Public Employees Retirement System of Ohio cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 0.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,335,071 shares of the cell phone carrier’s stock after selling 9,602 shares during the period. Verizon Communications comprises approximately 0.7% of Public Employees Retirement System of Ohio’s investment portfolio, making the stock its 17th biggest holding. Public Employees Retirement System of Ohio owned approximately 0.06% of Verizon Communications worth $128,732,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of VZ. Advisor Group Holdings Inc. purchased a new stake in shares of Verizon Communications during the 1st quarter valued at $109,968,000. Nordea Investment Management AB increased its position in shares of Verizon Communications by 94.9% during the 2nd quarter. Nordea Investment Management AB now owns 20,863,824 shares of the cell phone carrier’s stock valued at $1,135,410,000 after purchasing an additional 10,157,152 shares during the last quarter. Capital International Investors increased its position in shares of Verizon Communications by 17.4% during the 1st quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock valued at $1,892,254,000 after purchasing an additional 5,213,722 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in shares of Verizon Communications by 1,504.5% during the 1st quarter. Rockefeller Capital Management L.P. now owns 4,444,462 shares of the cell phone carrier’s stock valued at $238,801,000 after purchasing an additional 4,167,470 shares during the last quarter. Finally, APG Asset Management N.V. increased its position in shares of Verizon Communications by 34.5% during the 1st quarter. APG Asset Management N.V. now owns 15,146,312 shares of the cell phone carrier’s stock valued at $797,614,000 after purchasing an additional 3,886,881 shares during the last quarter. Institutional investors own 64.85% of the company’s stock.
VZ has been the subject of several research analyst reports. Raymond James raised their target price on Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Scotiabank raised their target price on Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research report on Monday, July 27th. Royal Bank of Canada reiterated a “hold” rating and set a $57.00 price target on shares of Verizon Communications in a research note on Wednesday. UBS Group increased their price target on Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Finally, Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $62.27.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.03. The company had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. Verizon Communications’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period last year, the firm posted $1.23 EPS. As a group, sell-side analysts forecast that Verizon Communications Inc. will post 4.78 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be issued a dividend of $0.6275 per share. This represents a $2.51 dividend on an annualized basis and a dividend yield of 4.20%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. The ex-dividend date is Thursday, October 8th. Verizon Communications’s dividend payout ratio (DPR) is currently 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.
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