Verizon Communications Inc. (NYSE:VZ) Shares Sold by Objective Capital Management LLC

Objective Capital Management LLC reduced its holdings in Verizon Communications Inc. (NYSE:VZGet Rating) by 6.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,465 shares of the cell phone carrier’s stock after selling 551 shares during the quarter. Objective Capital Management LLC’s holdings in Verizon Communications were worth $379,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Virginia Retirement Systems ET AL boosted its stake in Verizon Communications by 0.5% during the 1st quarter. Virginia Retirement Systems ET AL now owns 1,996,800 shares of the cell phone carrier’s stock valued at $101,717,000 after purchasing an additional 9,200 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its stake in Verizon Communications by 860.0% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 336,892 shares of the cell phone carrier’s stock valued at $17,161,000 after purchasing an additional 301,800 shares in the last quarter. WC Walker & Associates Inc. boosted its stake in Verizon Communications by 2.7% during the 1st quarter. WC Walker & Associates Inc. now owns 41,306 shares of the cell phone carrier’s stock valued at $2,236,000 after purchasing an additional 1,096 shares in the last quarter. Wilson & Boucher Capital Management LLC boosted its stake in Verizon Communications by 1.2% during the 1st quarter. Wilson & Boucher Capital Management LLC now owns 17,693 shares of the cell phone carrier’s stock valued at $901,000 after purchasing an additional 202 shares in the last quarter. Finally, CRA Financial Services LLC boosted its stake in Verizon Communications by 9.1% during the 1st quarter. CRA Financial Services LLC now owns 16,518 shares of the cell phone carrier’s stock valued at $841,000 after purchasing an additional 1,375 shares in the last quarter. 62.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on VZ shares. Morgan Stanley reduced their price objective on Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Monday, July 25th. Royal Bank of Canada reduced their price objective on Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating for the company in a research note on Wednesday, June 22nd. Credit Suisse Group reduced their price objective on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a research note on Tuesday, June 21st. Cowen reduced their price objective on Verizon Communications from $71.00 to $64.00 and set an “outperform” rating for the company in a research note on Monday, July 25th. Finally, Wells Fargo & Company reduced their price objective on Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating for the company in a research note on Friday, July 8th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $55.68.

Insider Activity

In other news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total value of $80,112.36. Following the sale, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at $1,717,582.26. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.02% of the stock is currently owned by company insiders.

Verizon Communications Price Performance

NYSE VZ opened at $41.24 on Tuesday. Verizon Communications Inc. has a fifty-two week low of $40.66 and a fifty-two week high of $55.51. The stock’s 50-day moving average is $44.82 and its two-hundred day moving average is $48.83. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.76 and a quick ratio of 0.69. The firm has a market cap of $173.20 billion, a P/E ratio of 8.26, a price-to-earnings-growth ratio of 1.92 and a beta of 0.36.

Verizon Communications (NYSE:VZGet Rating) last posted its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). 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 quarter last year, the business earned $1.37 earnings per share. Verizon Communications’s quarterly revenue was up .1% on a year-over-year basis. On average, analysts anticipate that Verizon Communications Inc. will post 5.19 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be given a $0.6525 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.64. This represents a $2.61 annualized dividend and a dividend yield of 6.33%. The ex-dividend date is Thursday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is currently 51.30%.

Verizon Communications Profile

(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.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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