Eliot Finkel Investment Counsel LLC Lowers Holdings in Verizon Communications Inc. (NYSE:VZ)
Eliot Finkel Investment Counsel LLC decreased its position in Verizon Communications Inc. (NYSE:VZ) by 2.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,110 shares of the cell phone carrier’s stock after selling 1,150 shares during the quarter. Verizon Communications accounts for 3.3% of Eliot Finkel Investment Counsel LLC’s portfolio, making the stock its 17th biggest holding. Eliot Finkel Investment Counsel LLC’s holdings in Verizon Communications were worth $3,015,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in VZ. State Street Corp increased its position in shares of Verizon Communications by 0.9% during the 4th quarter. State Street Corp now owns 164,278,821 shares of the cell phone carrier’s stock valued at $10,086,720,000 after purchasing an additional 1,424,504 shares during the last quarter. Geode Capital Management LLC grew its position in Verizon Communications by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 62,486,079 shares of the cell phone carrier’s stock valued at $3,829,119,000 after acquiring an additional 2,548,889 shares during the last quarter. Capital World Investors lifted its holdings in shares of Verizon Communications by 1.7% in the 4th quarter. Capital World Investors now owns 51,341,129 shares of the cell phone carrier’s stock worth $3,152,345,000 after buying an additional 833,751 shares during the period. Norges Bank purchased a new stake in shares of Verizon Communications in the 4th quarter worth $2,775,411,000. Finally, FMR LLC lifted its holdings in shares of Verizon Communications by 4.0% in the 4th quarter. FMR LLC now owns 44,620,912 shares of the cell phone carrier’s stock worth $2,739,725,000 after buying an additional 1,704,351 shares during the period. 65.45% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP Anthony T. Skiadas sold 10,744 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $57.10, for a total value of $613,482.40. Following the transaction, the senior vice president now owns 27,501 shares in the company, valued at $1,570,307.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.07% of the company’s stock.
VZ stock traded down $1.48 during mid-day trading on Monday, reaching $55.90. 13,431,490 shares of the company’s stock were exchanged, compared to its average volume of 15,706,547. The company has a market cap of $237.44 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 3.85 and a beta of 0.47. The stock’s 50 day moving average is $56.45 and its 200 day moving average is $57.90. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.99 and a quick ratio of 0.95. Verizon Communications Inc. has a 12-month low of $48.84 and a 12-month high of $62.22.
Verizon Communications (NYSE:VZ) last released its earnings results on Friday, April 24th. The cell phone carrier reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.04. The business had revenue of $31.81 billion for the quarter, compared to the consensus estimate of $32.37 billion. Verizon Communications had a return on equity of 33.26% and a net margin of 14.00%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.20 earnings per share. On average, research analysts forecast that Verizon Communications Inc. will post 4.77 earnings per share for the current fiscal year.
Verizon Communications declared that its board has authorized a stock repurchase plan on Thursday, February 6th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the cell phone carrier to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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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