Game Creek Capital LP Cuts Stake in Verizon Communications Inc. (NYSE:VZ)

Game Creek Capital LP reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,500 shares of the cell phone carrier’s stock after selling 491 shares during the period. Game Creek Capital LP’s holdings in Verizon Communications were worth $700,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Anfield Capital Management LLC purchased a new position in shares of Verizon Communications during the 2nd quarter worth about $32,000. Syverson Strege & Co increased its position in Verizon Communications by 809.5% during the 1st quarter. Syverson Strege & Co now owns 573 shares of the cell phone carrier’s stock worth $33,000 after purchasing an additional 510 shares in the last quarter. Vigilant Capital Management LLC increased its position in Verizon Communications by 313.3% during the 2nd quarter. Vigilant Capital Management LLC now owns 620 shares of the cell phone carrier’s stock worth $35,000 after purchasing an additional 470 shares in the last quarter. Baldrige Asset Management LLC acquired a new stake in Verizon Communications during the 2nd quarter worth approximately $37,000. Finally, Alpha DNA Investment Management LLC increased its position in Verizon Communications by 33.8% during the 1st quarter. Alpha DNA Investment Management LLC now owns 919 shares of the cell phone carrier’s stock worth $52,000 after purchasing an additional 232 shares in the last quarter. Institutional investors and hedge funds own 63.65% of the company’s stock.

A number of analysts recently issued reports on VZ shares. Credit Suisse Group increased their target price on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday, July 22nd. Cowen increased their target price on shares of Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a research report on Thursday, July 22nd. Royal Bank of Canada began coverage on shares of Verizon Communications in a research report on Thursday, July 22nd. They set a “hold” rating and a $57.00 target price for the company. Redburn Partners began coverage on shares of Verizon Communications in a research report on Friday, June 25th. They issued a “sell” rating and a $50.00 price objective for the company. Finally, Tigress Financial reaffirmed a “buy” rating and issued a $67.00 price objective on shares of Verizon Communications in a research report on Wednesday, July 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Verizon Communications currently has an average rating of “Hold” and a consensus target price of $61.09.

In related news, CEO Kumara Guru Gowrappan sold 14,077 shares of Verizon Communications stock in a transaction dated Wednesday, August 11th. The stock was sold at an average price of $55.56, for a total value of $782,118.12. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Craig L. Silliman sold 1,555 shares of Verizon Communications stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $56.45, for a total value of $87,779.75. Following the completion of the transaction, the executive vice president now directly owns 31,577 shares in the company, valued at approximately $1,782,521.65. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,740 shares of company stock worth $1,042,314. 0.10% of the stock is owned by corporate insiders.

VZ stock traded up $0.17 during mid-day trading on Monday, reaching $54.45. The company had a trading volume of 368,097 shares, compared to its average volume of 17,260,506. The stock has a market capitalization of $225.43 billion, a P/E ratio of 11.24, a P/E/G ratio of 2.89 and a beta of 0.47. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.93. Verizon Communications Inc. has a one year low of $53.83 and a one year high of $61.95. The stock’s 50-day simple moving average is $55.40 and its two-hundred day simple moving average is $56.53.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.07. The company had revenue of $33.76 billion for the quarter, compared to analyst estimates of $32.73 billion. Verizon Communications had a return on equity of 30.00% and a net margin of 15.05%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the company earned $1.18 earnings per share. On average, research analysts forecast that Verizon Communications Inc. will post 5.31 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, November 1st. Investors of record on Friday, October 8th will be issued a dividend of $0.64 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.63. This represents a $2.56 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date of this dividend is Thursday, October 7th. Verizon Communications’s payout ratio is presently 51.22%.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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