McLean Asset Management Corp Sells 602 Shares of Verizon Communications Inc. (NYSE:VZ)

Posted by Defense World Staff on Jun 22nd, 2023

Verizon Communications logo McLean Asset Management Corp lowered its holdings in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 7.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,143 shares of the cell phone carrier’s stock after selling 602 shares during the period. McLean Asset Management Corp’s holdings in Verizon Communications were worth $278,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Verizon Communications by 1.1% in the third 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. BlackRock Inc. grew its position in shares of Verizon Communications by 1.0% in the 3rd quarter. BlackRock Inc. now owns 319,233,100 shares of the cell phone carrier’s stock valued at $12,121,282,000 after acquiring an additional 3,133,547 shares during the period. State Street Corp grew its position in shares of Verizon Communications by 0.8% in the 3rd quarter. State Street Corp now owns 165,028,281 shares of the cell phone carrier’s stock valued at $6,266,124,000 after acquiring an additional 1,298,454 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Verizon Communications by 16.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 85,876,978 shares of the cell phone carrier’s stock valued at $3,358,991,000 after acquiring an additional 12,189,613 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Verizon Communications by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 79,682,618 shares of the cell phone carrier’s stock valued at $3,134,486,000 after acquiring an additional 562,742 shares during the period. Institutional investors own 61.83% of the company’s stock.

Insider Activity at Verizon Communications

In related news, EVP Craig L. Silliman sold 3,340 shares of Verizon Communications stock in a transaction that occurred on Monday, April 10th. The shares were sold at an average price of $39.21, for a total transaction of $130,961.40. Following the sale, the executive vice president now directly owns 73,015 shares of the company’s stock, valued at approximately $2,862,918.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Verizon Communications news, EVP Craig L. Silliman sold 3,342 shares of the business’s 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 sale, the executive vice president now directly owns 76,355 shares of the company’s stock, valued at approximately $2,901,490. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Craig L. Silliman sold 3,340 shares of the business’s stock in a transaction that occurred on Monday, April 10th. The stock was sold at an average price of $39.21, for a total transaction of $130,961.40. Following the sale, the executive vice president now directly owns 73,015 shares in the company, valued at $2,862,918.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,267 shares of company stock valued at $533,293. 0.02% of the stock is owned by insiders.

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $35.83 on Thursday. Verizon Communications Inc. has a twelve month low of $33.72 and a twelve month high of $52.18. The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 1.49. The company has a 50-day simple moving average of $36.70 and a two-hundred day simple moving average of $38.28. The stock has a market capitalization of $150.63 billion, a price-to-earnings ratio of 6.97, a price-to-earnings-growth ratio of 2.10 and a beta of 0.37.

Verizon Communications (NYSE:VZ – Get Rating) last issued its earnings results on Tuesday, April 25th. The cell phone carrier reported $1.20 EPS for the quarter, beating the consensus estimate of $1.19 by $0.01. The company had revenue of $32.91 billion during the quarter, compared to analysts’ expectations of $33.64 billion. Verizon Communications had a net margin of 15.85% and a return on equity of 23.31%. The business’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.35 EPS. Analysts forecast that Verizon Communications Inc. will post 4.68 EPS for the current year.

Verizon Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be issued a dividend of $0.6525 per share. This represents a $2.61 annualized dividend and a dividend yield of 7.28%. The ex-dividend date of this dividend is Friday, July 7th. Verizon Communications’s dividend payout ratio (DPR) is presently 50.78%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on VZ. StockNews.com began coverage on shares of Verizon Communications in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Bank of America decreased their price objective on shares of Verizon Communications from $51.00 to $41.00 and set a “neutral” rating for the company in a research report on Thursday, March 23rd. HSBC decreased their price objective on shares of Verizon Communications from $42.50 to $39.00 in a research report on Monday, June 5th. Finally, Oppenheimer restated an “outperform” rating and set a $46.00 target price on shares of Verizon Communications in a research note on Thursday, April 6th. Eleven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $46.12.

Verizon Communications Company Profile

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Verizon Communications Inc, through its subsidiaries, provides 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).