Capital International Investors Sells 833,867 Shares of Verizon Communications Inc. (NYSE:VZ)

Capital International Investors trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 2.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,004,052 shares of the cell phone carrier’s stock after selling 833,867 shares during the period. Capital International Investors owned 0.73% of Verizon Communications worth $1,842,248,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of Verizon Communications by 0.9% during the fourth quarter. State Street Corp now owns 164,278,821 shares of the cell phone carrier’s stock worth $10,086,720,000 after purchasing an additional 1,424,504 shares in the last quarter. Capital World Investors lifted its stake in Verizon Communications by 1.7% during the fourth quarter. Capital World Investors now owns 51,341,129 shares of the cell phone carrier’s stock worth $3,152,345,000 after purchasing an additional 833,751 shares during the last quarter. FMR LLC lifted its stake in Verizon Communications by 4.0% during the fourth quarter. FMR LLC now owns 44,620,912 shares of the cell phone carrier’s stock worth $2,739,725,000 after purchasing an additional 1,704,351 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Verizon Communications by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 28,241,269 shares of the cell phone carrier’s stock valued at $1,734,014,000 after acquiring an additional 878,751 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of Verizon Communications by 5.3% in the 4th quarter. Franklin Resources Inc. now owns 24,816,651 shares of the cell phone carrier’s stock valued at $1,523,729,000 after acquiring an additional 1,239,207 shares during the last quarter. 66.75% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE VZ traded up $2.80 during midday trading on Thursday, hitting $52.74. The stock had a trading volume of 13,357,110 shares, compared to its average volume of 32,756,774. The business’s 50 day moving average is $56.28 and its 200-day moving average is $59.19. The company has a market cap of $206.75 billion, a P/E ratio of 11.34, a PEG ratio of 2.94 and a beta of 0.54. Verizon Communications Inc. has a 52 week low of $48.84 and a 52 week high of $62.22. The company has a quick ratio of 0.80, a current ratio of 0.84 and a debt-to-equity ratio of 1.90.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, January 30th. The cell phone carrier reported $1.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by ($0.02). The business had revenue of $34.78 billion during the quarter, compared to the consensus estimate of $34.62 billion. Verizon Communications had a return on equity of 33.39% and a net margin of 14.61%. The firm’s revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.12 earnings per share. As a group, analysts expect that Verizon Communications Inc. will post 4.94 EPS for the current fiscal year.

Verizon Communications announced that its board has initiated a share repurchase program on Thursday, February 6th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the cell phone carrier to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Monday, April 13th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.66%. The ex-dividend date of this dividend is Thursday, April 9th. Verizon Communications’s dividend payout ratio is currently 51.14%.

VZ has been the subject of a number of recent research reports. Raymond James upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a report on Monday, March 16th. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research note on Thursday, January 23rd. Nomura restated a “hold” rating and issued a $65.00 target price on shares of Verizon Communications in a research note on Monday, February 3rd. ValuEngine upgraded Verizon Communications from a “sell” rating to a “hold” rating in a research note on Friday, February 21st. Finally, Cowen upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a research note on Monday, March 2nd. Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $63.10.

Verizon Communications Company 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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