USS Investment Management Ltd Decreases Position in Verizon Communications Inc. $VZ

Key Points

• USS Investment Management Ltd has reduced its stake in Verizon Communications Inc. by 56.2%, selling 867,200 shares, leaving them with a total of 676,346 shares valued at approximately $30.7 million.
• Multiple institutional investors have recently adjusted their positions in Verizon, with 62.06% of the stock now owned by institutional investors, including significant increases from firms like Meyer Handelman Co. and Rempart Asset Management Inc.
• Analysts have generally positive views on Verizon, with the stock holding a consensus rating of "Moderate Buy" and an average target price of $47.65, despite varied ratings from different firms.

USS Investment Management Ltd cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 56.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 676,346 shares of the cell phone carrier's stock after selling 867,200 shares during the period. USS Investment Management Ltd's holdings in Verizon Communications were worth $30,682,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Verizon Communications by 1.2% during the first quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier's stock worth $16,700,279,000 after purchasing an additional 4,347,416 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Verizon Communications by 1.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier's stock worth $4,983,225,000 after acquiring an additional 1,172,175 shares in the last quarter. GQG Partners LLC boosted its stake in shares of Verizon Communications by 303.9% during the 1st quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock worth $2,261,648,000 after acquiring an additional 37,516,167 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Verizon Communications by 1.0% during the 1st quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier's stock worth $2,062,750,000 after acquiring an additional 431,789 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Verizon Communications by 13.3% in the 4th 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 buying an additional 4,568,518 shares in the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Trading Down 2.4%

Shares of NYSE VZ traded down $1.06 during midday trading on Monday, reaching $43.32. 30,230,465 shares of the stock were exchanged, compared to its average volume of 15,051,414. The company has a 50 day simple moving average of $43.20 and a 200 day simple moving average of $43.37. The stock has a market capitalization of $182.66 billion, a P/E ratio of 10.10, a PEG ratio of 3.42 and a beta of 0.36. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter last year, the firm earned $1.15 EPS. The business's revenue was up 5.2% compared to the same quarter last year. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, equities analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a $0.69 dividend. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. This represents a $2.76 annualized dividend and a yield of 6.4%. Verizon Communications's payout ratio is 63.17%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada raised their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 22nd. Morgan Stanley raised their price target on shares of Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $47.65.

About Verizon Communications

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).