Waverton Investment Management Ltd reduced its holdings in shares of Verizon Communications Inc. (NYSE: VZ – Get a rating) by 10.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 38,354 shares of the cell phone carrier’s stock after selling 4,300 shares during the period. Waverton Investment Management Ltd’s holdings in Verizon Communications were worth $1,946,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their stakes in the business. Vanguard Group Inc. grew its stake in Verizon Communications by 2.7% during the first quarter. Now Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock valued at $16,821,462,000 after acquiring an additional 8,570,818 shares during the period. BlackRock Inc. grew its stake in Verizon Communications by 4.8% during the first quarter. Now BlackRock Inc. owns 304,700,845 shares of the cell phone carrier’s stock valued at $15,521,461,000 after acquiring an additional 13,959,954 shares during the period. State Street Corp boosted its holdings in Verizon Communications by 2.6% during the fourth quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock valued at $8,858,320,000 after acquiring an additional 4,312,242 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Verizon Communications by 5.2% during the first quarter. Now Charles Schwab Investment Management Inc. owns 59,782,122 shares of the cell phone carrier’s stock valued at $3,045,303,000 after purchasing an additional 2,934,928 shares during the period. Finally, Capital World Investors boosted its holdings in Verizon Communications by 7.7% during the first quarter. Capital World Investors now owns 49,879,143 shares of the cell phone carrier’s stock valued at $2,540,898,000 after acquiring an additional 3,568,252 shares during the period. 62.83% of shares are owned by institutional investors and hedge funds.
Verizon Communications shares fell 2.7%
Actions Verizon Communications stock opened at $39.48 on Thursday. The firm has a market cap of $165.80 billion, a price-to-earnings ratio of 7.91, a P/E/G ratio of 1.92 and a beta of 0.36. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.76, and a quick ratio of 0.69. Verizon Communications Inc. has a 52-week low of $39.47 and a 52-week high of $55.51. The stock has a 50-day simple moving average of $44.21 and a 200-day simple moving average of $48.61.
Verizon Communications (NYSE: VZ – Get a rating) last announced quarterly earnings results on Friday, July 22. The mobile carrier reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The company had revenue of $33.79 billion for the quarter, compared to analyst estimates of $33.77 billion. Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The company’s quarterly revenue increased by 0.1% compared to the same quarter last year. In the same quarter last year, the company earned $1.37 in earnings per share. Equities research analysts expect that Verizon Communications Inc. will post 5.19 EPS in the current fiscal year.
Verizon Communications is increasing its dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a $0.6525 dividend. This amounts to $2.61 in annualized dividends and a dividend yield of 6.61%. This is an increase from Verizon Communications’ previous quarterly dividend of $0.64. The ex-dividend date for this dividend is Thursday, October 6th. Verizon Communications currently has a dividend payout ratio (DPR) of 51.30%.
Analysts set new price targets
VZ has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft cut their price target on Verizon Communications from $59.00 to $58.00 in a research report on Tuesday, July 19th. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $57.00 price target on shares of Verizon Communications in a report on Friday, June 24th. Credit Suisse Group cut their price target on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a research report on Tuesday, June 21st. Cowen cut their price objective on Verizon Communications from $71.00 to $64.00 and set an “outperform” rating for the company in a research report on Monday, July 25th. Finally, Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a research report on Friday, July 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating. The stock currently has a consensus rating of “Hold” and an average target price of $55.61, according to MarketBeat.
Insider trading by Verizon Communications
In related news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. Shares were sold at an average price of $51.42 for a total value of $80,112.36. Following the transaction, the executive vice president now directly owns 33,403 shares in the company, valued at approximately $1,717,582.26. The sale was disclosed in a filing with the Securities and Exchange Commission, which can be accessed via this hyperlink. 0.02% of shares are owned by company insiders.
Verizon Communications Profile
Verizon Communications Inc., through its subsidiaries, provides communications, technology, information and entertainment products and services to consumers, businesses and government agencies around the world. Its consumer segment provides postpaid and prepaid service plans; access to the Internet on laptops and tablets; wireless equipment, including smartphones and other telephones; and wireless-enabled devices such as tablets and other connected wireless-enabled devices, including smartwatches.
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https://www.defenseworld.net/2022/09/22/verizon-communications-inc-nysevz-shares-sold-by-waverton-investment-management-ltd.html Shares of Verizon Communications Inc. (NYSE:VZ), sold by Waverton Investment Management Ltd