Apr 13th, 2016
Verizon Communications logoCutler Capital Management
LLC lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 33.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 63,072 shares of the cell phone carrier’s stock after selling 31,800 shares during the period. Verizon Communications makes up approximately 1.3% of Cutler Capital Management LLC’s portfolio, making the stock its 23rd largest position. Cutler Capital Management LLC’s holdings in Verizon Communications were worth $2,915,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in VZ. Nordea Investment Management AB boosted its stake in shares of Verizon Communications by 12.0% in the fourth quarter. Nordea Investment Management AB now owns 17,447,200 shares of the cell phone carrier’s stock worth $806,410,000 after buying an additional 1,875,717 shares during the period. California State Teachers Retirement System boosted its stake in shares of Verizon Communications by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 7,575,317 shares of the cell phone carrier’s stock worth $350,131,000 after buying an additional 120,776 shares during the period. American Century Companies Inc. boosted its stake in shares of Verizon Communications by 8.8% in the fourth quarter. American Century Companies Inc. now owns 6,797,988 shares of the cell phone carrier’s stock worth $314,203,000 after buying an additional 551,817 shares during the period. State Treasurer State of Michigan boosted its stake in shares of Verizon Communications by 19.2% in the fourth quarter. State Treasurer State of Michigan now owns 5,695,555 shares of the cell phone carrier’s stock worth $263,249,000 after buying an additional 917,100 shares during the period. Finally, Great West Life Assurance Co. Can boosted its stake in shares of Verizon Communications by 1.9% in the fourth quarter. Great West Life Assurance Co. Can now owns 5,239,663 shares of the cell phone carrier’s stock worth $242,493,000 after buying an additional 95,318 shares during the period.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.66% on Tuesday, hitting $51.95. 12,334,962 shares of the stock were exchanged. Verizon Communications Inc. has a 52-week low of $38.06 and a 52-week high of $54.49. The company’s 50 day moving average is $52.61 and its 200-day moving average is $47.88. The stock has a market cap of $211.64 billion and a PE ratio of 11.89.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, January 21st. The cell phone carrier reported $0.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.01. The firm earned $34.30 billion during the quarter, compared to analyst estimates of $34.06 billion. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.71 EPS. Analysts predict that Verizon Communications Inc. will post $3.98 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 2nd. Stockholders of record on Friday, April 8th will be issued a $0.565 dividend. The ex-dividend date is Wednesday, April 6th. This represents a $2.26 annualized dividend and a dividend yield of 4.35%.
A number of equities analysts recently weighed in on the stock. Deutsche Bank assumed coverage on shares of Verizon Communications in a research report on Tuesday, February 23rd. They set a “hold” rating and a $49.00 target price for the company. Argus restated a “buy” rating on shares of Verizon Communications in a research report on Saturday. Vetr upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $47.12 target price for the company in a research report on Monday, December 14th. RBC Capital restated a “buy” rating on shares of Verizon Communications in a research report on Thursday, March 31st. Finally, BTIG Research lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating in a research report on Tuesday, December 15th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and ten have issued a buy rating to the company’s stock. Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $52.07.
In related news, CMO Diego Scotti bought 800 shares of Verizon Communications stock in a transaction dated Wednesday, February 24th. The stock was acquired at an average cost of $50.75 per share, with a total value of $40,600.00. Following the completion of the acquisition, the chief marketing officer now directly owns 800 shares in the company, valued at approximately $40,600. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction on Friday, February 26th. The shares were sold at an average price of $51.13, for a total value of $34,359.36. Following the sale, the executive vice president now directly owns 14,558 shares of the company’s stock, valued at $744,350.54. The disclosure for this sale can be found here.
Verizon Communications Inc (NYSE:VZ) is a holding company that, acting through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline.
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