Cullinan Associates Inc. Lowers Stake in Verizon Communications Inc. (VZ)
Cullinan Associates Inc. cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 4.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 155,315 shares of the cell phone carrier’s stock after selling 7,330 shares during the period. Cullinan Associates Inc.’s holdings in Verizon Communications were worth $6,936,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp lifted its position in Verizon Communications by 1.2% in the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after purchasing an additional 2,066,816 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in Verizon Communications by 6.9% during the first quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock worth $883,641,000 after buying an additional 1,167,752 shares in the last quarter. Macquarie Group Ltd. boosted its stake in Verizon Communications by 2.1% during the first quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock worth $753,262,000 after buying an additional 318,586 shares in the last quarter. Clearbridge Investments LLC boosted its stake in Verizon Communications by 1.8% during the first quarter. Clearbridge Investments LLC now owns 7,651,193 shares of the cell phone carrier’s stock worth $372,996,000 after buying an additional 133,038 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in Verizon Communications by 9.1% during the second quarter. Bank of Montreal Can now owns 7,455,407 shares of the cell phone carrier’s stock worth $332,958,000 after buying an additional 619,401 shares in the last quarter. Institutional investors and hedge funds own 62.24% of the company’s stock.
Several brokerages have issued reports on VZ. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a report on Saturday, June 17th. Zacks Investment Research downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 price objective for the company in a report on Wednesday, June 21st. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating on shares of Verizon Communications in a research report on Wednesday, June 28th. Finally, Wells Fargo & Company reiterated a “market perform” rating on shares of Verizon Communications in a research report on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $53.00.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $48.65, for a total transaction of $29,676.50. Following the completion of the transaction, the executive vice president now directly owns 7,209 shares of the company’s stock, valued at approximately $350,717.85. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders sold 1,830 shares of company stock worth $88,828. 0.13% of the stock is currently owned by insiders.
Shares of Verizon Communications Inc. (NYSE VZ) traded down 0.02% on Monday, hitting $49.48. 4,341,852 shares of the stock traded hands. The stock has a 50 day moving average of $48.00 and a 200-day moving average of $47.06. The stock has a market cap of $201.85 billion, a PE ratio of 12.72 and a beta of 0.56. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83.
Verizon Communications (NYSE:VZ) last released its quarterly 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. The firm had revenue of $30.55 billion during the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 earnings per share. On average, equities research analysts expect that Verizon Communications Inc. will post $3.76 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be paid a $0.59 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, October 6th. This represents a $2.36 annualized dividend and a dividend yield of 4.77%. Verizon Communications’s payout ratio is currently 59.23%.
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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