Diversified LLC Purchases 322 Shares of Verizon Communications Inc. (NYSE:VZ)

Diversified LLC lifted its stake in Verizon Communications Inc. (NYSE:VZ) by 2.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,774 shares of the cell phone carrier’s stock after acquiring an additional 322 shares during the period. Diversified LLC’s holdings in Verizon Communications were worth $486,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in Verizon Communications in the 4th quarter valued at approximately $1,882,164,000. Capital World Investors raised its position in shares of Verizon Communications by 127.6% during the 4th quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after buying an additional 12,220,777 shares in the last quarter. Capital Research Global Investors boosted its stake in Verizon Communications by 92.9% during the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after buying an additional 10,882,873 shares during the period. Swedbank AB bought a new position in shares of Verizon Communications during the first quarter valued at approximately $250,312,000. Finally, Third Point LLC purchased a new position in Verizon Communications during the 4th quarter valued at about $173,325,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

Shares of VZ stock traded up $0.33 on Friday, reaching $41.20. 11,747,477 shares of the company were exchanged, compared to its average volume of 18,484,035. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $43.42. The company has a market cap of $173.42 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 3.72 and a beta of 0.41. The business has a 50-day moving average price of $40.71 and a 200 day moving average price of $40.44. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.21 EPS. Equities research analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 6.46%. The ex-dividend date was Wednesday, July 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. TD Cowen increased their price target on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price objective on the stock. Tigress Financial upped their price objective on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Scotiabank lifted their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. cut their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $45.78.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).