Verizon Communications Inc. (NYSE:VZ) Shares Sold by Manning & Napier Group LLC

Manning & Napier Group LLC decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,056,066 shares of the cell phone carrier’s stock after selling 11,248 shares during the quarter. Manning & Napier Group LLC’s holdings in Verizon Communications were worth $57,036,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Verizon Communications by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 322,781,339 shares of the cell phone carrier’s stock valued at $18,085,438,000 after purchasing an additional 1,818,309 shares in the last quarter. State Street Corp raised its stake in shares of Verizon Communications by 2.7% in the 2nd quarter. State Street Corp now owns 164,065,503 shares of the cell phone carrier’s stock valued at $9,192,590,000 after purchasing an additional 4,271,210 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Verizon Communications by 3.5% in the 2nd quarter. Geode Capital Management LLC now owns 69,367,817 shares of the cell phone carrier’s stock valued at $3,875,723,000 after purchasing an additional 2,333,084 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Verizon Communications by 16.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 49,212,773 shares of the cell phone carrier’s stock valued at $2,757,392,000 after purchasing an additional 6,958,789 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Verizon Communications by 3.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 43,882,051 shares of the cell phone carrier’s stock valued at $2,458,710,000 after purchasing an additional 1,334,080 shares in the last quarter. Hedge funds and other institutional investors own 63.61% of the company’s stock.

Verizon Communications stock opened at $51.66 on Friday. The firm has a 50 day simple moving average of $52.88 and a 200-day simple moving average of $54.99. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.97 and a quick ratio of 0.92. The stock has a market capitalization of $213.88 billion, a PE ratio of 9.69, a price-to-earnings-growth ratio of 3.06 and a beta of 0.43. Verizon Communications Inc. has a 12-month low of $50.65 and a 12-month high of $61.95.

Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, October 19th. The cell phone carrier reported $1.41 EPS for the quarter, beating the consensus estimate of $1.36 by $0.05. The business had revenue of $32.90 billion during the quarter, compared to analyst estimates of $33.24 billion. Verizon Communications had a net margin of 16.42% and a return on equity of 29.72%. The business’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.25 earnings per share. On average, analysts forecast that Verizon Communications Inc. will post 5.37 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 1st. Shareholders of record on Friday, October 8th were paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 4.96%. The ex-dividend date was Thursday, October 7th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.63. Verizon Communications’s dividend payout ratio is currently 48.03%.

In other news, EVP Craig L. Silliman sold 1,554 shares of the stock in a transaction on Tuesday, September 7th. The shares were sold at an average price of $55.38, for a total transaction of $86,060.52. Following the transaction, the executive vice president now owns 28,469 shares in the company, valued at approximately $1,576,613.22. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 4,662 shares of company stock worth $252,898. 0.10% of the stock is currently owned by company insiders.

A number of equities research analysts recently weighed in on the stock. Cowen boosted their price objective on shares of Verizon Communications from $68.00 to $71.00 and gave the company an “outperform” rating in a research report on Thursday, October 21st. Barclays lowered their price objective on shares of Verizon Communications from $56.00 to $55.00 and set an “equal weight” rating for the company in a research report on Monday, October 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Verizon Communications in a research report on Tuesday, October 19th. They set a “hold” rating and a $55.00 price objective for the company. Raymond James reaffirmed a “buy” rating and set a $64.00 price objective on shares of Verizon Communications in a research report on Tuesday, September 28th. Finally, Loop Capital assumed coverage on shares of Verizon Communications in a research report on Monday, September 20th. They set a “hold” rating and a $57.00 price objective for the company. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $60.00.

Verizon Communications Profile

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)