Verizon Communications Inc. (NYSE:VZ) Shares Sold by Eads & Heald Wealth Management

Posted by Defense World Staff on Apr 10th, 2023

Verizon Communications logo Eads & Heald Wealth Management lessened its holdings in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 7.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,352 shares of the cell phone carrier’s stock after selling 2,331 shares during the quarter. Eads & Heald Wealth Management’s holdings in Verizon Communications were worth $1,196,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can acquired a new position in Verizon Communications during the third quarter worth $181,862,000. Renaissance Technologies LLC grew its stake in shares of Verizon Communications by 81.3% during the 1st quarter. Renaissance Technologies LLC now owns 10,604,493 shares of the cell phone carrier’s stock worth $540,193,000 after purchasing an additional 4,756,222 shares during the period. Vanguard Group Inc. increased its holdings in shares of Verizon Communications by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 349,590,768 shares of the cell phone carrier’s stock valued at $13,273,960,000 after purchasing an additional 3,857,646 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Verizon Communications by 11.4% in the third quarter. Dimensional Fund Advisors LP now owns 36,396,520 shares of the cell phone carrier’s stock valued at $1,382,176,000 after purchasing an additional 3,714,605 shares during the period. Finally, GQG Partners LLC purchased a new stake in Verizon Communications during the first quarter worth about $188,233,000. Institutional investors and hedge funds own 60.96% of the company’s stock.

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $39.48 on Monday. The stock has a market capitalization of $165.82 billion, a P/E ratio of 7.80, a PEG ratio of 2.03 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. The business’s fifty day moving average price is $38.95 and its 200 day moving average price is $38.65. Verizon Communications Inc. has a twelve month low of $34.55 and a twelve month high of $55.51.

Verizon Communications (NYSE:VZ – Get Rating) last issued 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 firm had revenue of $35.30 billion for the quarter, compared to analysts’ expectations of $35.14 billion. During the same quarter in the previous year, the firm posted $1.31 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 1st. Investors of record on Monday, April 10th will be issued a dividend of $0.6525 per share. The ex-dividend date is Thursday, April 6th. This represents a $2.61 annualized dividend and a dividend yield of 6.61%. Verizon Communications’s payout ratio is 51.58%.

Insider Buying and Selling

In other Verizon Communications news, EVP Craig L. Silliman sold 3,342 shares of the firm’s stock in a transaction dated Monday, March 27th. The stock was sold at an average price of $38.00, for a total value of $126,996.00. Following the transaction, the executive vice president now directly owns 76,355 shares of the company’s stock, valued at $2,901,490. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Verizon Communications news, CEO Kyle Malady sold 6,226 shares of the business’s stock in a transaction 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 owns 67,966 shares in the company, valued at approximately $2,493,672.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Craig L. Silliman sold 3,342 shares of the stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $38.00, for a total value of $126,996.00. Following the completion of the transaction, the executive vice president now directly owns 76,355 shares of the company’s stock, valued at approximately $2,901,490. The disclosure for this sale can be found here. In the last three months, insiders sold 16,767 shares of company stock valued at $618,191. Company insiders own 0.10% of the company’s stock.

Analyst Ratings Changes

VZ has been the subject of a number of research reports. Tigress Financial reduced their price target on shares of Verizon Communications from $68.00 to $64.00 in a research report on Friday, December 16th. Morgan Stanley raised 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 report on Thursday, December 15th. Bank of America decreased their price objective on shares of Verizon Communications from $51.00 to $41.00 and set a “neutral” rating on the stock in a research report on Thursday, March 23rd. StockNews.com began coverage on shares of Verizon Communications in a report on Thursday, March 16th. They set a “buy” rating for the company. Finally, Cowen reduced their price target on shares of Verizon Communications from $55.00 to $49.00 and set an “outperform” rating on the stock in a report on Wednesday, January 25th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $47.11.

Verizon Communications 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.