Westshore Wealth LLC purchased a new stake in Verizon Communications Inc. (NYSE:VZ) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 11,004 shares of the cell phone carrier’s stock, valued at approximately $676,000. Verizon Communications accounts for approximately 0.7% of Westshore Wealth LLC’s investment portfolio, making the stock its 20th biggest holding.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Danda Trouve Investment Management Inc. bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $25,000. Lionsbridge Wealth Management LLC bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $32,000. HighMark Wealth Management LLC bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $33,000. Permanens Capital L.P. bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $37,000. Finally, Cedar Mountain Advisors LLC bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $45,000. 66.75% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on VZ shares. Credit Suisse Group lowered Verizon Communications from an “outperform” rating to a “neutral” rating and set a $65.00 target price on the stock. in a research report on Monday, February 3rd. New Street Research reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Friday, January 10th. Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Thursday, January 23rd. Raymond James raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a research report on Monday, March 16th. Finally, ValuEngine raised Verizon Communications from a “sell” rating to a “hold” rating in a research report on Friday, February 21st. Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $62.86.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, January 30th. The cell phone carrier reported $1.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by ($0.02). The business had revenue of $34.78 billion during the quarter, compared to analysts’ expectations of $34.62 billion. Verizon Communications had a return on equity of 33.39% and a net margin of 14.61%. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.12 EPS. Equities research analysts anticipate that Verizon Communications Inc. will post 4.94 EPS for the current year.
Verizon Communications declared that its board has authorized a share repurchase program on Thursday, February 6th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the cell phone carrier to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 1st. Shareholders of record on Monday, April 13th will be given a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date of this dividend is Thursday, April 9th. Verizon Communications’s payout ratio is 51.14%.
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.
See Also: What is Cost of Goods Sold (COGS)?
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.