Verizon Communications Inc. (VZ) Shares Sold by Murphy Capital Management Inc.
Murphy Capital Management Inc. reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 247,454 shares of the cell phone carrier’s stock after selling 3,480 shares during the period. Verizon Communications accounts for approximately 2.1% of Murphy Capital Management Inc.’s holdings, making the stock its 7th largest position. Murphy Capital Management Inc.’s holdings in Verizon Communications were worth $13,817,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in VZ. AMP Capital Investors Ltd increased its stake in shares of Verizon Communications by 10.4% in the first quarter. AMP Capital Investors Ltd now owns 1,752,370 shares of the cell phone carrier’s stock valued at $94,698,000 after buying an additional 164,905 shares during the period. Avalon Advisors LLC boosted its position in shares of Verizon Communications by 49.3% in the first quarter. Avalon Advisors LLC now owns 1,037,516 shares of the cell phone carrier’s stock valued at $56,109,000 after buying an additional 342,424 shares in the last quarter. State Farm Mutual Automobile Insurance Co. boosted its position in shares of Verizon Communications by 1.0% in the first quarter. State Farm Mutual Automobile Insurance Co. now owns 11,321,427 shares of the cell phone carrier’s stock valued at $612,263,000 after buying an additional 115,883 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new position in shares of Verizon Communications during the first quarter valued at $56,662,000. Finally, AMF Pensionsforsakring AB boosted its position in shares of Verizon Communications by 6.2% in the first quarter. AMF Pensionsforsakring AB now owns 3,877,936 shares of the cell phone carrier’s stock valued at $209,719,000 after buying an additional 224,753 shares in the last quarter. Institutional investors and hedge funds own 63.47% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded up 0.54% on Monday, reaching $50.19. The company had a trading volume of 10,687,665 shares. The stock’s 50-day moving average price is $52.03 and its 200-day moving average price is $52.71. Verizon Communications Inc. has a 12-month low of $43.79 and a 12-month high of $56.95. The stock has a market capitalization of $204.59 billion, a P/E ratio of 14.18 and a beta of 0.30.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.02. The firm earned $30.53 billion during the quarter, compared to the consensus estimate of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.04 EPS. On average, equities research analysts anticipate that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a $0.0125 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a yield of 0.10%. Verizon Communications’s dividend payout ratio (DPR) is presently 65.25%.
VZ has been the subject of several research reports. Argus reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Sunday, June 12th. RBC Capital Markets reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Monday, July 25th. Vetr reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Wednesday, August 10th. Morgan Stanley cut shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $52.00 price target on shares of Verizon Communications in a research note on Friday, August 26th. Twenty-four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $54.44.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $52.76, for a total value of $35,454.72. Following the completion of the transaction, the executive vice president now owns 10,526 shares in the company, valued at approximately $555,351.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is owned by company insiders.
About Verizon Communications
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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