Nuveen Asset Management LLC Reduces Stock Position in Verizon Communications Inc. (NYSE:VZ)

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Nuveen Asset Management LLC reduced its holdings in Verizon Communications Inc. (NYSE:VZ) by 16.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,104,559 shares of the cell phone carrier’s stock after selling 4,715,121 shares during the period. Verizon Communications makes up 0.5% of Nuveen Asset Management LLC’s portfolio, making the stock its 29th largest holding. Nuveen Asset Management LLC owned approximately 0.56% of Verizon Communications worth $1,273,755,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Sequoia Financial Advisors LLC grew its stake in shares of Verizon Communications by 2.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 54,757 shares of the cell phone carrier’s stock worth $3,019,000 after buying an additional 1,228 shares in the last quarter. Asset Dedication LLC lifted its holdings in shares of Verizon Communications by 9.4% in the 2nd quarter. Asset Dedication LLC now owns 26,125 shares of the cell phone carrier’s stock worth $1,431,000 after acquiring an additional 2,241 shares during the last quarter. ArrowMark Colorado Holdings LLC bought a new stake in shares of Verizon Communications in the 2nd quarter worth about $481,000. Cypress Capital LLC bought a new stake in shares of Verizon Communications in the 2nd quarter worth about $1,271,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Verizon Communications by 1.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 36,317,442 shares of the cell phone carrier’s stock worth $2,002,182,000 after acquiring an additional 391,277 shares during the last quarter. 64.85% of the stock is owned by institutional investors and hedge funds.

VZ has been the subject of a number of research analyst reports. Oppenheimer initiated coverage on shares of Verizon Communications in a report on Tuesday. They set a “buy” rating and a $70.00 price objective for the company. Scotiabank lifted their price objective on shares of Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a research report on Monday, July 27th. Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Tuesday, August 11th. Raymond James lifted their price objective on shares of Verizon Communications from $61.00 to $64.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $57.00 price objective on shares of Verizon Communications in a research report on Wednesday, September 9th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $62.27.

Shares of VZ traded up $0.24 during mid-day trading on Tuesday, hitting $60.56. 588,979 shares of the company’s stock were exchanged, compared to its average volume of 17,366,627. The company has a market cap of $249.61 billion, a price-to-earnings ratio of 13.10, a P/E/G ratio of 3.67 and a beta of 0.46. Verizon Communications Inc. has a fifty-two week low of $48.84 and a fifty-two week high of $62.22. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 0.96. The stock’s 50-day moving average is $58.89 and its 200-day moving average is $56.46.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.03. The firm had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The firm’s revenue was down 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.23 earnings per share. As a group, equities research analysts anticipate that Verizon Communications Inc. will post 4.78 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be issued a $0.6275 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $2.51 annualized dividend and a yield of 4.14%. Verizon Communications’s dividend payout ratio (DPR) is 51.14%.

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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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