Donaldson Capital Management LLC Grows Stake in Verizon Communications Inc. (NYSE:VZ)

Posted by on Jun 26th, 2023

Donaldson Capital Management LLC grew its holdings in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 7.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 25,700 shares of the cell phone carrier’s stock after buying an additional 1,691 shares during the quarter. Donaldson Capital Management LLC’s holdings in Verizon Communications were worth $999,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Certified Advisory Corp increased its holdings in shares of Verizon Communications by 1.0% during the 1st quarter. Certified Advisory Corp now owns 23,297 shares of the cell phone carrier’s stock worth $1,187,000 after buying an additional 233 shares during the last quarter. Community Trust & Investment Co. increased its holdings in shares of Verizon Communications by 0.4% during the 4th quarter. Community Trust & Investment Co. now owns 63,854 shares of the cell phone carrier’s stock worth $2,516,000 after buying an additional 243 shares during the last quarter. Platform Technology Partners increased its holdings in shares of Verizon Communications by 0.9% during the 4th quarter. Platform Technology Partners now owns 29,487 shares of the cell phone carrier’s stock worth $1,162,000 after buying an additional 252 shares during the last quarter. Bouchey Financial Group Ltd increased its holdings in shares of Verizon Communications by 2.9% during the 4th quarter. Bouchey Financial Group Ltd now owns 8,997 shares of the cell phone carrier’s stock worth $354,000 after buying an additional 255 shares during the last quarter. Finally, First Western Trust Bank increased its holdings in shares of Verizon Communications by 2.8% during the 4th quarter. First Western Trust Bank now owns 9,527 shares of the cell phone carrier’s stock worth $375,000 after buying an additional 263 shares during the last quarter. Hedge funds and other institutional investors own 61.83% of the company’s stock.

Verizon Communications Stock Performance

Shares of VZ stock opened at $35.51 on Monday. The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 1.49. Verizon Communications Inc. has a 52 week low of $33.72 and a 52 week high of $52.15. The stock has a market capitalization of $149.28 billion, a PE ratio of 6.91, a P/E/G ratio of 2.05 and a beta of 0.37. The firm has a 50 day moving average of $36.55 and a two-hundred day moving average of $38.27.

Verizon Communications (NYSE:VZ – Get Rating) last released its quarterly earnings data on Tuesday, April 25th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.01. The business 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 company’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.35 EPS. On average, research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

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 paid a dividend of $0.6525 per share. The ex-dividend date is Friday, July 7th. This represents a $2.61 annualized dividend and a yield of 7.35%. Verizon Communications’s dividend payout ratio is currently 50.78%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on VZ. Bank of America cut their price target on shares of Verizon Communications from $51.00 to $41.00 and set a “neutral” rating for the company in a report on Thursday, March 23rd. StockNews.com initiated coverage on shares of Verizon Communications in a report on Thursday, May 18th. They issued a “hold” rating for the company. Oppenheimer reiterated an “outperform” rating and issued a $46.00 target price on shares of Verizon Communications in a report on Thursday, April 6th. Finally, HSBC dropped their target price on shares of Verizon Communications from $42.50 to $39.00 in a report on Monday, June 5th. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Verizon Communications presently has an average rating of “Hold” and a consensus target price of $45.44.

Insider Buying and Selling

In related news, EVP Craig L. Silliman sold 3,340 shares of Verizon Communications stock in a transaction 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 in the company, valued at approximately $2,862,918.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Joseph J. Russo sold 7,585 shares of Verizon Communications stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $36.30, for a total transaction 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Craig L. Silliman sold 3,340 shares of Verizon Communications stock in a transaction 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 owns 73,015 shares in the company, valued at $2,862,918.15. The disclosure for this sale can be found here. 0.02% of the stock is owned by company insiders.

Verizon Communications 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).

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

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