Verizon Communications Inc. $VZ Stock Sold by Mawer Investment Management Ltd.

Key Points

• Mawer Investment Management cut its Verizon stake by 35.4% in the third quarter, selling 594,028 shares; it retained 1,082,562 shares valued at about $49.7 million.
• Other major investors, including Bank of America, UBS, and Dimensional Fund Advisors, increased their holdings. Institutional investors collectively owned 62.06% of Verizon’s shares.
• Verizon beat quarterly EPS expectations ($1.31 versus $1.27), while revenue fell short of consensus. Analysts’ average price target was $51.05 with a consensus “Hold” rating; the stock yielded 6.1%.

Mawer Investment Management Ltd. decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 35.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,082,562 shares of the cell phone carrier's stock after selling 594,028 shares during the period. Mawer Investment Management Ltd.'s holdings in Verizon Communications were worth $49,657,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of VZ. Bank of America Corp DE lifted its holdings in Verizon Communications by 15.4% in the first quarter. Bank of America Corp DE now owns 62,101,021 shares of the cell phone carrier's stock worth $3,117,471,000 after buying an additional 8,289,877 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Verizon Communications by 14.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 41,173,226 shares of the cell phone carrier's stock worth $1,743,274,000 after acquiring an additional 5,075,794 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Verizon Communications by 6.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 32,734,998 shares of the cell phone carrier's stock worth $1,643,339,000 after acquiring an additional 1,972,634 shares in the last quarter. Deutsche Bank AG raised its position in shares of Verizon Communications by 6.7% in the 2nd quarter. Deutsche Bank AG now owns 20,882,074 shares of the cell phone carrier's stock worth $884,147,000 after acquiring an additional 1,305,471 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Verizon Communications by 1.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 13,110,356 shares of the cell phone carrier's stock worth $555,091,000 after acquiring an additional 214,932 shares in the last quarter. Institutional investors own 62.06% of the company's stock.

Insider Buying and Selling at Verizon Communications

In related news, CEO Kyle Malady sold 1,100 shares of the firm's stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $46.11, for a total transaction of $50,721.00. Following the completion of the transaction, the chief executive officer owned 96,666 shares of the company's stock, valued at $4,457,269.26. This trade represents a 1.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 12,100 shares of company stock valued at $567,094. Corporate insiders own 0.03% of the company's stock.

Analyst Upgrades and Downgrades

VZ has been the topic of several research reports. Arete Research dropped their price target on Verizon Communications from $71.00 to $62.00 and set a "buy" rating on the stock in a research report on Thursday, October 1st. Scotiabank reduced their price target on Verizon Communications from $51.50 to $50.00 and set a "sector outperform" rating on the stock in a research note on Friday, October 9th. Daiwa Securities Group decreased their price objective on Verizon Communications from $55.00 to $52.00 and set a "buy" rating for the company in a report on Tuesday, October 27th. Citigroup lowered their price objective on Verizon Communications from $55.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, October 27th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Verizon Communications in a research report on Wednesday, August 26th. Thirteen investment analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company. According to data from MarketBeat, Verizon Communications currently has a consensus rating of "Hold" and an average price target of $51.05.

Verizon Communications Stock Down 0.4%

VZ traded down $0.19 during midday trading on Friday, reaching $46.36. The company's stock had a trading volume of 19,859,829 shares, compared to its average volume of 26,035,368. The firm has a market capitalization of $192.13 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 1.89 and a beta of 0.28. The company has a current ratio of 0.63, a quick ratio of 0.58 and a debt-to-equity ratio of 1.33. Verizon Communications Inc. has a 1 year low of $38.68 and a 1 year high of $51.68. The stock's 50-day moving average is $46.24 and its 200-day moving average is $47.07.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its earnings results on Monday, October 26th. The cell phone carrier reported $1.31 earnings per share for the quarter, beating analysts' consensus estimates of $1.27 by $0.04. Verizon Communications had a net margin of 11.78% and a return on equity of 19.75%. The business had revenue of $34.31 billion during the quarter, compared to the consensus estimate of $34.77 billion. During the same quarter last year, the firm earned $1.21 earnings per share. The business's revenue for the quarter was up 1.5% on a year-over-year basis. As a group, research analysts expect that Verizon Communications Inc. will post 5.07 EPS for the current year.

Verizon Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Friday, October 9th were paid a $0.7075 dividend. The ex-dividend date was Friday, October 9th. This represents a $2.83 annualized dividend and a dividend yield of 6.1%. Verizon Communications's dividend payout ratio is presently 72.19%.

Verizon Communications Profile

Verizon Communications Inc. is a telecommunications company that provides wireless and wireline communications services in the United States. Its offerings include mobile voice and data plans, smartphones and other connected devices, broadband internet, and related services for consumers, businesses, and government customers. The company operates a nationwide wireless network and provides home internet through fiber-optic service, including Fios, and fixed wireless access. For business and public-sector customers, Verizon offers connectivity, networking, security, and Internet of Things services.

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