Trading Report: The Buffington Mohr McNeal invests in Verizon Communications Inc. (VZ) Shares

The Buffington Mohr McNeal invests in Verizon Communications Inc. (VZ) Shares

Buffington Mohr McNeal raised its stake in Verizon Communications Inc. (NYSE:VZ) by 1.1% during the second quarter, Holdings Channel reports. The firm owned 38,760 shares of the cell phone carrier’s stock after buying an additional 435 shares during the period. Buffington Mohr McNeal’s holdings in Verizon Communications were worth $2,164,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in VZ. AMP Capital Investors Ltd raised its position in Verizon Communications by 10.4% in the first quarter. AMP Capital Investors Ltd now owns 1,752,370 shares of the cell phone carrier’s stock valued at $94,698,000 after buying an additional 164,905 shares during the period. Avalon Advisors LLC raised its position in Verizon Communications by 49.3% in the first quarter. Avalon Advisors LLC now owns 1,037,516 shares of the cell phone carrier’s stock valued at $56,109,000 after buying an additional 342,424 shares during the period. State Farm Mutual Automobile Insurance Co. raised its position in Verizon Communications by 1.0% in the first quarter. State Farm Mutual Automobile Insurance Co. now owns 11,321,427 shares of the cell phone carrier’s stock valued at $612,263,000 after buying an additional 115,883 shares during the period. NN Investment Partners Holdings N.V. bought a new position in Verizon Communications during the first quarter valued at about $56,662,000. Finally, AMF Pensionsforsakring AB raised its position in Verizon Communications by 6.2% in the first quarter. AMF Pensionsforsakring AB now owns 3,877,936 shares of the cell phone carrier’s stock valued at $209,719,000 after buying an additional 224,753 shares during the period. Institutional investors and hedge funds own 63.47% of the company’s stock.

Verizon Communications Inc. (NYSE:VZ) traded up 0.50% during trading on Wednesday, hitting $50.15. The stock had a trading volume of 2,971,570 shares. The firm has a market cap of $204.43 billion, a price-to-earnings ratio of 14.17 and a beta of 0.30. Verizon Communications Inc. has a one year low of $43.79 and a one year high of $56.95. The stock’s 50-day moving average is $51.95 and its 200 day moving average is $52.69.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.02. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The firm had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. During the same period in the previous year, the business earned $1.04 earnings per share. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. Equities analysts anticipate that Verizon Communications Inc. will post $3.89 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a $0.0125 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio (DPR) is presently 65.25%.

VZ has been the topic of several analyst reports. RBC Capital Markets reiterated a “buy” rating on shares of Verizon Communications in a research note on Monday, July 25th. Argus reiterated a “buy” rating and issued a $60.00 target price on shares of Verizon Communications in a research note on Wednesday, July 27th. Vetr reiterated a “buy” rating on shares of Verizon Communications in a research note on Wednesday, August 10th. Morgan Stanley lowered Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $52.00 target price on shares of Verizon Communications in a research note on Friday, August 26th. Twenty-four analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $54.44.

In related news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $52.76, for a total value of $35,454.72. Following the sale, the executive vice president now directly owns 10,526 shares in the company, valued at $555,351.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.10% of the stock is owned by corporate insiders.

About Verizon Communications

Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.

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