McElhenny Sheffield Capital Management LLC decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 72.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,611 shares of the cell phone carrier’s stock after selling 20,459 shares during the quarter. McElhenny Sheffield Capital Management LLC’s holdings in Verizon Communications were worth $300,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in VZ. GQG Partners LLC lifted its position in Verizon Communications by 211.6% during the second quarter. GQG Partners LLC now owns 11,515,955 shares of the cell phone carrier’s stock worth $584,800,000 after buying an additional 7,820,187 shares in the last quarter. FMR LLC lifted its position in Verizon Communications by 15.1% during the second quarter. FMR LLC now owns 46,131,882 shares of the cell phone carrier’s stock worth $2,341,192,000 after buying an additional 6,042,854 shares in the last quarter. Great West Life Assurance Co. Can purchased a new position in Verizon Communications during the third quarter worth approximately $181,862,000. Renaissance Technologies LLC lifted its position in Verizon Communications by 81.3% during the first quarter. Renaissance Technologies LLC now owns 10,604,493 shares of the cell phone carrier’s stock worth $540,193,000 after buying an additional 4,756,222 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Verizon Communications by 37.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 14,217,516 shares of the cell phone carrier’s stock worth $721,539,000 after buying an additional 3,870,751 shares in the last quarter. Hedge funds and other institutional investors own 60.96% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently commented on VZ. Morgan Stanley upgraded Verizon Communications from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $41.00 to $44.00 in a research report on Thursday, December 15th. StockNews.com began coverage on Verizon Communications in a research note on Thursday. They set a “buy” rating for the company. Cowen cut their target price on Verizon Communications from $55.00 to $49.00 and set an “outperform” rating for the company in a research note on Wednesday, January 25th. Moffett Nathanson raised Verizon Communications from an “underperform” rating to a “market perform” rating and set a $41.00 target price for the company in a research note on Monday, December 19th. Finally, Oppenheimer cut their target price on Verizon Communications from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Wednesday, January 25th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $47.63.
Verizon Communications Trading Up 0.6 %
Verizon Communications (NYSE:VZ – Get Rating) last released its earnings results on Tuesday, January 24th. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.01). The company had revenue of $35.30 billion during the quarter, compared to analysts’ expectations of $35.14 billion. Verizon Communications had a net margin of 15.53% and a return on equity of 24.60%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the business posted $1.31 earnings per share. Sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.
Verizon Communications Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, May 1st. Investors of record on Monday, April 10th will be issued a $0.6525 dividend. The ex-dividend date is Thursday, April 6th. This represents a $2.61 dividend on an annualized basis and a yield of 7.09%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.58%.
Insiders Place Their Bets
In other Verizon Communications news, CEO Kyle Malady sold 6,226 shares of Verizon Communications stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $36.69, for a total transaction of $228,431.94. Following the completion of the sale, the chief executive officer now directly owns 67,966 shares of the company’s stock, valued at approximately $2,493,672.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.10% of the stock is owned by company insiders.
Verizon Communications Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments. The Consumer segment provides consumer-focused wireless and wire line communications services and products.
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