Verizon Communications Inc. (VZ) Shares Sold by Rand Wealth LLC

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Rand Wealth LLC cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.4% during the 2nd quarter, Holdings Channel reports. The firm owned 182,929 shares of the cell phone carrier’s stock after selling 4,531 shares during the period. Verizon Communications accounts for 1.0% of Rand Wealth LLC’s investment portfolio, making the stock its 23rd biggest position. Rand Wealth LLC’s holdings in Verizon Communications were worth $9,203,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Formidable Asset Management LLC increased its position in Verizon Communications by 20.9% in the fourth quarter. Formidable Asset Management LLC now owns 16,469 shares of the cell phone carrier’s stock worth $874,000 after buying an additional 2,852 shares during the period. Matrix Asset Advisors Inc. NY increased its position in Verizon Communications by 7.2% in the fourth quarter. Matrix Asset Advisors Inc. NY now owns 186,021 shares of the cell phone carrier’s stock worth $9,846,000 after buying an additional 12,448 shares during the period. Trust Co increased its position in Verizon Communications by 6.5% in the first quarter. Trust Co now owns 100,146 shares of the cell phone carrier’s stock worth $4,789,000 after buying an additional 6,126 shares during the period. State of Tennessee Treasury Department increased its position in Verizon Communications by 24.6% in the fourth quarter. State of Tennessee Treasury Department now owns 2,631,941 shares of the cell phone carrier’s stock worth $139,309,000 after buying an additional 520,417 shares during the period. Finally, Levin Capital Strategies L.P. increased its position in Verizon Communications by 24.8% in the first quarter. Levin Capital Strategies L.P. now owns 24,000 shares of the cell phone carrier’s stock worth $1,148,000 after buying an additional 4,775 shares during the period. Hedge funds and other institutional investors own 64.21% of the company’s stock.

A number of brokerages have recently commented on VZ. Robert W. Baird raised their price target on Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a report on Wednesday, July 25th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Wednesday, August 1st. Deutsche Bank raised Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a report on Tuesday, June 19th. Credit Suisse Group began coverage on Verizon Communications in a report on Tuesday, July 10th. They set an “outperform” rating and a $58.00 price target on the stock. Finally, Jefferies Financial Group began coverage on Verizon Communications in a report on Thursday, June 7th. They set a “hold” rating and a $52.00 price target on the stock. Seven analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $55.17.

NYSE:VZ opened at $54.29 on Friday. The stock has a market cap of $224.44 billion, a P/E ratio of 14.52, a PEG ratio of 1.97 and a beta of 0.69. Verizon Communications Inc. has a 52-week low of $43.97 and a 52-week high of $55.21. The company has a current ratio of 0.96, a quick ratio of 0.92 and a debt-to-equity ratio of 2.04.

Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. The firm had revenue of $32.20 billion for the quarter, compared to analyst estimates of $31.78 billion. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. Verizon Communications’s revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.96 earnings per share. sell-side analysts anticipate that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be issued a dividend of $0.6025 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 dividend on an annualized basis and a yield of 4.44%. Verizon Communications’s payout ratio is presently 63.10%.

Verizon Communications 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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

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

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