Marietta Investment Partners LLC increased its stake in Verizon Communications Inc. (NYSE:VZ) by 15.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 15,314 shares of the cell phone carrier’s stock after purchasing an additional 2,000 shares during the quarter. Marietta Investment Partners LLC’s holdings in Verizon Communications were worth $770,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in VZ. Catalyst Capital Advisors LLC acquired a new stake in shares of Verizon Communications in the 2nd quarter worth approximately $103,000. Financial Gravity Wealth Inc. acquired a new position in Verizon Communications in the 1st quarter valued at approximately $128,000. Rainier Group Investment Advisory LLC acquired a new position in Verizon Communications in the 1st quarter valued at approximately $134,000. Elmwood Wealth Management Inc. acquired a new position in shares of Verizon Communications during the 1st quarter worth $146,000. Finally, Emerald Investment Partners LLC bought a new stake in shares of Verizon Communications during the 2nd quarter worth $174,000. Institutional investors and hedge funds own 64.34% of the company’s stock.
A number of research firms have recently commented on VZ. Credit Suisse Group assumed coverage on shares of Verizon Communications in a report on Tuesday, July 10th. They set an “outperform” rating and a $58.00 price objective for the company. ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Moffett Nathanson reiterated a “neutral” rating and set a $56.00 target price on shares of Verizon Communications in a research report on Tuesday, September 4th. Zacks Investment Research cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Finally, Bank of America reiterated a “buy” rating and set a $58.00 price target on shares of Verizon Communications in a research report on Monday, October 22nd. Eight analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $55.93.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.03. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The firm had revenue of $32.61 billion during the quarter, compared to analyst estimates of $32.45 billion. During the same period last year, the firm posted $0.98 EPS. The business’s revenue was up 2.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th were given a dividend of $0.6025 per share. The ex-dividend date of this dividend was Tuesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 annualized dividend and a dividend yield of 4.21%. Verizon Communications’s dividend payout ratio (DPR) is currently 64.44%.
Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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