GLOBALT Investments LLC GA Raises Position in Verizon Communications Inc. (NYSE:VZ)

Key Points

• GLOBALT Investments LLC GA increased its holdings in Verizon Communications by 28.8%, bringing its total ownership to 169,438 shares worth approximately $7.69 million.
• Verizon reported an earnings per share (EPS) of $1.22 for the latest quarter, exceeding the consensus estimate of $1.19, along with revenues of $34.50 billion.
• The company's quarterly dividend of $0.6775 per share represents an annualized yield of 6.29%, with a payout ratio of 63.17%.

GLOBALT Investments LLC GA increased its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 28.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 169,438 shares of the cell phone carrier's stock after buying an additional 37,934 shares during the period. GLOBALT Investments LLC GA's holdings in Verizon Communications were worth $7,686,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Geode Capital Management LLC raised its position in Verizon Communications by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 96,823,092 shares of the cell phone carrier's stock valued at $3,862,441,000 after purchasing an additional 998,847 shares in the last quarter. Northern Trust Corp raised its position in Verizon Communications by 12.4% during the fourth quarter. Northern Trust Corp now owns 45,043,310 shares of the cell phone carrier's stock valued at $1,801,282,000 after purchasing an additional 4,951,733 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Verizon Communications by 13.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 38,893,487 shares of the cell phone carrier's stock valued at $1,555,351,000 after purchasing an additional 4,568,518 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Verizon Communications by 2.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 36,851,192 shares of the cell phone carrier's stock valued at $1,473,557,000 after purchasing an additional 990,775 shares in the last quarter. Finally, Royal Bank of Canada raised its position in Verizon Communications by 5.2% during the fourth quarter. Royal Bank of Canada now owns 27,418,052 shares of the cell phone carrier's stock valued at $1,096,447,000 after purchasing an additional 1,348,389 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Up 0.0%

NYSE VZ opened at $43.10 on Friday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.58. The stock has a market capitalization of $181.70 billion, a PE ratio of 10.05, a PEG ratio of 3.33 and a beta of 0.37. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The business's 50-day moving average is $42.86 and its 200 day moving average is $42.51.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.03. The company had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%. Verizon Communications's quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the firm earned $1.15 earnings per share. Sell-side analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be given a dividend of $0.6775 per share. The ex-dividend date is Thursday, July 10th. This represents a $2.71 annualized dividend and a yield of 6.29%. Verizon Communications's payout ratio is 63.17%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wells Fargo & Company raised their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. raised their price target on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday. Scotiabank raised their price target on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 23rd. Finally, Evercore ISI raised Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective on the stock in a research note on Friday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $47.35.

Insiders Place Their Bets

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following the sale, the chief executive officer directly owned 10,008 shares of the company's stock, valued at approximately $441,352.80. The trade was a 47.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.10% of the company's stock.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

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