Foundation Resource Management Inc. Raises Holdings in Verizon Communications Inc. (NYSE:VZ)

Posted by Defense World Staff on Jun 23rd, 2023

Verizon Communications logo Foundation Resource Management Inc. grew its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 2.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 455,804 shares of the cell phone carrier’s stock after buying an additional 12,379 shares during the period. Verizon Communications accounts for 2.9% of Foundation Resource Management Inc.’s investment portfolio, making the stock its 11th largest position. Foundation Resource Management Inc.’s holdings in Verizon Communications were worth $17,726,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. BCK Partners Inc. purchased a new stake in Verizon Communications during the 1st quarter worth about $2,101,000. Axiom Financial Strategies LLC lifted its holdings in Verizon Communications by 8.9% during the 1st quarter. Axiom Financial Strategies LLC now owns 5,980 shares of the cell phone carrier’s stock worth $279,000 after purchasing an additional 487 shares in the last quarter. Ergoteles LLC lifted its holdings in Verizon Communications by 174.0% during the 1st quarter. Ergoteles LLC now owns 91,776 shares of the cell phone carrier’s stock worth $4,675,000 after purchasing an additional 58,283 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Verizon Communications by 10.5% during the 1st quarter. Mackenzie Financial Corp now owns 1,194,111 shares of the cell phone carrier’s stock worth $60,828,000 after purchasing an additional 113,032 shares in the last quarter. Finally, First Western Trust Bank purchased a new stake in Verizon Communications during the 1st quarter worth about $567,000. Hedge funds and other institutional investors own 61.83% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $35.85 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.70 and a debt-to-equity ratio of 1.49. The firm has a market capitalization of $150.71 billion, a PE ratio of 6.97, a price-to-earnings-growth ratio of 2.10 and a beta of 0.37. The business’s 50-day moving average price is $36.63 and its 200-day moving average price is $38.27. Verizon Communications Inc. has a 12 month low of $33.72 and a 12 month high of $52.18.

Verizon Communications (NYSE:VZ – Get Rating) last announced its quarterly earnings data 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. Verizon Communications had a return on equity of 23.31% and a net margin of 15.85%. The firm had revenue of $32.91 billion for the quarter, compared to analyst estimates of $33.64 billion. During the same period in the prior year, the company earned $1.35 EPS. The company’s revenue was down 1.9% 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be given a dividend of $0.6525 per share. The ex-dividend date of this dividend is Friday, July 7th. This represents a $2.61 annualized dividend and a yield of 7.28%. Verizon Communications’s payout ratio is 50.78%.

Insider Buying and Selling

In other news, EVP Joseph J. Russo sold 7,585 shares of Verizon Communications stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $36.30, for a total value of $275,335.50. Following the sale, the executive vice president now directly owns 8,582 shares in the company, valued at approximately $311,526.60. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Craig L. Silliman sold 3,342 shares of Verizon Communications stock in a transaction that occurred on Monday, March 27th. The stock was sold at an average price of $38.00, for a total value of $126,996.00. Following the sale, the executive vice president now directly owns 76,355 shares in the company, valued at approximately $2,901,490. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Joseph J. Russo sold 7,585 shares of Verizon Communications stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $36.30, for a total value of $275,335.50. Following the completion of the sale, the executive vice president now owns 8,582 shares in the company, valued at $311,526.60. The disclosure for this sale can be found here. Insiders have sold a total of 14,267 shares of company stock worth $533,293 in the last ninety days. 0.02% of the stock is owned by insiders.

About Verizon Communications

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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).