Game Creek Capital LP Raises Stake in Verizon Communications Inc. (NYSE:VZ)

Game Creek Capital LP grew its stake in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 71.4% in the third quarter, Holdings Channel reports. The firm owned 15,000 shares of the cell phone carrier’s stock after acquiring an additional 6,250 shares during the period. Game Creek Capital LP’s holdings in Verizon Communications were worth $570,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. BCK Partners Inc. bought a new stake in shares of Verizon Communications in the first quarter valued at about $2,101,000. Axiom Financial Strategies LLC raised its holdings in shares of Verizon Communications by 8.9% in the first quarter. Axiom Financial Strategies LLC now owns 5,980 shares of the cell phone carrier’s stock valued at $279,000 after acquiring an additional 487 shares in the last quarter. Ergoteles LLC raised its holdings in shares of Verizon Communications by 174.0% in the first quarter. Ergoteles LLC now owns 91,776 shares of the cell phone carrier’s stock valued at $4,675,000 after acquiring an additional 58,283 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Verizon Communications by 10.5% in the first quarter. Mackenzie Financial Corp now owns 1,194,111 shares of the cell phone carrier’s stock valued at $60,828,000 after acquiring an additional 113,032 shares in the last quarter. Finally, First Western Trust Bank bought a new stake in shares of Verizon Communications in the first quarter valued at about $567,000. 60.96% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Trading Up 2.0 %

Shares of NYSE:VZ opened at $40.42 on Wednesday. Verizon Communications Inc. has a 1 year low of $32.76 and a 1 year high of $55.51. The firm has a market capitalization of $169.76 billion, a price-to-earnings ratio of 8.77, a price-to-earnings-growth ratio of 1.91 and a beta of 0.37. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.75 and a quick ratio of 0.69. The business’s 50 day moving average price is $39.09 and its 200-day moving average price is $40.72.

Verizon Communications (NYSE:VZGet Rating) last announced its earnings results on Tuesday, January 24th. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.19. Verizon Communications had a return on equity of 25.80% and a net margin of 14.22%. The firm had revenue of $35.30 billion for the quarter, compared to analyst estimates of $35.14 billion. During the same quarter last year, the firm posted $1.31 EPS. The business’s revenue was up 3.5% on a year-over-year basis. On average, equities research analysts forecast that Verizon Communications Inc. will post 5.18 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Stockholders of record on Tuesday, January 10th will be given a dividend of $0.6525 per share. The ex-dividend date is Monday, January 9th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 6.46%. Verizon Communications’s dividend payout ratio (DPR) is 56.62%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Cowen decreased their price objective on Verizon Communications from $64.00 to $55.00 and set an “outperform” rating for the company in a report on Monday, October 24th. Royal Bank of Canada reduced their target price on shares of Verizon Communications from $42.00 to $40.00 in a report on Wednesday. Tigress Financial reduced their target price on shares of Verizon Communications from $68.00 to $64.00 in a report on Friday, December 16th. Credit Suisse Group reduced their target price on shares of Verizon Communications to $43.00 in a report on Thursday, October 27th. Finally, Raymond James reduced their target price on shares of Verizon Communications from $54.00 to $51.00 and set an “outperform” rating for the company in a report on Monday, October 24th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $47.68.

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.

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

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