Verizon Communications Inc. (VZ) Shares Bought by Jackson Wealth Management LLC

Jackson Wealth Management LLC lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,397 shares of the cell phone carrier’s stock after purchasing an additional 1,985 shares during the period. Jackson Wealth Management LLC’s holdings in Verizon Communications were worth $2,057,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. BlackRock Inc. boosted its holdings in Verizon Communications by 1.6% in the 1st quarter. BlackRock Inc. now owns 270,175,376 shares of the cell phone carrier’s stock worth $12,919,788,000 after buying an additional 4,270,608 shares during the period. Bank of New York Mellon Corp boosted its holdings in Verizon Communications by 4.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 52,863,812 shares of the cell phone carrier’s stock worth $2,659,579,000 after buying an additional 2,302,664 shares during the period. Wells Fargo & Company MN boosted its holdings in Verizon Communications by 1.1% in the 2nd quarter. Wells Fargo & Company MN now owns 28,728,425 shares of the cell phone carrier’s stock worth $1,445,327,000 after buying an additional 308,334 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in Verizon Communications by 4.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 23,794,249 shares of the cell phone carrier’s stock worth $1,197,089,000 after buying an additional 1,040,614 shares during the period. Finally, LSV Asset Management boosted its holdings in Verizon Communications by 4.8% in the 2nd quarter. LSV Asset Management now owns 15,495,516 shares of the cell phone carrier’s stock worth $779,579,000 after buying an additional 712,553 shares during the period. Institutional investors own 64.25% of the company’s stock.

Shares of NYSE:VZ opened at $58.18 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 1.90. Verizon Communications Inc. has a one year low of $43.97 and a one year high of $58.80. The firm has a market capitalization of $229.14 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 2.41 and a beta of 0.71.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 24.71% and a return on equity of 35.50%. The firm had revenue of $32.61 billion during the quarter, compared to the consensus estimate of $32.45 billion. During the same period last year, the firm earned $0.98 EPS. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, equities analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th will be issued a $0.6025 dividend. This represents a $2.41 annualized dividend and a yield of 4.14%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Tuesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 64.44%.

Several research firms recently commented on VZ. Morgan Stanley raised their price objective on shares of Verizon Communications from $56.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday. Scotiabank set a $62.00 price objective on shares of Verizon Communications and gave the stock a “buy” rating in a report on Wednesday, October 24th. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. JPMorgan Chase & Co. raised their price objective on shares of Verizon Communications from $59.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, October 24th. Finally, Barclays raised their price objective on shares of Verizon Communications from $50.00 to $53.00 and gave the stock a “hold” rating in a report on Wednesday, October 24th. Seven equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $55.93.

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.

Further Reading: Google Finance

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

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