Transcend Wealth Collective LLC trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 3.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,127 shares of the cell phone carrier’s stock after selling 1,101 shares during the quarter. Transcend Wealth Collective LLC’s holdings in Verizon Communications were worth $1,661,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of VZ. LFA Lugano Financial Advisors SA purchased a new stake in shares of Verizon Communications during the 2nd quarter worth approximately $27,000. Toth Financial Advisory Corp purchased a new stake in shares of Verizon Communications during the 2nd quarter worth approximately $34,000. AlphaCore Capital LLC purchased a new stake in shares of Verizon Communications during the 1st quarter worth approximately $35,000. Lion Street Advisors LLC purchased a new stake in shares of Verizon Communications during the 1st quarter worth approximately $38,000. Finally, HighMark Wealth Management LLC raised its holdings in shares of Verizon Communications by 52.1% during the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock worth $43,000 after acquiring an additional 270 shares in the last quarter. Institutional investors and hedge funds own 65.23% of the company’s stock.
VZ has been the topic of several recent research reports. Raymond James upped their price objective on Verizon Communications from $61.00 to $64.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. ValuEngine lowered Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, May 1st. Royal Bank of Canada restated a “hold” rating and set a $57.00 price target on shares of Verizon Communications in a report on Sunday, July 26th. Credit Suisse Group restated a “hold” rating and set a $61.00 price target on shares of Verizon Communications in a report on Thursday, July 2nd. Finally, Morgan Stanley decreased their price target on Verizon Communications from $61.00 to $60.00 and set an “equal weight” rating on the stock in a report on Friday, April 17th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $62.00.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The business had revenue of $30.40 billion for the quarter, compared to the consensus estimate of $29.98 billion. During the same quarter in the prior year, the company earned $1.23 EPS. The business’s revenue was down 5.2% compared to the same quarter last year. On average, sell-side analysts expect that Verizon Communications Inc. will post 4.78 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date was Thursday, July 9th. Verizon Communications’s payout ratio is currently 51.14%.
About Verizon Communications
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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