Cigna Investments Inc. New trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 7.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 163,239 shares of the cell phone carrier’s stock after selling 12,488 shares during the quarter. Verizon Communications makes up approximately 0.5% of Cigna Investments Inc. New’s investment portfolio, making the stock its 26th largest position. Cigna Investments Inc. New’s holdings in Verizon Communications were worth $7,290,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp grew its holdings in Verizon Communications by 1.2% in the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock valued at $8,195,661,000 after buying an additional 2,066,816 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Verizon Communications by 6.9% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock valued at $883,641,000 after buying an additional 1,167,752 shares in the last quarter. Macquarie Group Ltd. grew its holdings in Verizon Communications by 2.1% in the 1st quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock valued at $753,262,000 after buying an additional 318,586 shares in the last quarter. Clearbridge Investments LLC grew its holdings in Verizon Communications by 1.8% in the 1st quarter. Clearbridge Investments LLC now owns 7,651,193 shares of the cell phone carrier’s stock valued at $372,996,000 after buying an additional 133,038 shares in the last quarter. Finally, Bank of Montreal Can grew its holdings in Verizon Communications by 9.1% in the 2nd quarter. Bank of Montreal Can now owns 7,455,407 shares of the cell phone carrier’s stock valued at $332,958,000 after buying an additional 619,401 shares in the last quarter. Hedge funds and other institutional investors own 62.08% of the company’s stock.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $49.23, for a total transaction of $30,030.30. Following the transaction, the executive vice president now owns 6,599 shares in the company, valued at $324,868.77. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 1,830 shares of company stock worth $89,365. 0.13% of the stock is currently owned by insiders.
Several analysts have issued reports on VZ shares. Vetr upgraded Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 target price for the company in a report on Wednesday, July 5th. Zacks Investment Research upgraded Verizon Communications from a “sell” rating to a “hold” rating in a report on Friday, July 7th. Royal Bank Of Canada restated a “hold” rating and issued a $48.00 target price on shares of Verizon Communications in a report on Sunday, July 9th. Bank of America Corporation dropped their target price on Verizon Communications from $59.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, July 13th. Finally, Barclays PLC decreased their price target on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Friday, July 14th. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Verizon Communications has a consensus rating of “Hold” and an average price target of $52.75.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.98. The company had revenue of $31.70 billion for the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The firm’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 earnings per share.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date of this dividend was Friday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s payout ratio is currently 60.51%.
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About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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