Today: The Grisanti Capital Management LLC reaches $2,386,000 position of Verizon Communications Inc. (VZ)

The Grisanti Capital Management LLC reaches $2,386,000 position  of Verizon Communications Inc. (VZ)

Grisanti Capital Management LLC boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 31.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,730 shares of the cell phone carrier’s stock after buying an additional 10,280 shares during the period. Verizon Communications comprises approximately 1.3% of Grisanti Capital Management LLC’s investment portfolio, making the stock its 17th largest position. Grisanti Capital Management LLC’s holdings in Verizon Communications were worth $2,386,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of VZ. Partnervest Advisory Services LLC boosted its position in Verizon Communications by 6.8% in the second quarter. Partnervest Advisory Services LLC now owns 16,011 shares of the cell phone carrier’s stock valued at $894,000 after buying an additional 1,026 shares in the last quarter. Noesis Capital Mangement Corp boosted its position in Verizon Communications by 2.8% in the second quarter. Noesis Capital Mangement Corp now owns 7,523 shares of the cell phone carrier’s stock valued at $420,000 after buying an additional 203 shares in the last quarter. Synovus Financial Corp boosted its position in Verizon Communications by 2.7% in the second quarter. Synovus Financial Corp now owns 285,000 shares of the cell phone carrier’s stock valued at $15,916,000 after buying an additional 7,454 shares in the last quarter. Hyman Charles D boosted its position in Verizon Communications by 7.2% in the second quarter. Hyman Charles D now owns 203,926 shares of the cell phone carrier’s stock valued at $11,387,000 after buying an additional 13,701 shares in the last quarter. Finally, Argent Trust Co boosted its position in Verizon Communications by 1.0% in the second quarter. Argent Trust Co now owns 50,524 shares of the cell phone carrier’s stock valued at $2,821,000 after buying an additional 517 shares in the last quarter. Hedge funds and other institutional investors own 63.47% of the company’s stock.

Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.68% during trading on Friday, reaching $49.92. 13,816,797 shares of the company’s stock traded hands. The company has a 50 day moving average price of $52.09 and a 200 day moving average price of $52.74. Verizon Communications Inc. has a 1-year low of $43.79 and a 1-year high of $56.95. The stock has a market capitalization of $203.49 billion, a PE ratio of 14.10 and a beta of 0.30.

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

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

Several equities research analysts recently commented on the stock. Vetr lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $57.60 price target for the company. in a report on Monday, October 3rd. HSBC reissued a “hold” rating and issued a $54.00 price target on shares of Verizon Communications in a report on Wednesday, September 28th. Jefferies Group reissued a “hold” rating on shares of Verizon Communications in a report on Monday, September 19th. Nomura reissued a “hold” rating and issued a $47.00 price target on shares of Verizon Communications in a report on Monday, September 12th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $52.00 price target on shares of Verizon Communications in a report on Friday, August 26th. Twenty-four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $54.44.

In other news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $52.76, for a total transaction of $35,454.72. Following the completion of the sale, the executive vice president now owns 10,526 shares in the company, valued at approximately $555,351.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is owned by company insiders.

Verizon Communications Company Profile

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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