E Fund Management Co. Ltd. Has $1.08 Million Stake in Verizon Communications Inc. (NYSE:VZ)

E Fund Management Co. Ltd. grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 12.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,212 shares of the cell phone carrier’s stock after buying an additional 2,997 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Verizon Communications were worth $1,081,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VZ. Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Verizon Communications during the first quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Verizon Communications during the fourth quarter worth approximately $29,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Verizon Communications during the second quarter worth approximately $32,000. MFA Wealth Advisors LLC acquired a new position in shares of Verizon Communications during the second quarter worth approximately $33,000. Finally, Vima LLC acquired a new position in shares of Verizon Communications during the fourth quarter worth approximately $36,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

VZ has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. KeyCorp reduced their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, September 6th. Scotiabank raised their target price on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. TD Cowen raised their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, The Goldman Sachs Group initiated coverage on Verizon Communications in a research report on Monday, July 1st. They issued a “buy” rating and a $50.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and ten have assigned 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 target price of $45.66.

Verizon Communications Stock Performance

Shares of NYSE:VZ opened at $43.89 on Thursday. Verizon Communications Inc. has a twelve month low of $30.14 and a twelve month high of $45.05. The firm has a market cap of $184.74 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The business has a fifty day moving average of $41.35 and a 200-day moving average of $40.73.

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 business 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 quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business earned $1.21 earnings per share. On average, equities research analysts predict 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 issued a $0.678 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 annualized dividend and a yield of 6.18%. Verizon Communications’s dividend payout ratio (DPR) is currently 101.12%.

Verizon Communications Company 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).