Verizon Communications Inc. (VZ) Shares Sold by Greystone Managed Investments Inc.
Greystone Managed Investments Inc. cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 6.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 183,390 shares of the cell phone carrier’s stock after selling 12,520 shares during the quarter. Greystone Managed Investments Inc.’s holdings in Verizon Communications were worth $8,940,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in VZ. Retirement Systems of Alabama lifted its stake in Verizon Communications by 35.5% during the first quarter. Retirement Systems of Alabama now owns 3,768,615 shares of the cell phone carrier’s stock worth $183,720,000 after purchasing an additional 986,786 shares during the last quarter. Hexavest Inc. lifted its stake in Verizon Communications by 22.3% during the first quarter. Hexavest Inc. now owns 3,334,706 shares of the cell phone carrier’s stock worth $162,567,000 after purchasing an additional 608,792 shares during the last quarter. Honeywell International Inc. lifted its stake in Verizon Communications by 285.7% during the first quarter. Honeywell International Inc. now owns 675,000 shares of the cell phone carrier’s stock worth $32,906,000 after purchasing an additional 500,000 shares during the last quarter. Pictet Asset Management Ltd. lifted its stake in Verizon Communications by 12.8% during the first quarter. Pictet Asset Management Ltd. now owns 3,860,578 shares of the cell phone carrier’s stock worth $188,203,000 after purchasing an additional 439,391 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its stake in Verizon Communications by 1,740.4% during the first quarter. Fisher Asset Management LLC now owns 441,284 shares of the cell phone carrier’s stock worth $21,513,000 after purchasing an additional 417,307 shares during the last quarter. Hedge funds and other institutional investors own 62.33% of the company’s stock.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $27,450.00. Following the transaction, the executive vice president now owns 8,429 shares of the company’s stock, valued at $379,305. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 1,830 shares of company stock worth $86,248 in the last ninety days. 0.13% of the stock is currently owned by insiders.
Several equities analysts recently issued reports on VZ shares. Goldman Sachs Group, Inc. (The) restated a “neutral” rating on shares of Verizon Communications in a research note on Wednesday, June 28th. Vetr upgraded Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective on the stock in a research note on Wednesday, July 5th. Zacks Investment Research cut Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Cowen and Company restated a “hold” rating and set a $49.00 price objective on shares of Verizon Communications in a research note on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, twenty-two have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $52.73.
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Verizon Communications Inc. (VZ) traded down 1.012% on Tuesday, reaching $47.435. The company had a trading volume of 2,633,105 shares. The company has a market capitalization of $193.51 billion, a price-to-earnings ratio of 12.194 and a beta of 0.57. The company’s 50 day moving average price is $47.20 and its 200-day moving average price is $47.27. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The business had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. During the same quarter in the prior year, the firm posted $0.94 earnings per share. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts predict that Verizon Communications Inc. will post $3.78 earnings per share for the current fiscal year.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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