CenterStar Asset Management LLC Cuts Position in Verizon Communications Inc. (NYSE:VZ)

CenterStar Asset Management LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 69.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 651 shares of the cell phone carrier’s stock after selling 1,458 shares during the quarter. CenterStar Asset Management LLC’s holdings in Verizon Communications were worth $36,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in shares of Verizon Communications by 1.6% during the first quarter. Geode Capital Management LLC now owns 63,513,728 shares of the cell phone carrier’s stock valued at $3,406,555,000 after buying an additional 1,027,649 shares during the last quarter. Capital World Investors increased its stake in shares of Verizon Communications by 6.2% in the first quarter. Capital World Investors now owns 54,544,125 shares of the cell phone carrier’s stock worth $2,930,662,000 after purchasing an additional 3,202,996 shares in the last quarter. Capital International Investors increased its stake in shares of Verizon Communications by 17.4% in the first quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock worth $1,892,254,000 after purchasing an additional 5,213,722 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Verizon Communications by 9.7% in the first quarter. Nuveen Asset Management LLC now owns 27,819,680 shares of the cell phone carrier’s stock worth $1,494,751,000 after purchasing an additional 2,450,049 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Verizon Communications by 2.5% in the first quarter. Legal & General Group Plc now owns 26,777,937 shares of the cell phone carrier’s stock worth $1,439,500,000 after purchasing an additional 640,654 shares in the last quarter. Hedge funds and other institutional investors own 65.23% of the company’s stock.

NYSE:VZ traded down $0.48 during trading hours on Wednesday, hitting $58.51. 12,833,000 shares of the company were exchanged, compared to its average volume of 17,920,295. The stock has a market capitalization of $242.12 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 3.59 and a beta of 0.46. Verizon Communications Inc. has a 52-week low of $48.84 and a 52-week high of $62.22. The company has a debt-to-equity ratio of 1.94, a current ratio of 0.96 and a quick ratio of 0.93. The company’s 50 day moving average price is $55.93 and its 200-day moving average price is $56.42.

Verizon Communications (NYSE:VZ) last released its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.03. The company had revenue of $30.40 billion for the quarter, compared to the consensus estimate of $29.98 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. Verizon Communications’s revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.23 EPS. On average, equities analysts predict that Verizon Communications Inc. will post 4.78 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Friday, July 10th were paid a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a yield of 4.20%. The ex-dividend date of this dividend was Thursday, July 9th. Verizon Communications’s payout ratio is 51.14%.

A number of analysts have recently issued reports on the stock. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a research note on Tuesday. UBS Group increased their price objective on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. JPMorgan Chase & Co. cut their target price on shares of Verizon Communications from $63.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, April 17th. SunTrust Banks raised their target price on shares of Verizon Communications from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Finally, Credit Suisse Group restated a “hold” rating and issued a $61.00 target price on shares of Verizon Communications in a report on Thursday, July 2nd. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $62.00.

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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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