Brandywine Global Investment Management LLC Lowers Stock Position in Verizon Communications Inc. (NYSE:VZ)

Brandywine Global Investment Management LLC cut its holdings in Verizon Communications Inc. (NYSE:VZGet Rating) by 1.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 141,333 shares of the cell phone carrier’s stock after selling 1,605 shares during the period. Brandywine Global Investment Management LLC’s holdings in Verizon Communications were worth $7,173,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of Verizon Communications by 4.8% in the 1st quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock worth $15,521,461,000 after buying an additional 13,959,954 shares during the period. Vanguard Group Inc. increased its position in Verizon Communications by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock valued at $16,821,462,000 after buying an additional 8,570,818 shares in the last quarter. Fisher Asset Management LLC increased its position in Verizon Communications by 71.7% during the 1st quarter. Fisher Asset Management LLC now owns 16,787,501 shares of the cell phone carrier’s stock valued at $855,155,000 after buying an additional 7,008,579 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Verizon Communications by 81.3% in the first quarter. Renaissance Technologies LLC now owns 10,604,493 shares of the cell phone carrier’s stock valued at $540,193,000 after purchasing an additional 4,756,222 shares during the period. Finally, Deutsche Bank AG boosted its stake in shares of Verizon Communications by 30.0% in the second quarter. Deutsche Bank AG now owns 18,763,481 shares of the cell phone carrier’s stock worth $952,245,000 after buying an additional 4,324,722 shares during the last quarter. 62.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

VZ has been the topic of a number of recent analyst reports. Cowen lowered their price target on Verizon Communications from $64.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, October 24th. Royal Bank of Canada decreased their target price on Verizon Communications from $50.00 to $42.00 and set a “sector perform” rating for the company in a report on Monday, October 24th. Wells Fargo & Company decreased their target price on Verizon Communications from $48.00 to $40.00 and set an “equal weight” rating for the company in a report on Friday, October 7th. UBS Group decreased their price target on Verizon Communications from $47.00 to $37.00 and set a “neutral” rating for the company in a report on Monday, October 24th. Finally, StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Thursday, October 13th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $48.60.

Verizon Communications Trading Down 0.7 %

VZ stock opened at $38.92 on Thursday. The company has a market cap of $163.46 billion, a price-to-earnings ratio of 8.44, a PEG ratio of 1.82 and a beta of 0.38. The company has a quick ratio of 0.69, a current ratio of 0.75 and a debt-to-equity ratio of 1.50. The business has a fifty day simple moving average of $38.06 and a 200-day simple moving average of $44.25. Verizon Communications Inc. has a 52 week low of $34.55 and a 52 week high of $55.51.

Verizon Communications (NYSE:VZGet Rating) last announced its quarterly earnings results on Friday, October 21st. The cell phone carrier reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.03. Verizon Communications had a return on equity of 25.80% and a net margin of 14.22%. The firm had revenue of $34.20 billion during the quarter, compared to the consensus estimate of $33.79 billion. During the same period in the prior year, the firm earned $1.41 EPS. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts expect that Verizon Communications Inc. will post 5.19 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th were given a dividend of $0.6525 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend was Thursday, October 6th. This represents a $2.61 annualized dividend and a dividend yield of 6.71%. Verizon Communications’s dividend payout ratio (DPR) is presently 56.62%.

Verizon Communications Company Profile

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Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

See Also

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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