Verizon Communications Inc. (NYSE:VZ) Position Lowered by Senator Investment Group LP

Senator Investment Group LP cut its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 8.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,530,729 shares of the cell phone carrier's stock after selling 150,000 shares during the period. Verizon Communications comprises approximately 3.1% of Senator Investment Group LP's portfolio, making the stock its 10th biggest holding. Senator Investment Group LP's holdings in Verizon Communications were worth $63,127,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of VZ. Leo Wealth LLC purchased a new stake in shares of Verizon Communications in the fourth quarter worth $3,346,000. Gateway Investment Advisers LLC lifted its holdings in Verizon Communications by 15.4% in the second quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier's stock worth $11,678,000 after buying an additional 37,732 shares during the period. Mosley Wealth Management purchased a new stake in Verizon Communications in the fourth quarter worth about $433,000. Harbor Investment Advisory LLC lifted its holdings in shares of Verizon Communications by 4.4% during the first quarter. Harbor Investment Advisory LLC now owns 22,894 shares of the cell phone carrier's stock valued at $961,000 after purchasing an additional 969 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Verizon Communications by 196.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 647,218 shares of the cell phone carrier's stock valued at $24,400,000 after purchasing an additional 428,776 shares during the last quarter. 62.06% of the stock is owned by institutional investors.

Verizon Communications Price Performance

Shares of VZ traded up $0.02 during trading hours on Monday, reaching $44.91. 13,509,788 shares of the stock traded hands, compared to its average volume of 18,861,414. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $45.36. The company's 50-day moving average price is $41.88 and its two-hundred day moving average price is $40.99. The company has a market cap of $189.04 billion, a P/E ratio of 16.76, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. During the same quarter in the prior year, the firm earned $1.21 EPS. The business's revenue was up .6% on a year-over-year basis. On average, analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.04%. The ex-dividend date is Thursday, October 10th. This is an increase from Verizon Communications's previous quarterly dividend of $0.67. Verizon Communications's dividend payout ratio is 101.12%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on VZ shares. Scotiabank raised their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the company a "sector perform" rating in a research report on Wednesday, July 10th. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research report on Monday, July 1st. They issued a "buy" rating and a $50.00 target price for the company. JPMorgan Chase & Co. cut their target price on shares of Verizon Communications from $46.00 to $45.00 and set a "neutral" rating for the company in a research report on Tuesday, July 23rd. Bank of America lifted their target price on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a "neutral" rating in a research report on Thursday. Finally, TD Cowen boosted their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a "buy" rating in a research report on Tuesday, July 23rd. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $46.09.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).