Marietta Wealth Management LLC cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 37.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,142 shares of the cell phone carrier’s stock after selling 6,044 shares during the quarter. Marietta Wealth Management LLC’s holdings in Verizon Communications were worth $596,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Klaas Financial Asset Advisors LLC bought a new stake in shares of Verizon Communications during the 4th quarter valued at approximately $26,000. New Capital Management LP grew its holdings in shares of Verizon Communications by 60.3% during the 4th quarter. New Capital Management LP now owns 481 shares of the cell phone carrier’s stock valued at $28,000 after purchasing an additional 181 shares during the last quarter. Baron Financial Group LLC bought a new stake in shares of Verizon Communications during the 3rd quarter valued at approximately $35,000. Avion Wealth grew its holdings in shares of Verizon Communications by 191.4% during the 3rd quarter. Avion Wealth now owns 609 shares of the cell phone carrier’s stock valued at $36,000 after purchasing an additional 400 shares during the last quarter. Finally, Kathmere Capital Management LLC bought a new stake in shares of Verizon Communications during the 3rd quarter valued at approximately $46,000. 64.85% of the stock is currently owned by institutional investors.
Several equities research analysts recently issued reports on the stock. Wells Fargo & Company assumed coverage on shares of Verizon Communications in a report on Monday, November 16th. They set an “equal weight” rating and a $60.00 price target on the stock. Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a research report on Sunday, November 1st. Moffett Nathanson upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $59.00 to $66.00 in a research report on Wednesday, December 2nd. Credit Suisse Group cut their target price on shares of Verizon Communications from $61.00 to $59.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 19th. Finally, JPMorgan Chase & Co. upgraded shares of Verizon Communications from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $61.00 to $65.00 in a research report on Thursday, November 5th. Eleven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $61.84.
Shares of NYSE:VZ traded up $0.24 during mid-day trading on Tuesday, hitting $56.69. The company had a trading volume of 379,228 shares, compared to its average volume of 20,626,359. The firm has a fifty day moving average price of $56.33 and a 200 day moving average price of $58.66. The company has a market capitalization of $234.59 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 3.54 and a beta of 0.44. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.96 and a quick ratio of 0.93. Verizon Communications Inc. has a one year low of $48.84 and a one year high of $61.95.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Monday, January 25th. The cell phone carrier reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.04. The company had revenue of $34.70 billion during the quarter, compared to analyst estimates of $34.47 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. Verizon Communications’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.13 EPS. Research analysts expect that Verizon Communications Inc. will post 4.77 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, February 1st. Stockholders of record on Friday, January 8th were paid a $0.6275 dividend. The ex-dividend date of this dividend was Thursday, January 7th. This represents a $2.51 annualized dividend and a dividend yield of 4.43%. Verizon Communications’s dividend payout ratio is currently 52.18%.
About Verizon Communications
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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