Shelton Capital Management increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 58.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 158,246 shares of the cell phone carrier’s stock after buying an additional 58,576 shares during the quarter. Shelton Capital Management’s holdings in Verizon Communications were worth $7,714,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. State Street Corp grew its position in Verizon Communications by 1.2% during the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after buying an additional 2,066,816 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in Verizon Communications by 6.9% during the first quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock worth $883,641,000 after buying an additional 1,167,752 shares in the last quarter. Beutel Goodman & Co Ltd. grew its position in Verizon Communications by 6.8% during the first quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock worth $179,129,000 after buying an additional 277,129 shares in the last quarter. Aberdeen Asset Management PLC UK grew its position in Verizon Communications by 2.5% during the first quarter. Aberdeen Asset Management PLC UK now owns 4,160,118 shares of the cell phone carrier’s stock worth $202,805,000 after buying an additional 102,629 shares in the last quarter. Finally, State of Wisconsin Investment Board grew its position in Verizon Communications by 10.1% during the first quarter. State of Wisconsin Investment Board now owns 4,017,783 shares of the cell phone carrier’s stock worth $195,867,000 after buying an additional 369,954 shares in the last quarter. 62.33% of the stock is currently owned by institutional investors and hedge funds.
Verizon Communications Inc. (NYSE:VZ) traded down 0.19% on Friday, reaching $46.11. 14,152,041 shares of the company traded hands. The company has a market capitalization of $188.10 billion, a PE ratio of 11.85 and a beta of 0.57. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.83. The stock has a 50-day moving average of $47.64 and a 200 day moving average of $47.22.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.96. The firm had revenue of $30.55 billion during the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 earnings per share. On average, equities analysts forecast that Verizon Communications Inc. will post $3.78 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be paid a dividend of $0.59 per share. The ex-dividend date is Friday, October 6th. This represents a $2.36 annualized dividend and a dividend yield of 5.12%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is presently 59.23%.
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VZ has been the topic of a number of recent research reports. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $46.82 target price on the stock in a research report on Wednesday, May 17th. Royal Bank Of Canada reissued a “hold” rating and set a $48.00 target price on shares of Verizon Communications in a research report on Thursday, May 25th. Moffett Nathanson raised Verizon Communications from a “sell” rating to a “neutral” rating in a research report on Tuesday, May 30th. BTIG Research reissued a “neutral” rating on shares of Verizon Communications in a research report on Tuesday, May 30th. Finally, ValuEngine downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $52.73.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $48.65, for a total transaction of $29,676.50. Following the completion of the transaction, the executive vice president now owns 7,209 shares of the company’s stock, valued at $350,717.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 1,830 shares of company stock valued at $86,248 in the last ninety days. Insiders own 0.13% of the company’s stock.
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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