Crewe Advisors LLC cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 52.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,200 shares of the cell phone carrier’s stock after selling 1,315 shares during the period. Crewe Advisors LLC’s holdings in Verizon Communications were worth $72,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of VZ. Nuveen Asset Management LLC raised its position in Verizon Communications by 6,712.8% in the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock valued at $1,691,184,000 after purchasing an additional 29,167,876 shares during the period. Invesco Ltd. raised its position in Verizon Communications by 61.6% in the second quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock valued at $1,327,750,000 after purchasing an additional 8,858,448 shares during the period. BlackRock Inc. raised its position in Verizon Communications by 1.7% in the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock valued at $18,112,307,000 after purchasing an additional 5,319,802 shares during the period. Beutel Goodman & Co Ltd. grew its stake in shares of Verizon Communications by 95.6% in the second quarter. Beutel Goodman & Co Ltd. now owns 10,096,656 shares of the cell phone carrier’s stock worth $443,674,000 after acquiring an additional 4,936,074 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Verizon Communications by 1.4% in the second quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock worth $18,527,217,000 after acquiring an additional 4,562,510 shares in the last quarter. Hedge funds and other institutional investors own 65.28% of the company’s stock.
Verizon Communications stock traded up $0.39 during midday trading on Wednesday, hitting $60.53. 8,237,407 shares of the stock were exchanged, compared to its average volume of 12,949,268. Verizon Communications Inc. has a 1 year low of $52.28 and a 1 year high of $61.34. The firm has a market cap of $249.14 billion, a P/E ratio of 12.85, a P/E/G ratio of 3.87 and a beta of 0.52. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.89 and a quick ratio of 0.85. The company has a 50 day moving average price of $60.05 and a two-hundred day moving average price of $58.37.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.01. The firm had revenue of $32.89 billion for the quarter, compared to the consensus estimate of $32.74 billion. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.22 EPS. As a group, analysts predict that Verizon Communications Inc. will post 4.84 EPS for the current year.
In related news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $60.42, for a total value of $81,506.58. Following the sale, the executive vice president now directly owns 19,983 shares in the company, valued at approximately $1,207,372.86. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Craig L. Silliman sold 1,346 shares of Verizon Communications stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $59.55, for a total transaction of $80,154.30. Following the completion of the sale, the executive vice president now owns 18,637 shares in the company, valued at $1,109,833.35. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,044 shares of company stock valued at $242,790. 0.03% of the stock is owned by company insiders.
Several equities analysts have commented on the stock. Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a research note on Tuesday, August 27th. HSBC downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating and set a $65.00 target price for the company. in a research note on Thursday, November 14th. Nomura downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $67.00 to $65.00 in a research note on Monday, November 4th. Guggenheim upped their target price on shares of Verizon Communications from $65.00 to $69.00 and gave the company a “buy” rating in a report on Monday, October 28th. Finally, Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a report on Monday, September 2nd. Eleven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Verizon Communications has an average rating of “Hold” and a consensus target price of $62.84.
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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