Kornitzer Capital Management Inc. KS Acquires 4,685 Shares of Verizon Communications Inc. (VZ)
Kornitzer Capital Management Inc. KS grew its holdings in Verizon Communications Inc. (NYSE:VZ) by 0.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 995,245 shares of the cell phone carrier’s stock after purchasing an additional 4,685 shares during the quarter. Verizon Communications makes up approximately 0.8% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 23rd biggest holding. Kornitzer Capital Management Inc. KS’s holdings in Verizon Communications were worth $44,448,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Boston Advisors LLC raised its position in shares of Verizon Communications by 90.7% in the 1st quarter. Boston Advisors LLC now owns 392,798 shares of the cell phone carrier’s stock valued at $19,149,000 after acquiring an additional 186,807 shares during the period. NewSquare Capital LLC raised its position in shares of Verizon Communications by 12.5% in the 1st quarter. NewSquare Capital LLC now owns 24,715 shares of the cell phone carrier’s stock valued at $1,205,000 after acquiring an additional 2,737 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Verizon Communications by 3.6% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,234,828 shares of the cell phone carrier’s stock valued at $60,199,000 after acquiring an additional 43,356 shares during the period. Feltz Wealth PLAN Inc. acquired a new stake in shares of Verizon Communications in the 1st quarter valued at approximately $184,000. Finally, Lederer & Associates Investment Counsel CA raised its position in shares of Verizon Communications by 4.0% in the 1st quarter. Lederer & Associates Investment Counsel CA now owns 10,578 shares of the cell phone carrier’s stock valued at $516,000 after acquiring an additional 405 shares during the period. 62.22% of the stock is currently owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) opened at 48.09 on Tuesday. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83. The company has a market capitalization of $196.18 billion, a PE ratio of 12.36 and a beta of 0.56. The company has a 50 day moving average of $48.46 and a 200 day moving average of $47.01.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting analysts’ consensus estimates of $0.96. The business had revenue of $30.55 billion during the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. Verizon Communications’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 EPS. On average, analysts predict that Verizon Communications Inc. will post $3.76 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a $0.59 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a yield of 4.91%. The ex-dividend date of this dividend is Friday, October 6th. Verizon Communications’s dividend payout ratio is presently 60.51%.
VZ has been the topic of a number of analyst reports. Vetr upgraded shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price target on the stock in a research report on Wednesday, July 5th. Royal Bank Of Canada reiterated a “hold” rating and issued a $48.00 price target on shares of Verizon Communications in a research report on Sunday, July 9th. Zacks Investment Research upgraded shares of Verizon Communications from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. BidaskClub upgraded shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Goldman Sachs Group, Inc. (The) restated a “neutral” rating on shares of Verizon Communications in a report on Wednesday, June 28th. Two 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. The company presently has a consensus rating of “Hold” and an average price target of $52.86.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the sale, the executive vice president now directly owns 7,209 shares of the company’s stock, valued at approximately $350,717.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 1,830 shares of company stock valued at $88,828 over the last three months. 0.13% of the stock is currently owned by insiders.
About Verizon Communications
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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