Mirae Asset Global Investments Co. Ltd. Boosts Stake in Verizon Communications Inc. $VZ

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 4.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,991,306 shares of the cell phone carrier’s stock after buying an additional 172,500 shares during the quarter. Verizon Communications comprises approximately 0.6% of Mirae Asset Global Investments Co. Ltd.’s investment portfolio, making the stock its 25th biggest holding. Mirae Asset Global Investments Co. Ltd.’s holdings in Verizon Communications were worth $172,704,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. increased its holdings in shares of Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock valued at $25,000 after purchasing an additional 243 shares during the period. Garde Capital Inc. acquired a new position in Verizon Communications in the 1st quarter worth approximately $26,000. Cherry Tree Wealth Management LLC increased its holdings in Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock worth $26,000 after buying an additional 244 shares during the period. Bulwark Capital Corp purchased a new position in Verizon Communications during the 2nd quarter worth approximately $25,000. Finally, 1 North Wealth Services LLC acquired a new stake in shares of Verizon Communications in the first quarter worth $29,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 0.9%

Verizon Communications stock opened at $43.43 on Friday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The stock has a market capitalization of $183.12 billion, a PE ratio of 10.12, a price-to-earnings-growth ratio of 3.38 and a beta of 0.37. The business has a 50 day simple moving average of $43.63 and a 200-day simple moving average of $43.36. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.03. The firm had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The business’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be given a dividend of $0.69 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 6.4%. Verizon Communications’s payout ratio is currently 63.17%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on VZ shares. Royal Bank Of Canada upped their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the company a “sector perform” rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. raised their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Morgan Stanley boosted their price target on Verizon Communications from $47.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, July 22nd. Wells Fargo & Company upped their price objective on Verizon Communications from $42.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 10th. Finally, Arete Research raised shares of Verizon Communications to a “strong-buy” rating in a report on Tuesday, July 8th. Three investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.53.

Verizon Communications Profile

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).