Violich Capital Management Inc. lessened its position in Verizon Communications Inc. (NYSE:VZ) by 0.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 160,698 shares of the cell phone carrier’s stock after selling 521 shares during the period. Verizon Communications makes up 2.3% of Violich Capital Management Inc.’s portfolio, making the stock its 15th biggest position. Violich Capital Management Inc.’s holdings in Verizon Communications were worth $8,634,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Danda Trouve Investment Management Inc. acquired a new stake in shares of Verizon Communications in the 4th quarter worth about $25,000. Lionsbridge Wealth Management LLC acquired a new stake in shares of Verizon Communications in the 4th quarter worth about $32,000. HighMark Wealth Management LLC acquired a new stake in shares of Verizon Communications in the 4th quarter worth about $33,000. Permanens Capital L.P. acquired a new stake in shares of Verizon Communications in the 4th quarter worth about $37,000. Finally, Cedar Mountain Advisors LLC acquired a new stake in shares of Verizon Communications in the 4th quarter worth about $45,000. 66.77% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on VZ. Robert W. Baird lowered their target price on shares of Verizon Communications from $60.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 28th. Credit Suisse Group lowered their target price on shares of Verizon Communications from $65.00 to $61.00 and set a “neutral” rating on the stock in a research note on Monday, April 6th. Zacks Investment Research cut shares of Verizon Communications from a “buy” rating to a “hold” rating and set a $62.00 target price on the stock. in a research note on Saturday, January 11th. SunTrust Banks raised their target price on shares of Verizon Communications from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Finally, Goldman Sachs Group raised shares of Verizon Communications from a “buy” rating to a “conviction-buy” rating in a research note on Wednesday, April 1st. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $61.44.
Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, April 24th. The cell phone carrier reported $1.26 EPS for the quarter, topping the consensus estimate of $1.22 by $0.04. Verizon Communications had a net margin of 14.00% and a return on equity of 33.26%. The company had revenue of $31.81 billion during the quarter, compared to analysts’ expectations of $32.37 billion. During the same period last year, the company posted $1.20 earnings per share. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. Analysts anticipate that Verizon Communications Inc. will post 4.77 earnings per share for the current year.
Verizon Communications declared that its Board of Directors has approved a stock repurchase program on Thursday, February 6th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the cell phone carrier to purchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Monday, April 13th were issued a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend was Thursday, April 9th. Verizon Communications’s payout ratio is 51.14%.
Verizon Communications Profile
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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