Hoylecohen LLC Cuts Position in Verizon Communications Inc. (NYSE:VZ)

Hoylecohen LLC lessened its holdings in Verizon Communications Inc. (NYSE:VZ) by 2.0% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 155,111 shares of the cell phone carrier’s stock after selling 3,148 shares during the period. Verizon Communications makes up approximately 1.4% of Hoylecohen LLC’s portfolio, making the stock its 17th biggest holding. Hoylecohen LLC’s holdings in Verizon Communications were worth $8,551,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. LFA Lugano Financial Advisors SA purchased a new position in Verizon Communications in the second quarter valued at approximately $27,000. Toth Financial Advisory Corp purchased a new position in Verizon Communications in the second quarter valued at approximately $34,000. AlphaCore Capital LLC purchased a new position in Verizon Communications in the first quarter valued at approximately $35,000. Lion Street Advisors LLC purchased a new position in Verizon Communications in the first quarter valued at approximately $38,000. Finally, HighMark Wealth Management LLC lifted its stake in Verizon Communications by 52.1% in the second quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock valued at $43,000 after purchasing an additional 270 shares during the last quarter. Hedge funds and other institutional investors own 65.23% of the company’s stock.

Several equities analysts recently commented on VZ shares. ValuEngine downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, May 1st. Nomura restated a “hold” rating and set a $61.00 target price on shares of Verizon Communications in a research report on Sunday, April 26th. Raymond James increased their target price on Verizon Communications from $61.00 to $64.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Citigroup increased their target price on Verizon Communications from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Finally, Scotiabank increased their target price on Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a research report on Monday, July 27th. One equities research 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. Verizon Communications has a consensus rating of “Hold” and a consensus price target of $62.00.

Verizon Communications stock opened at $57.48 on Friday. The stock has a market cap of $237.11 billion, a P/E ratio of 12.47, a PEG ratio of 3.52 and a beta of 0.45. Verizon Communications Inc. has a fifty-two week low of $48.84 and a fifty-two week high of $62.22. The firm’s fifty day moving average price is $55.64 and its 200-day moving average price is $56.51. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.93 and a current ratio of 0.96.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.03. The firm had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.23 earnings per share. Sell-side analysts predict that Verizon Communications Inc. will post 4.78 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Friday, July 10th will be paid a $0.615 dividend. The ex-dividend date is Thursday, July 9th. This represents a $2.46 dividend on an annualized basis and a yield of 4.28%. Verizon Communications’s dividend payout ratio is presently 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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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