Davy Asset Management Ltd Has $14.753 Million Stake in Verizon Communications Inc. (VZ)
Davy Asset Management Ltd boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 1.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 240,905 shares of the cell phone carrier’s stock after buying an additional 4,254 shares during the period. Verizon Communications makes up approximately 2.7% of Davy Asset Management Ltd’s portfolio, making the stock its 16th largest position. Davy Asset Management Ltd’s holdings in Verizon Communications were worth $14,753,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Guidant Wealth Advisors bought a new position in shares of Verizon Communications during the third quarter worth $107,000. Sunbelt Securities Inc. bought a new position in shares of Verizon Communications during the fourth quarter worth $115,000. Lowe fs LLC increased its position in shares of Verizon Communications by 3.0% in the third quarter. Lowe fs LLC now owns 2,426 shares of the cell phone carrier’s stock worth $126,000 after buying an additional 70 shares during the period. Ruggie Capital Group increased its position in shares of Verizon Communications by 0.3% in the third quarter. Ruggie Capital Group now owns 2,649 shares of the cell phone carrier’s stock worth $137,000 after buying an additional 9 shares during the period. Finally, Northwest Quadrant Wealth Management LLC bought a new position in shares of Verizon Communications during the fourth quarter worth $155,000. Hedge funds and other institutional investors own 63.38% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) opened at 48.41 on Friday. The firm has a market capitalization of $197.35 billion, a PE ratio of 15.08 and a beta of 0.43. Verizon Communications Inc. has a 52 week low of $46.01 and a 52 week high of $56.95. The firm’s 50-day moving average is $49.32 and its 200 day moving average is $49.96. Verizon Communications also was the recipient of unusually large options trading on Tuesday. Stock traders bought 42,074 call options on the stock. This is an increase of 391% compared to the average volume of 8,574 call options.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 EPS for the quarter, missing the consensus estimate of $0.98 by $0.03. The company had revenue of $29.81 billion for the quarter, compared to analyst estimates of $30.41 billion. Verizon Communications had a return on equity of 72.75% and a net margin of 10.42%. The business’s revenue was down 7.3% on a year-over-year basis. During the same period last year, the firm posted $1.06 earnings per share. On average, equities analysts forecast that Verizon Communications Inc. will post $3.81 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, May 1st. Investors of record on Monday, April 10th will be given a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a yield of 4.77%. The ex-dividend date of this dividend is Thursday, April 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 71.74%.
A number of analysts have commented on the stock. Citigroup Inc raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and upped their target price for the company from $52.25 to $53.38 in a report on Tuesday, January 3rd. Vetr cut shares of Verizon Communications from a “buy” rating to a “hold” rating and set a $52.38 price objective for the company. in a research note on Monday, January 2nd. Drexel Hamilton cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, January 6th. Needham & Company LLC reissued a “hold” rating on shares of Verizon Communications in a research note on Monday, January 23rd. Finally, Wells Fargo & Co cut shares of Verizon Communications from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $56.95 to $54.00 in a research note on Monday, January 23rd. One research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $54.23.
In related news, SVP Anthony T. Skiadas sold 12,495 shares of the company’s stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $48.27, for a total transaction of $603,133.65. Following the completion of the transaction, the senior vice president now directly owns 16,058 shares in the company, valued at approximately $775,119.66. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction on Monday, March 27th. The stock was sold at an average price of $49.66, for a total value of $30,292.60. Following the transaction, the executive vice president now owns 10,259 shares of the company’s stock, valued at approximately $509,461.94. The disclosure for this sale can be found here. Insiders have sold a total of 56,163 shares of company stock worth $2,786,879 over the last three months. 0.10% of the stock is currently owned by corporate insiders.
Verizon Communications Company Profile
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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