Woodstock Corp lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 140,874 shares of the cell phone carrier’s stock after selling 2,850 shares during the period. Verizon Communications accounts for approximately 1.3% of Woodstock Corp’s portfolio, making the stock its 27th largest position. Woodstock Corp’s holdings in Verizon Communications were worth $7,087,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the stock. Earnest Partners LLC acquired a new position in Verizon Communications in the fourth quarter valued at $103,000. Financial Gravity Wealth Inc. acquired a new position in Verizon Communications in the first quarter valued at $128,000. Wagner Wealth Management LLC acquired a new position in Verizon Communications in the fourth quarter valued at $129,000. Avestar Capital LLC acquired a new position in Verizon Communications in the fourth quarter valued at $131,000. Finally, Rainier Group Investment Advisory LLC acquired a new position in Verizon Communications in the first quarter valued at $134,000. Hedge funds and other institutional investors own 64.22% of the company’s stock.
Several equities analysts have issued reports on VZ shares. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Wednesday, August 1st. Scotiabank set a $61.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, July 25th. Goldman Sachs Group upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and upped their price objective for the company from $51.00 to $56.00 in a research note on Thursday, June 21st. Deutsche Bank raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Tuesday, June 19th. Finally, Barclays cut shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $56.00 to $50.00 in a report on Tuesday, September 4th. Seven research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $55.17.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.06. The firm had revenue of $32.20 billion during the quarter, compared to analysts’ expectations of $31.78 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.96 earnings per share. sell-side analysts predict that Verizon Communications Inc. will post 4.66 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be issued a dividend of $0.6025 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 annualized dividend and a yield of 4.42%. The ex-dividend date is Tuesday, October 9th. Verizon Communications’s dividend payout ratio is currently 63.10%.
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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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