King Wealth Management Group lowered its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 5.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,172 shares of the cell phone carrier’s stock after selling 1,401 shares during the quarter. King Wealth Management Group’s holdings in Verizon Communications were worth $1,130,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently added to or reduced their stakes in VZ. Koesten Hirschmann & Crabtree INC. purchased a new stake in Verizon Communications during the first quarter worth $25,000. Capital Performance Advisors LLP purchased a new stake in Verizon Communications in the third quarter valued at $31,000. Mizuho Securities Co. Ltd. acquired a new position in Verizon Communications in the second quarter valued at approximately $32,000. MFA Wealth Advisors LLC purchased a new position in Verizon Communications in the second quarter valued at $33,000. Finally, Accordant Advisory Group Inc lifted its holdings in Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after purchasing an additional 450 shares in the last quarter. 62.06% of the stock is owned by institutional investors.
Analysts Set New Price Targets
VZ has been the subject of several research reports. Tigress Financial upped their price objective on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Scotiabank increased their price objective on shares of Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a research report on Friday, October 18th. TD Cowen raised their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. decreased their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Finally, Citigroup raised their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Verizon Communications has an average rating of “Moderate Buy” and an average price target of $46.37.
Verizon Communications Trading Down 0.7 %
Shares of VZ opened at $40.87 on Friday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66. Verizon Communications Inc. has a one year low of $35.84 and a one year high of $45.36. The stock has a 50-day moving average price of $43.02 and a 200 day moving average price of $41.41. The company has a market capitalization of $172.03 billion, a P/E ratio of 17.61, a P/E/G ratio of 2.99 and a beta of 0.43.
Verizon Communications (NYSE:VZ – Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The business had revenue of $33.30 billion during the quarter, compared to the consensus estimate of $33.42 billion. During the same period in the previous year, the business earned $1.22 EPS. The business’s quarterly revenue was up .9% on a year-over-year basis. Sell-side analysts forecast that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.
Verizon Communications Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were issued a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.64%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date was Thursday, October 10th. Verizon Communications’s dividend payout ratio is 116.81%.
About Verizon Communications
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).
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