Murphy Capital Management Inc. cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 190,742 shares of the cell phone carrier’s stock after selling 2,017 shares during the period. Verizon Communications comprises approximately 1.7% of Murphy Capital Management Inc.’s holdings, making the stock its 16th biggest position. Murphy Capital Management Inc.’s holdings in Verizon Communications were worth $11,513,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Nuveen Asset Management LLC boosted its stake in Verizon Communications by 6,712.8% during the 2nd 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. boosted its stake in Verizon Communications by 61.6% during the 2nd 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. APG Asset Management N.V. boosted its stake in Verizon Communications by 64.8% during the 4th quarter. APG Asset Management N.V. now owns 15,572,858 shares of the cell phone carrier’s stock valued at $765,872,000 after purchasing an additional 6,120,966 shares during the period. BlackRock Inc. lifted its stake in shares of Verizon Communications by 1.7% in the 2nd quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after acquiring an additional 5,319,802 shares during the period. Finally, Beutel Goodman & Co Ltd. lifted its stake in shares of Verizon Communications by 95.6% in the 2nd 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 during the period. 65.42% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $60.14, for a total transaction of $81,128.86. Following the sale, the executive vice president now owns 21,332 shares in the company, valued at $1,282,906.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Tami A. Erwin sold 17,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the sale, the chief executive officer now owns 853 shares in the company, valued at approximately $49,260.75. The disclosure for this sale can be found here. Insiders sold a total of 21,047 shares of company stock worth $1,214,722 over the last quarter. Insiders own 0.03% of the company’s stock.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The business had revenue of $32.07 billion for the quarter, compared to the consensus estimate of $32.42 billion. During the same period in the previous year, the firm earned $1.20 EPS. The business’s revenue for the quarter was down .4% on a year-over-year basis. Research analysts anticipate that Verizon Communications Inc. will post 4.81 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.615 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date of this dividend is Wednesday, October 9th. Verizon Communications’s payout ratio is presently 51.17%.
VZ has been the subject of a number of research analyst reports. Oppenheimer raised 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. Nomura set a $65.00 price target on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, September 18th. ValuEngine lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, October 4th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research note on Monday, September 2nd. Finally, SunTrust Banks upped their price target on shares of Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $61.81.
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.
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