Gilbert & Cook Inc. raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 7.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,204 shares of the cell phone carrier’s stock after purchasing an additional 674 shares during the period. Gilbert & Cook Inc.’s holdings in Verizon Communications were worth $556,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of VZ. Nuveen Asset Management LLC grew its position in Verizon Communications by 6,712.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock valued at $1,691,184,000 after buying an additional 29,167,876 shares in the last quarter. Invesco Ltd. boosted its stake in Verizon Communications by 61.6% during the second quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock worth $1,327,750,000 after buying an additional 8,858,448 shares in the last quarter. BlackRock Inc. boosted its stake in Verizon Communications by 1.7% during the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after buying an additional 5,319,802 shares in the last quarter. Beutel Goodman & Co Ltd. boosted its stake in Verizon Communications by 95.6% during the second quarter. Beutel Goodman & Co Ltd. now owns 10,096,656 shares of the cell phone carrier’s stock worth $443,674,000 after buying an additional 4,936,074 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Verizon Communications by 1.4% during the second quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock worth $18,527,217,000 after buying an additional 4,562,510 shares in the last quarter. 65.55% of the stock is owned by hedge funds and other institutional investors.
NYSE:VZ traded down $1.18 during trading hours on Friday, hitting $59.35. The company’s stock had a trading volume of 17,467,367 shares, compared to its average volume of 13,203,746. The stock has a fifty day simple moving average of $60.20 and a 200-day simple moving average of $58.02. The company has a market capitalization of $246.08 billion, a P/E ratio of 12.60, a PEG ratio of 2.97 and a beta of 0.53. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.89 and a quick ratio of 0.85. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $61.58.
The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a $0.615 dividend. The ex-dividend date was Wednesday, October 9th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a yield of 4.14%. Verizon Communications’s dividend payout ratio (DPR) is currently 52.23%.
In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the sale, the chief executive officer now directly owns 853 shares in the company, valued at $49,260.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $60.42, for a total value of $81,506.58. Following the completion of the sale, the executive vice president now owns 19,983 shares of the company’s stock, valued at $1,207,372.86. The disclosure for this sale can be found here. Insiders sold 21,047 shares of company stock valued at $1,219,943 over the last quarter. Corporate insiders own 0.03% of the company’s stock.
VZ has been the topic of a number of recent research reports. Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a research note on Tuesday, August 27th. Guggenheim lifted their price objective on Verizon Communications from $65.00 to $69.00 and gave the company a “buy” rating in a report on Monday, October 28th. ValuEngine raised Verizon Communications from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. SunTrust Banks lifted their price objective on Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Citigroup set a $62.00 price target on Verizon Communications and gave the company a “hold” rating in a report on Tuesday, September 10th. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $62.69.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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