Verizon Communications Inc. (NYSE:VZ) Shares Purchased by State of Michigan Retirement System
State of Michigan Retirement System boosted its position in Verizon Communications Inc. (NYSE:VZ) by 18.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,548,535 shares of the cell phone carrier’s stock after acquiring an additional 245,436 shares during the quarter. Verizon Communications accounts for 0.7% of State of Michigan Retirement System’s investment portfolio, making the stock its 27th biggest position. State of Michigan Retirement System’s holdings in Verizon Communications were worth $85,371,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of VZ. LFA Lugano Financial Advisors SA acquired a new position in shares of Verizon Communications during the second quarter worth about $27,000. Toth Financial Advisory Corp acquired a new position in shares of Verizon Communications during the second quarter worth about $34,000. AlphaCore Capital LLC acquired a new position in shares of Verizon Communications during the first quarter worth about $35,000. Lion Street Advisors LLC acquired a new position in shares of Verizon Communications during the first quarter worth about $38,000. Finally, HighMark Wealth Management LLC lifted its stake in shares of Verizon Communications by 52.1% during the second quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock worth $43,000 after purchasing an additional 270 shares in the last quarter. Hedge funds and other institutional investors own 65.23% of the company’s stock.
A number of research analysts have commented on the company. SunTrust Banks boosted their price objective on Verizon Communications from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Robert W. Baird reduced their price objective on Verizon Communications from $60.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 28th. Nomura restated a “hold” rating and set a $61.00 price objective on shares of Verizon Communications in a research note on Sunday, April 26th. Scotiabank lifted their target price on Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a research report on Monday, July 27th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $57.00 target price on shares of Verizon Communications in a research report on Sunday, July 26th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $62.00.
Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.03. The company had revenue of $30.40 billion during the quarter, compared to analyst estimates of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The business’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.23 earnings per share. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.78 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be issued a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.28%. The ex-dividend date of this dividend is Thursday, July 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
About Verizon Communications
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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