Verizon Communications Inc. $VZ Shares Purchased by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel increased its holdings in Verizon by 4.2%, owning 703,116 shares valued at approximately $30.4 million as of the latest SEC filing.
• Verizon recently declared a quarterly dividend of $0.69 per share, an increase from the previous $0.68, which provides an annual yield of 7.2%.
• Despite a recent trading drop of 3.4%, Verizon's EPS for the last quarter exceeded estimates, reporting $1.22 against a consensus of $1.19.

Carnegie Investment Counsel grew its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 4.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 703,116 shares of the cell phone carrier's stock after purchasing an additional 28,267 shares during the quarter. Carnegie Investment Counsel's holdings in Verizon Communications were worth $30,424,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of VZ. Bulwark Capital Corp acquired a new position in shares of Verizon Communications during the 2nd quarter valued at $25,000. Advantage Trust Co boosted its position in shares of Verizon Communications by 549.5% in the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier's stock worth $26,000 after buying an additional 500 shares during the period. 1 North Wealth Services LLC acquired a new stake in shares of Verizon Communications in the first quarter worth $29,000. Accent Capital Management LLC acquired a new stake in shares of Verizon Communications in the first quarter worth $30,000. Finally, RMG Wealth Management LLC purchased a new stake in shares of Verizon Communications during the second quarter worth $30,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Trading Down 3.4%

Shares of VZ opened at $38.44 on Friday. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The firm has a market capitalization of $162.05 billion, a price-to-earnings ratio of 8.96, a P/E/G ratio of 3.00 and a beta of 0.37. The stock's 50-day moving average price is $42.94 and its 200 day moving average price is $42.99.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. 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 19.61% and a net margin of 13.28%.The firm had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same period in the previous year, the company posted $1.15 earnings per share. The company's quarterly revenue was up 5.2% compared to the same quarter last year. As a group, research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a dividend of $0.69 per share. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 7.2%. The ex-dividend date is Friday, October 10th. Verizon Communications's dividend payout ratio is presently 64.34%.

Analyst Ratings Changes

Several brokerages recently issued reports on VZ. Morgan Stanley increased their price objective on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Wall Street Zen lowered Verizon Communications from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. BNP Paribas Exane lowered Verizon Communications from an "outperform" rating to a "neutral" rating and set a $44.00 price objective on the stock. in a research note on Tuesday. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Bank of America lifted their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Verizon Communications presently has an average rating of "Moderate Buy" and an average price target of $47.41.

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).

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