Schmidt P J Investment Management Inc. cut 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 institutional investor owned 135,127 shares of the cell phone carrier’s stock after selling 1,920 shares during the period. Verizon Communications accounts for about 1.8% of Schmidt P J Investment Management Inc.’s holdings, making the stock its 14th largest position. Schmidt P J Investment Management Inc.’s holdings in Verizon Communications were worth $6,035,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Excalibur Management Corp increased its stake in Verizon Communications by 5.7% in the first quarter. Excalibur Management Corp now owns 123,976 shares of the cell phone carrier’s stock valued at $6,044,000 after buying an additional 6,723 shares in the last quarter. Beutel Goodman & Co Ltd. increased its stake in Verizon Communications by 6.8% in the first quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock valued at $179,129,000 after buying an additional 277,129 shares in the last quarter. Edge Wealth Management LLC increased its stake in Verizon Communications by 1.4% in the first quarter. Edge Wealth Management LLC now owns 283,113 shares of the cell phone carrier’s stock valued at $13,824,000 after buying an additional 3,887 shares in the last quarter. Hefty Wealth Partners increased its stake in Verizon Communications by 14,572.2% in the first quarter. Hefty Wealth Partners now owns 26,410 shares of the cell phone carrier’s stock valued at $1,287,000 after buying an additional 26,230 shares in the last quarter. Finally, Middleton & Co Inc MA increased its stake in Verizon Communications by 5.7% in the first quarter. Middleton & Co Inc MA now owns 129,403 shares of the cell phone carrier’s stock valued at $6,309,000 after buying an additional 7,033 shares in the last quarter. Institutional investors own 62.32% of the company’s stock.

Shares of Verizon Communications Inc. (VZ) traded down 0.3749% during mid-day trading on Monday, reaching $48.4975. 2,143,844 shares of the company’s stock were exchanged. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The firm has a market capitalization of $197.84 billion, a P/E ratio of 12.4672 and a beta of 0.56. The stock has a 50-day moving average of $46.51 and a 200 day moving average of $47.28.

Verizon Communications (NYSE:VZ) last announced its 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. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The company had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. During the same period in the prior year, the company posted $0.94 EPS. The firm’s quarterly revenue was up .1% compared to the same quarter last year. On average, analysts forecast that Verizon Communications Inc. will post $3.78 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were given a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a yield of 4.76%. The ex-dividend date of this dividend was Thursday, July 6th. Verizon Communications’s dividend payout ratio is currently 59.23%.

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Several research firms recently commented on VZ. Bank of America Corporation reiterated a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. TheStreet upgraded shares of Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Moffett Nathanson upgraded shares of Verizon Communications from a “sell” rating to a “neutral” rating in a research report on Tuesday, May 30th. ValuEngine downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $48.00 target price on shares of Verizon Communications in a research report on Thursday, May 25th. Two investment analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications has an average rating of “Hold” and an average target price of $52.73.

In related news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $27,450.00. Following the transaction, the executive vice president now directly owns 8,429 shares of the company’s stock, valued at approximately $379,305. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 1,830 shares of company stock worth $84,229 over the last ninety days. 0.13% 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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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