile
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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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