abrdn plc Increases Stock Position in Verizon Communications Inc. (NYSE:VZ)

abrdn plc grew its holdings in Verizon Communications Inc. (NYSE:VZ) by 9.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,059,337 shares of the cell phone carrier’s stock after purchasing an additional 418,242 shares during the quarter. abrdn plc’s holdings in Verizon Communications were worth $283,500,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Anfield Capital Management LLC purchased a new position in shares of Verizon Communications in the second quarter valued at approximately $32,000. Syverson Strege & Co boosted its stake in shares of Verizon Communications by 809.5% in the first quarter. Syverson Strege & Co now owns 573 shares of the cell phone carrier’s stock valued at $33,000 after purchasing an additional 510 shares during the period. Vigilant Capital Management LLC boosted its stake in shares of Verizon Communications by 313.3% in the second quarter. Vigilant Capital Management LLC now owns 620 shares of the cell phone carrier’s stock valued at $35,000 after purchasing an additional 470 shares during the period. Baldrige Asset Management LLC purchased a new position in Verizon Communications in the second quarter worth approximately $37,000. Finally, Cranbrook Wealth Management LLC lifted its stake in Verizon Communications by 59.6% in the first quarter. Cranbrook Wealth Management LLC now owns 704 shares of the cell phone carrier’s stock worth $41,000 after acquiring an additional 263 shares during the last quarter. 63.65% of the stock is owned by institutional investors and hedge funds.

VZ has been the subject of a number of recent research reports. Credit Suisse Group lifted their price target on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, July 22nd. Cowen lifted their price target on shares of Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday, July 22nd. JPMorgan Chase & Co. lifted their price target on shares of Verizon Communications from $64.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday, July 22nd. Royal Bank of Canada initiated coverage on shares of Verizon Communications in a research note on Thursday, July 22nd. They issued a “hold” rating and a $57.00 price target for the company. Finally, HSBC lifted their price target on shares of Verizon Communications from $58.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, May 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Verizon Communications presently has a consensus rating of “Hold” and an average price target of $61.83.

In other news, CEO Kumara Guru Gowrappan sold 14,077 shares of the stock in a transaction dated Wednesday, August 11th. The shares were sold at an average price of $55.56, for a total value of $782,118.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Craig L. Silliman sold 1,555 shares of the company’s stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $56.45, for a total transaction of $87,779.75. Following the transaction, the executive vice president now owns 31,577 shares in the company, valued at $1,782,521.65. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,740 shares of company stock valued at $1,042,314. 0.10% of the stock is owned by insiders.

VZ stock traded up $0.19 during trading on Wednesday, hitting $54.60. The company had a trading volume of 318,838 shares, compared to its average volume of 17,307,883. The firm has a 50-day moving average price of $55.50 and a 200-day moving average price of $56.55. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.93. The firm has a market cap of $226.05 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 2.89 and a beta of 0.47. Verizon Communications Inc. has a 1-year low of $53.83 and a 1-year high of $61.95.

Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.07. Verizon Communications had a return on equity of 30.00% and a net margin of 15.05%. The company had revenue of $33.76 billion for the quarter, compared to the consensus estimate of $32.73 billion. During the same period last year, the business posted $1.18 EPS. The company’s revenue was up 10.9% on a year-over-year basis. Sell-side analysts anticipate that Verizon Communications Inc. will post 5.31 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 8th will be paid a $0.64 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.63. This represents a $2.56 annualized dividend and a yield of 4.69%. The ex-dividend date is Thursday, October 7th. Verizon Communications’s payout ratio is currently 51.22%.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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

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