Osborne Partners Capital Management LLC Has $404,000 Position in Verizon Communications Inc. (NYSE:VZ)

Posted by on Apr 3rd, 2023

Osborne Partners Capital Management LLC lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 13.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 10,264 shares of the cell phone carrier’s stock after selling 1,639 shares during the period. Osborne Partners Capital Management LLC’s holdings in Verizon Communications were worth $404,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Adviser Investments LLC increased its stake in Verizon Communications by 4.9% in the third quarter. Adviser Investments LLC now owns 17,882 shares of the cell phone carrier’s stock valued at $679,000 after acquiring an additional 837 shares during the period. HighTower Trust Company N.A. bought a new stake in Verizon Communications in the third quarter valued at about $735,000. Pinnacle Wealth Management Group Inc. increased its stake in Verizon Communications by 9.6% in the third quarter. Pinnacle Wealth Management Group Inc. now owns 41,713 shares of the cell phone carrier’s stock valued at $1,584,000 after acquiring an additional 3,661 shares during the period. Walled Lake Planning & Wealth Management LLC increased its stake in Verizon Communications by 4.5% in the third quarter. Walled Lake Planning & Wealth Management LLC now owns 91,000 shares of the cell phone carrier’s stock valued at $3,455,000 after acquiring an additional 3,931 shares during the period. Finally, Salem Investment Counselors Inc. increased its stake in Verizon Communications by 14.1% in the second quarter. Salem Investment Counselors Inc. now owns 61,247 shares of the cell phone carrier’s stock valued at $3,108,000 after acquiring an additional 7,558 shares during the period. Institutional investors and hedge funds own 60.96% of the company’s stock.

Verizon Communications Price Performance

Shares of VZ stock opened at $38.89 on Monday. Verizon Communications Inc. has a 1 year low of $34.55 and a 1 year high of $55.51. The firm’s 50 day moving average is $39.02 and its 200-day moving average is $38.69. The firm has a market capitalization of $163.34 billion, a price-to-earnings ratio of 7.69, a PEG ratio of 1.99 and a beta of 0.36. The company has a current ratio of 0.75, a quick ratio of 0.71 and a debt-to-equity ratio of 1.52.

Verizon Communications (NYSE:VZ – Get Rating) last announced its earnings results on Tuesday, January 24th. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.01). Verizon Communications had a return on equity of 24.60% and a net margin of 15.53%. The company had revenue of $35.30 billion for the quarter, compared to analyst estimates of $35.14 billion. During the same quarter in the previous year, the company posted $1.31 earnings per share. Verizon Communications’s revenue for the quarter was up 3.5% on a year-over-year basis. Sell-side analysts forecast that Verizon Communications Inc. will post 4.68 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 1st. Investors of record on Monday, April 10th will be issued a $0.6525 dividend. The ex-dividend date of this dividend is Thursday, April 6th. This represents a $2.61 annualized dividend and a yield of 6.71%. Verizon Communications’s dividend payout ratio is currently 51.58%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. StockNews.com assumed coverage on shares of Verizon Communications in a research note on Thursday, March 16th. They issued a “buy” rating on the stock. Tigress Financial lowered their target price on shares of Verizon Communications from $68.00 to $64.00 in a research note on Friday, December 16th. Morgan Stanley raised shares of Verizon Communications from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $41.00 to $44.00 in a research note on Thursday, December 15th. Citigroup upped their price objective on shares of Verizon Communications from $39.00 to $42.00 and gave the stock a “neutral” rating in a research note on Thursday, January 26th. Finally, Oppenheimer decreased their price objective on shares of Verizon Communications from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 25th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $47.11.

Insider Activity at Verizon Communications

In related news, CEO Kyle Malady sold 6,226 shares of the stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $36.69, for a total value of $228,431.94. Following the transaction, the chief executive officer now directly owns 67,966 shares in the company, valued at $2,493,672.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Kyle Malady sold 6,226 shares of the stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $36.69, for a total value of $228,431.94. Following the transaction, the chief executive officer now directly owns 67,966 shares in the company, valued at $2,493,672.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Craig L. Silliman sold 3,342 shares of the stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $38.00, for a total transaction of $126,996.00. Following the completion of the transaction, the executive vice president now owns 76,355 shares in the company, valued at $2,901,490. The disclosure for this sale can be found here. Insiders have sold 16,767 shares of company stock worth $618,191 over the last ninety days. Company insiders own 0.10% of the company’s stock.

Verizon Communications Company Profile

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Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments. The Consumer segment provides consumer-focused wireless and wire line communications services and products.

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

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