Gamco Investors INC. ET AL lessened its position in Verizon Communications Inc. (NYSE:VZ) by 0.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 195,778 shares of the cell phone carrier’s stock after selling 1,582 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Verizon Communications were worth $9,689,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Capital Research Global Investors lifted its position in Verizon Communications by 15.1% in the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after buying an additional 20,070,391 shares in the last quarter. FMR LLC lifted its position in Verizon Communications by 15.0% in the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after buying an additional 8,077,275 shares in the last quarter. Vanguard Group Inc. lifted its position in Verizon Communications by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after buying an additional 5,837,702 shares in the last quarter. Franklin Resources Inc. lifted its position in Verizon Communications by 19.9% in the 2nd quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after buying an additional 3,623,182 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in Verizon Communications by 52.6% in the 2nd quarter. Principal Financial Group Inc. now owns 9,014,846 shares of the cell phone carrier’s stock worth $402,604,000 after buying an additional 3,107,054 shares in the last quarter. Institutional investors and hedge funds own 63.21% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) opened at $51.86 on Monday. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $53.69. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 4.05. The stock has a market cap of $211,560.00, a price-to-earnings ratio of 13.30, a P/E/G ratio of 4.68 and a beta of 0.57.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date of this dividend is Tuesday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 60.51%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Monday, November 27th. The shares were sold at an average price of $47.41, for a total value of $28,920.10. Following the completion of the sale, the executive vice president now directly owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.13% of the stock is owned by corporate insiders.
VZ has been the topic of several analyst reports. Moffett Nathanson restated a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. Robert W. Baird restated a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a research note on Wednesday, October 4th. Wells Fargo & Co upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Monday, November 20th. ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Monday, October 23rd. Finally, Instinet increased their price target on shares of Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, December 12th. Two equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $51.98.
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Verizon Communications Profile
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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