Concurrent Investment Advisors LLC Increases Position in Verizon Communications Inc. (NYSE:VZ)

Concurrent Investment Advisors LLC boosted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 44.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 187,093 shares of the cell phone carrier’s stock after purchasing an additional 57,783 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Verizon Communications were worth $7,716,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of VZ. Vanguard Group Inc. raised its stake in shares of Verizon Communications by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 351,267,175 shares of the cell phone carrier’s stock worth $14,739,171,000 after buying an additional 1,216,963 shares during the period. Norges Bank purchased a new stake in Verizon Communications in the 4th quarter worth $1,882,164,000. Capital Research Global Investors raised its position 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 acquiring an additional 10,882,873 shares during the period. Capital World Investors lifted its holdings in Verizon Communications by 127.6% during the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after purchasing an additional 12,220,777 shares in the last quarter. Finally, Raymond James & Associates grew its position in shares of Verizon Communications by 0.6% in the second quarter. Raymond James & Associates now owns 16,458,264 shares of the cell phone carrier’s stock valued at $678,739,000 after purchasing an additional 104,447 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

NYSE:VZ opened at $41.78 on Friday. The company’s 50-day moving average is $40.86 and its two-hundred day moving average is $40.48. The firm has a market capitalization of $175.87 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 3.81 and a beta of 0.41. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. Verizon Communications Inc. has a 1-year low of $30.14 and a 1-year high of $43.42.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting the consensus estimate of $1.15. The company had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.21 earnings per share. Analysts forecast that Verizon Communications Inc. will post 4.57 EPS for the current year.

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.37%. The ex-dividend date of this dividend was Wednesday, July 10th. Verizon Communications’s payout ratio is 99.25%.

Analysts Set New Price Targets

VZ has been the subject of several research analyst reports. TD Cowen upped their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $42.00 price objective on shares of Verizon Communications in a research note on Tuesday, July 23rd. Scotiabank raised their target price on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. lowered their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Finally, The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and an average price target 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).