Buckley Wealth Management LLC Reduces Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Buckley Wealth Management LLC lowered its position in Verizon Communications Inc. (NYSE:VZ) by 4.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 44,888 shares of the cell phone carrier’s stock after selling 2,161 shares during the period. Verizon Communications makes up 1.3% of Buckley Wealth Management LLC’s holdings, making the stock its 21st biggest position. Buckley Wealth Management LLC’s holdings in Verizon Communications were worth $2,709,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in VZ. Nuveen Asset Management LLC increased its position in Verizon Communications by 6,712.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock worth $1,691,184,000 after purchasing an additional 29,167,876 shares in the last quarter. Invesco Ltd. increased its position in Verizon Communications by 61.6% during the 2nd quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock worth $1,327,750,000 after purchasing an additional 8,858,448 shares in the last quarter. APG Asset Management N.V. increased its position in Verizon Communications by 64.8% during the 4th quarter. APG Asset Management N.V. now owns 15,572,858 shares of the cell phone carrier’s stock worth $765,872,000 after purchasing an additional 6,120,966 shares in the last quarter. BlackRock Inc. increased its position in Verizon Communications by 1.7% during the 2nd quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after purchasing an additional 5,319,802 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. increased its position in Verizon Communications by 95.6% during the 2nd quarter. Beutel Goodman & Co Ltd. now owns 10,096,656 shares of the cell phone carrier’s stock worth $443,674,000 after purchasing an additional 4,936,074 shares in the last quarter. Institutional investors and hedge funds own 65.42% of the company’s stock.

Shares of NYSE:VZ opened at $59.93 on Friday. The stock’s 50-day moving average price is $59.14 and its two-hundred day moving average price is $57.83. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12. Verizon Communications Inc. has a 12-month low of $52.28 and a 12-month high of $61.58. The firm has a market cap of $246.99 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 2.98 and a beta of 0.53.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The firm had revenue of $32.07 billion for the quarter, compared to analyst estimates of $32.42 billion. During the same period last year, the company earned $1.20 EPS. The firm’s quarterly revenue was down .4% on a year-over-year basis. As a group, research analysts forecast that Verizon Communications Inc. will post 4.81 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 4.10%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Wednesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 52.23%.

In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the sale, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $56.01, for a total value of $75,557.49. Following the completion of the sale, the executive vice president now directly owns 22,681 shares in the company, valued at $1,270,362.81. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,047 shares of company stock worth $1,214,722. 0.03% of the stock is owned by corporate insiders.

A number of analysts recently commented on VZ shares. SunTrust Banks lifted their price objective on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday. Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price objective for the company in a research report on Tuesday, August 27th. ValuEngine cut Verizon Communications from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Nomura set a $65.00 price objective on Verizon Communications and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Citigroup set a $62.00 price objective on Verizon Communications and gave the stock a “hold” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $61.81.

Verizon Communications 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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