Wealth Quarterback LLC Sells 13,879 Shares of Verizon Communications Inc. (NYSE:VZ)

Wealth Quarterback LLC reduced its holdings in Verizon Communications Inc. (NYSE:VZFree Report) by 44.8% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,113 shares of the cell phone carrier’s stock after selling 13,879 shares during the quarter. Wealth Quarterback LLC’s holdings in Verizon Communications were worth $645,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Verizon Communications by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 351,625,025 shares of the cell phone carrier’s stock worth $11,396,167,000 after buying an additional 930,367 shares in the last quarter. Norges Bank purchased a new position in Verizon Communications in the fourth quarter worth $1,882,164,000. Northern Trust Corp increased its stake in Verizon Communications by 4.7% in the third quarter. Northern Trust Corp now owns 44,621,839 shares of the cell phone carrier’s stock valued at $1,446,194,000 after acquiring an additional 2,015,139 shares during the last quarter. FMR LLC raised its position in Verizon Communications by 17.0% during the third quarter. FMR LLC now owns 28,400,326 shares of the cell phone carrier’s stock valued at $920,455,000 after purchasing an additional 4,134,150 shares in the last quarter. Finally, Capital Research Global Investors lifted its stake in Verizon Communications by 92.9% during the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after purchasing an additional 10,882,873 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Down 0.9 %

Shares of VZ stock traded down $0.39 during trading hours on Friday, reaching $40.94. The company’s stock had a trading volume of 10,401,546 shares, compared to its average volume of 19,028,045. The company has a current ratio of 0.71, a quick ratio of 0.67 and a debt-to-equity ratio of 1.42. The stock has a market capitalization of $172.33 billion, a P/E ratio of 15.28, a P/E/G ratio of 3.00 and a beta of 0.42. The firm’s fifty day simple moving average is $40.27 and its 200 day simple moving average is $39.76. Verizon Communications Inc. has a one year low of $30.14 and a one year high of $43.42.

Verizon Communications (NYSE:VZGet Free Report) last issued its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. The business had revenue of $33 billion for the quarter, compared to the consensus estimate of $33.23 billion. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.20 EPS. Equities research analysts expect that Verizon Communications Inc. will post 4.6 EPS for the current year.

Verizon Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be issued a dividend of $0.665 per share. The ex-dividend date is Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.50%. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Oppenheimer reissued an “outperform” rating and set a $48.00 price objective on shares of Verizon Communications in a report on Tuesday, April 23rd. Royal Bank of Canada boosted their price objective on shares of Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 2nd. StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. Redburn Atlantic upgraded shares of Verizon Communications from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $33.00 to $39.00 in a research report on Friday, March 22nd. Finally, Tigress Financial upped their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.77.

View Our Latest Analysis on VZ

Verizon Communications Profile

(Free Report)

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).

See Also

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

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