Verizon Communications Inc. (VZ) is Shell Asset Management Co.’s 6th Largest Position
Shell Asset Management Co. cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.4% during the third quarter, according to its most recent disclosure with the SEC. The firm owned 993,294 shares of the cell phone carrier’s stock after selling 24,069 shares during the period. Verizon Communications comprises about 1.2% of Shell Asset Management Co.’s portfolio, making the stock its 6th largest position. Shell Asset Management Co.’s holdings in Verizon Communications were worth $51,631,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Clal Insurance Enterprises Holdings Ltd purchased a new position in Verizon Communications during the first quarter valued at $2,693,000. Mckinley Capital Management LLC Delaware purchased a new position in Verizon Communications during the first quarter valued at $22,056,000. Vision Capital Management Inc. boosted its position in Verizon Communications by 3.5% in the first quarter. Vision Capital Management Inc. now owns 263,596 shares of the cell phone carrier’s stock valued at $14,255,000 after buying an additional 8,830 shares in the last quarter. Clarius Group LLC boosted its position in Verizon Communications by 13.2% in the first quarter. Clarius Group LLC now owns 6,011 shares of the cell phone carrier’s stock valued at $325,000 after buying an additional 702 shares in the last quarter. Finally, Insight Capital Research & Management Inc. purchased a new position in Verizon Communications during the first quarter valued at $2,144,000. 63.44% of the stock is owned by hedge funds and other institutional investors.
Shares of Verizon Communications Inc. (NYSE:VZ) opened at 47.86 on Thursday. Verizon Communications Inc. has a 12 month low of $43.79 and a 12 month high of $56.95. The firm has a market cap of $195.11 billion, a P/E ratio of 13.95 and a beta of 0.38. The company’s 50-day moving average price is $49.74 and its 200-day moving average price is $52.10.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, October 20th. The cell phone carrier reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. The firm earned $30.90 billion during the quarter, compared to the consensus estimate of $31.08 billion. Verizon Communications had a net margin of 10.97% and a return on equity of 78.75%. The company’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.04 earnings per share. On average, analysts predict that Verizon Communications Inc. will post $3.90 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th were paid a dividend of $0.0125 per share. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. The ex-dividend date of this dividend was Wednesday, October 5th. Verizon Communications’s dividend payout ratio (DPR) is 67.15%.
Several research analysts have recently weighed in on VZ shares. Deutsche Bank AG reaffirmed a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research report on Friday, July 15th. Oppenheimer Holdings Inc. cut Verizon Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 20th. They noted that the move was a valuation call. Citigroup Inc. cut Verizon Communications to a “market perform” rating in a research report on Wednesday, July 20th. Zacks Investment Research raised Verizon Communications from a “sell” rating to a “hold” rating in a research report on Friday, July 22nd. Finally, RBC Capital Markets reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Monday, July 25th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $54.61.
In other news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $52.40, for a total transaction of $35,212.80. Following the completion of the transaction, the executive vice president now directly owns 9,854 shares of the company’s stock, valued at $516,349.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.10% of the company’s stock.
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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