Verizon Communications Inc. (NYSE:VZ) Shares Purchased by Plato Investment Management Ltd

Plato Investment Management Ltd boosted its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 110,410 shares of the cell phone carrier’s stock after buying an additional 1,838 shares during the period. Plato Investment Management Ltd’s holdings in Verizon Communications were worth $4,553,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in VZ. Koesten Hirschmann & Crabtree INC. acquired a new stake in shares of Verizon Communications in the first quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in Verizon Communications during the fourth quarter worth approximately $29,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Verizon Communications in the 2nd quarter valued at $32,000. MFA Wealth Advisors LLC purchased a new stake in shares of Verizon Communications during the 2nd quarter valued at $33,000. Finally, Vima LLC acquired a new stake in shares of Verizon Communications during the 4th quarter worth $36,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. KeyCorp reduced their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday, September 6th. TD Cowen boosted their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. Scotiabank boosted their price objective on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $45.66.

Verizon Communications Stock Performance

Shares of VZ opened at $44.43 on Friday. The firm has a market cap of $187.03 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 3.99 and a beta of 0.42. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The business’s 50 day moving average is $41.17 and its two-hundred day moving average is $40.64. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $44.47.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the company posted $1.21 earnings per share. Analysts forecast that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.10%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

Verizon Communications Profile

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).