Diversified Portfolios Inc. grew its position in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 42.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,690 shares of the cell phone carrier's stock after purchasing an additional 3,791 shares during the quarter. Diversified Portfolios Inc.'s holdings in Verizon Communications were worth $482,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Denali Advisors LLC increased its stake in Verizon Communications by 1.3% during the second quarter. Denali Advisors LLC now owns 15,800 shares of the cell phone carrier's stock worth $802,000 after purchasing an additional 200 shares during the period. Ballast Advisors LLC increased its stake in Verizon Communications by 1.6% during the second quarter. Ballast Advisors LLC now owns 13,299 shares of the cell phone carrier's stock worth $675,000 after purchasing an additional 210 shares during the period. Wealth Architects LLC increased its stake in Verizon Communications by 1.5% during the second quarter. Wealth Architects LLC now owns 14,547 shares of the cell phone carrier's stock worth $738,000 after purchasing an additional 220 shares during the period. Amplius Wealth Advisors LLC increased its stake in Verizon Communications by 2.6% during the second quarter. Amplius Wealth Advisors LLC now owns 8,985 shares of the cell phone carrier's stock worth $456,000 after purchasing an additional 226 shares during the period. Finally, Roman Butler Fullerton & Co. increased its stake in Verizon Communications by 1.0% during the second quarter. Roman Butler Fullerton & Co. now owns 22,563 shares of the cell phone carrier's stock worth $1,151,000 after purchasing an additional 229 shares during the period. 60.96% of the stock is currently owned by institutional investors.
Get Verizon Communications alerts:Analysts Set New Price Targets
VZ has been the topic of a number of recent research reports. Moffett Nathanson upgraded shares of Verizon Communications from an "underperform" rating to a "market perform" rating and set a $41.00 price target on the stock in a research note on Monday, December 19th. Wells Fargo & Company cut their price target on shares of Verizon Communications from $48.00 to $40.00 and set an "equal weight" rating on the stock in a research note on Friday, October 7th. Morgan Stanley upgraded shares of Verizon Communications from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $41.00 to $44.00 in a research note on Thursday, December 15th. Oppenheimer cut their target price on shares of Verizon Communications from $50.00 to $46.00 and set an "outperform" rating on the stock in a research note on Wednesday. Finally, Cowen cut their target price on shares of Verizon Communications from $55.00 to $49.00 and set an "outperform" rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $47.63.
Verizon Communications Stock Performance
Shares of VZ opened at $40.64 on Friday. The company has a market capitalization of $170.68 billion, a price-to-earnings ratio of 8.03, a price-to-earnings-growth ratio of 2.09 and a beta of 0.37. Verizon Communications Inc. has a 52-week low of $32.76 and a 52-week high of $55.51. The stock has a 50 day moving average price of $39.22 and a 200 day moving average price of $40.65. The company has a quick ratio of 0.69, a current ratio of 0.75 and a debt-to-equity ratio of 1.52.Verizon Communications (NYSE:VZ – Get Rating) last posted its quarterly earnings data on Tuesday, January 24th. The cell phone carrier reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.01). The firm 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%. Verizon Communications's revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.31 earnings per share. Research analysts predict that Verizon Communications Inc. will post 4.7 EPS for the current fiscal year.
Verizon Communications Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 1st. Stockholders of record on Tuesday, January 10th will be issued a $0.6525 dividend. This represents a $2.61 annualized dividend and a dividend yield of 6.42%. The ex-dividend date of this dividend is Monday, January 9th. Verizon Communications's payout ratio is currently 51.58%.
Verizon Communications 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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