Sterneck Capital Management LLC cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 34,825 shares of the cell phone carrier’s stock after selling 478 shares during the quarter. Verizon Communications accounts for 1.8% of Sterneck Capital Management LLC’s portfolio, making the stock its 16th largest position. Sterneck Capital Management LLC’s holdings in Verizon Communications were worth $2,072,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. LFA Lugano Financial Advisors SA purchased a new position in shares of Verizon Communications during the second quarter valued at $27,000. Toth Financial Advisory Corp acquired a new stake in Verizon Communications during the second quarter valued at $34,000. Laidlaw Wealth Management LLC lifted its position in shares of Verizon Communications by 6,131.5% in the second quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock worth $36,000 after buying an additional 1,935,783 shares during the last quarter. HighMark Wealth Management LLC lifted its position in shares of Verizon Communications by 52.1% in the second quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock worth $43,000 after buying an additional 270 shares during the last quarter. Finally, Evolution Wealth Advisors LLC lifted its position in shares of Verizon Communications by 166.7% in the second quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock worth $44,000 after buying an additional 500 shares during the last quarter. Institutional investors own 64.85% of the company’s stock.
VZ stock opened at $58.05 on Friday. The business has a 50 day moving average price of $59.66 and a 200 day moving average price of $57.28. The stock has a market cap of $240.21 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 3.67 and a beta of 0.46. Verizon Communications Inc. has a fifty-two week low of $48.84 and a fifty-two week high of $62.22. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.66.
Verizon Communications (NYSE:VZ) last posted its 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. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The firm had revenue of $30.40 billion during the quarter, compared to analysts’ expectations of $29.98 billion. During the same quarter in the previous year, the business earned $1.23 earnings per share. The firm’s revenue was down 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.78 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be paid a $0.6275 dividend. The ex-dividend date is Thursday, October 8th. This represents a $2.51 dividend on an annualized basis and a yield of 4.32%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. Verizon Communications’s payout ratio is currently 52.18%.
Several research firms have recently weighed in on VZ. Scotiabank upped their price objective on Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research note on Monday, July 27th. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a research note on Tuesday, August 11th. Argus raised Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research note on Tuesday, September 8th. Oppenheimer began coverage on shares of Verizon Communications in a research report on Tuesday, September 15th. They issued a “buy” rating and a $70.00 price objective for the company. Finally, Royal Bank of Canada restated a “hold” rating and issued a $57.00 price objective on shares of Verizon Communications in a research report on Wednesday, September 9th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Verizon Communications currently has an average rating of “Hold” and an average price target of $62.24.
Verizon Communications Company Profile
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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