Carderock Capital Management Inc. Purchases 881 Shares of Verizon Communications Inc. (NYSE:VZ)

Carderock Capital Management Inc. grew its stake in Verizon Communications Inc. (NYSE:VZ) by 3.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,336 shares of the cell phone carrier’s stock after purchasing an additional 881 shares during the quarter. Carderock Capital Management Inc.’s holdings in Verizon Communications were worth $1,505,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. OLD National Bancorp IN lifted its position in shares of Verizon Communications by 3.3% in the 2nd quarter. OLD National Bancorp IN now owns 148,444 shares of the cell phone carrier’s stock valued at $8,480,000 after acquiring an additional 4,780 shares in the last quarter. Comprehensive Portfolio Management LLC lifted its position in shares of Verizon Communications by 8.0% in the 2nd quarter. Comprehensive Portfolio Management LLC now owns 4,015 shares of the cell phone carrier’s stock valued at $229,000 after acquiring an additional 299 shares in the last quarter. JGP Wealth Management LLC lifted its position in shares of Verizon Communications by 1.6% in the 2nd quarter. JGP Wealth Management LLC now owns 66,149 shares of the cell phone carrier’s stock valued at $3,779,000 after acquiring an additional 1,062 shares in the last quarter. Beech Hill Advisors Inc. lifted its position in shares of Verizon Communications by 14.6% in the 2nd quarter. Beech Hill Advisors Inc. now owns 23,506 shares of the cell phone carrier’s stock valued at $1,343,000 after acquiring an additional 3,000 shares in the last quarter. Finally, KG&L Capital Management LLC lifted its position in shares of Verizon Communications by 37.2% in the 2nd quarter. KG&L Capital Management LLC now owns 4,870 shares of the cell phone carrier’s stock valued at $278,000 after acquiring an additional 1,321 shares in the last quarter. Institutional investors and hedge funds own 65.76% of the company’s stock.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $59.20, for a total value of $79,860.80. Following the completion of the sale, the executive vice president now owns 26,728 shares in the company, valued at approximately $1,582,297.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 4,047 shares of company stock valued at $234,591 over the last three months. 0.03% of the stock is currently owned by insiders.

Shares of Verizon Communications stock opened at $56.30 on Friday. The firm has a fifty day moving average price of $56.63 and a two-hundred day moving average price of $57.09. The company has a market cap of $233.13 billion, a PE ratio of 11.95, a price-to-earnings-growth ratio of 2.75 and a beta of 0.53. Verizon Communications Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $61.58. The company has a debt-to-equity ratio of 2.12, a current ratio of 0.87 and a quick ratio of 0.84.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The company had revenue of $32.07 billion during the quarter, compared to the consensus estimate of $32.42 billion. During the same period last year, the firm earned $1.20 EPS. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. Analysts expect that Verizon Communications Inc. will post 4.8 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were issued a dividend of $0.6025 per share. This represents a $2.41 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend was Tuesday, July 9th. Verizon Communications’s dividend payout ratio is currently 51.17%.

Several research analysts have weighed in on VZ shares. Citigroup lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a research note on Monday, July 8th. Bank of America set a $64.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Monday, August 5th. Royal Bank of Canada reiterated a “neutral” rating and issued a $57.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. Finally, UBS Group lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price target on the stock. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $59.33.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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

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