Verizon Communications Inc. (NYSE:VZ) Stake Lessened by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. trimmed its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 4.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 113,470 shares of the cell phone carrier’s stock after selling 5,860 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Verizon Communications were worth $4,680,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position 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 valued at $14,739,171,000 after acquiring an additional 1,216,963 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Verizon Communications by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 35,561,841 shares of the cell phone carrier’s stock worth $1,466,446,000 after buying an additional 535,322 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of Verizon Communications by 92.9% in the 4th quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock valued at $851,989,000 after buying an additional 10,882,873 shares during the period. Capital World Investors grew its position in shares of Verizon Communications by 127.6% during the 4th quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after buying an additional 12,220,777 shares during the last quarter. Finally, Raymond James & Associates lifted its holdings in 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 worth $678,739,000 after acquiring an additional 104,447 shares during the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Scotiabank upped their target price on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price objective for the company. KeyCorp cut their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Friday, September 6th. JPMorgan Chase & Co. lowered their price target 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. Finally, TD Cowen lifted their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating 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 MarketBeat, the stock 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 $44.33 on Friday. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $45.05. The stock has a market capitalization of $186.60 billion, a P/E ratio of 16.54, a P/E/G ratio of 3.99 and a beta of 0.42. The firm’s 50 day moving average is $41.46 and its 200-day moving average is $40.78. 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 (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 company had revenue of $32.80 billion for the quarter, compared to analysts’ expectations 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 was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.21 earnings per share. Equities research analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business 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. The ex-dividend date is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.12%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is currently 101.12%.

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).