Meridian Wealth Advisors LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 11.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,122 shares of the cell phone carrier’s stock after selling 3,067 shares during the period. Meridian Wealth Advisors LLC’s holdings in Verizon Communications were worth $1,224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Rinkey Investments purchased a new stake in shares of Verizon Communications during the 4th quarter worth approximately $27,000. Cordant Inc. purchased a new stake in Verizon Communications during the 1st quarter valued at $30,000. HBC Financial Services PLLC purchased a new stake in Verizon Communications during the 2nd quarter valued at $30,000. Founders Capital Management purchased a new stake in Verizon Communications during the 2nd quarter valued at $34,000. Finally, Lansing Street Advisors purchased a new stake in Verizon Communications during the 1st quarter valued at $35,000. 62.83% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
VZ has been the topic of several recent research reports. Scotiabank lowered Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a report on Friday, July 22nd. Credit Suisse Group decreased their price target on Verizon Communications from $50.00 to $47.00 and set a “neutral” rating on the stock in a report on Tuesday, September 27th. Deutsche Bank Aktiengesellschaft decreased their price target on Verizon Communications from $59.00 to $58.00 in a report on Tuesday, July 19th. Barclays decreased their price target on Verizon Communications from $48.00 to $40.00 and set an “equal weight” rating on the stock in a report on Thursday, September 29th. Finally, Oppenheimer raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research report on Thursday. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $53.00.
Verizon Communications Price Performance
VZ opened at $36.85 on Monday. Verizon Communications Inc. has a 12-month low of $36.81 and a 12-month high of $55.51. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.56. The business’s fifty day simple moving average is $42.15 and its 200-day simple moving average is $47.42. The company has a market capitalization of $154.76 billion, a price-to-earnings ratio of 7.38, a PEG ratio of 1.71 and a beta of 0.39.
Verizon Communications (NYSE:VZ – Get Rating) last issued its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.03). Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The company had revenue of $33.79 billion for the quarter, compared to the consensus estimate of $33.77 billion. During the same period in the previous year, the business earned $1.37 EPS. Verizon Communications’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities research analysts anticipate that Verizon Communications Inc. will post 5.19 earnings per share for the current fiscal year.
Verizon Communications Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be given a dividend of $0.6525 per share. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $2.61 dividend on an annualized basis and a yield of 7.08%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.64. Verizon Communications’s dividend payout ratio (DPR) is presently 51.30%.
About Verizon Communications
(Get Rating)
Verizon Communications Inc, through its subsidiaries, offers communications, technology, 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, and other wireless-enabled connected devices comprising smart watches.
Further Reading
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ – Get Rating).
Receive News & Ratings for Verizon Communications Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Verizon Communications and related companies with MarketBeat.com’s FREE daily email newsletter.
