Verizon Communications Inc. (NYSE:VZ) Shares Sold by Massachusetts Wealth Management

Massachusetts Wealth Management reduced its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 12.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,939 shares of the cell phone carrier’s stock after selling 2,435 shares during the quarter. Massachusetts Wealth Management’s holdings in Verizon Communications were worth $740,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Alliance Wealth Advisors LLC increased its holdings in Verizon Communications by 1.4% in the 2nd quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock valued at $732,000 after purchasing an additional 241 shares in the last quarter. Sawgrass Asset Management LLC raised its holdings in shares of Verizon Communications by 1.2% during the 2nd quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock valued at $889,000 after buying an additional 250 shares during the period. Fermata Advisors LLC raised its holdings in shares of Verizon Communications by 5.0% during the 2nd quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier’s stock valued at $222,000 after buying an additional 254 shares during the period. Private Portfolio Partners LLC lifted its position in Verizon Communications by 0.9% during the 4th quarter. Private Portfolio Partners LLC now owns 27,457 shares of the cell phone carrier’s stock worth $1,035,000 after acquiring an additional 255 shares in the last quarter. Finally, BKM Wealth Management LLC boosted its holdings in Verizon Communications by 7.4% in the 1st quarter. BKM Wealth Management LLC now owns 3,715 shares of the cell phone carrier’s stock worth $156,000 after acquiring an additional 257 shares during the period. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Stock Performance

VZ traded up $0.53 during trading hours on Friday, hitting $41.78. 20,009,887 shares of the stock were exchanged, compared to its average volume of 14,193,840. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $43.42. The stock has a 50-day simple moving average of $40.86 and a 200-day simple moving average of $40.48. The stock has a market cap of $175.87 billion, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 3.81 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. During the same period last year, the firm posted $1.21 EPS. The company’s revenue for the quarter was up .6% on a year-over-year basis. Analysts anticipate that Verizon Communications Inc. will post 4.57 earnings per share for the current year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 6.37%. The ex-dividend date was Wednesday, July 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Analyst Upgrades and Downgrades

VZ has been the topic of a number of analyst reports. JPMorgan Chase & Co. dropped their price objective on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. TD Cowen raised their target price on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Tigress Financial lifted their target price on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a report on Tuesday, July 23rd. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $45.78.

Verizon Communications Profile

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).