Verizon Communications Inc. (NYSE:VZ) Stake Lowered by Hayek Kallen Investment Management

Hayek Kallen Investment Management trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 104,758 shares of the cell phone carrier’s stock after selling 244 shares during the period. Verizon Communications comprises 3.9% of Hayek Kallen Investment Management’s portfolio, making the stock its 4th largest position. Hayek Kallen Investment Management’s holdings in Verizon Communications were worth $6,323,000 at the end of the most recent quarter.

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Several other large investors have also recently bought and sold shares of the company. Financial Gravity Wealth Inc. boosted its stake in shares of Verizon Communications by 4.5% during the 3rd quarter. Financial Gravity Wealth Inc. now owns 3,942 shares of the cell phone carrier’s stock worth $238,000 after purchasing an additional 169 shares during the period. Albert D Mason Inc. lifted its holdings in Verizon Communications by 0.7% during the 3rd quarter. Albert D Mason Inc. now owns 23,439 shares of the cell phone carrier’s stock valued at $1,415,000 after buying an additional 170 shares in the last quarter. SMH Capital Advisors Inc. lifted its holdings in Verizon Communications by 4.6% during the 3rd quarter. SMH Capital Advisors Inc. now owns 3,919 shares of the cell phone carrier’s stock valued at $237,000 after buying an additional 172 shares in the last quarter. Nadler Financial Group Inc. lifted its holdings in Verizon Communications by 1.2% during the 3rd quarter. Nadler Financial Group Inc. now owns 15,114 shares of the cell phone carrier’s stock valued at $912,000 after buying an additional 174 shares in the last quarter. Finally, Advocacy Wealth Management Services LLC lifted its holdings in Verizon Communications by 35.8% during the 3rd quarter. Advocacy Wealth Management Services LLC now owns 687 shares of the cell phone carrier’s stock valued at $41,000 after buying an additional 181 shares in the last quarter. Hedge funds and other institutional investors own 65.61% of the company’s stock.

Shares of VZ traded up $0.17 during trading hours on Friday, hitting $59.51. The stock had a trading volume of 11,480,817 shares, compared to its average volume of 11,357,574. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.85 and a current ratio of 0.89. The firm has a 50-day moving average price of $60.07 and a 200 day moving average price of $58.08. Verizon Communications Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $61.58. The firm has a market capitalization of $245.42 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 2.96 and a beta of 0.53.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.01. The company had revenue of $32.89 billion during the quarter, compared to analysts’ expectations of $32.74 billion. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the prior year, the business posted $1.22 earnings per share. As a group, analysts predict that Verizon Communications Inc. will post 4.83 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were given a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.13%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date was Wednesday, October 9th. Verizon Communications’s dividend payout ratio is 52.23%.

A number of equities research analysts recently weighed in on the stock. HSBC lowered shares of Verizon Communications from a “buy” rating to a “hold” rating and set a $65.00 price objective for the company. in a report on Thursday. ValuEngine upgraded shares of Verizon Communications from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Moffett Nathanson set a $57.00 price objective on shares of Verizon Communications and gave the company a “hold” rating in a report on Friday, October 25th. Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price objective for the company in a report on Tuesday, August 27th. Finally, Guggenheim lifted their price objective on shares of Verizon Communications from $65.00 to $69.00 and gave the company a “buy” rating in a report on Monday, October 28th. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $62.84.

In related news, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $56.01, for a total value of $75,557.49. Following the completion of the sale, the executive vice president now owns 22,681 shares of the company’s stock, valued at $1,270,362.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the sale, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The disclosure for this sale can be found here. Insiders sold 21,047 shares of company stock valued at $1,219,943 over the last quarter. Company insiders own 0.03% of the company’s stock.

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

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