Verizon Communications Inc. (NYSE:VZ) Position Trimmed by Beaird Harris Wealth Management LLC

Posted by Defense World Staff on Jul 9th, 2023

Verizon Communications logo Beaird Harris Wealth Management LLC lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 6.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,239 shares of the cell phone carrier’s stock after selling 303 shares during the quarter. Beaird Harris Wealth Management LLC’s holdings in Verizon Communications were worth $165,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Moneta Group Investment Advisors LLC grew its stake in shares of Verizon Communications by 88,532.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 79,084,569 shares of the cell phone carrier’s stock valued at $3,115,932,000 after buying an additional 78,995,341 shares in the last quarter. Norges Bank bought a new stake in shares of Verizon Communications in the 4th quarter valued at approximately $1,829,675,000. Price T Rowe Associates Inc. MD grew its stake in shares of Verizon Communications by 255.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 48,058,216 shares of the cell phone carrier’s stock valued at $1,893,493,000 after buying an additional 34,553,565 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake 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 buying an additional 12,189,613 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of Verizon Communications by 21.4% in the 4th quarter. Morgan Stanley now owns 67,976,459 shares of the cell phone carrier’s stock valued at $2,678,273,000 after buying an additional 11,987,691 shares in the last quarter. Hedge funds and other institutional investors own 61.83% of the company’s stock.

Insider Activity at Verizon Communications

In related news, EVP Joseph J. Russo sold 7,585 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 8,582 shares in the company, valued at $311,526.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Verizon Communications news, EVP Joseph J. Russo sold 7,585 shares of the company’s stock in a transaction 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 $311,526.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Craig L. Silliman sold 3,340 shares of the company’s stock in a transaction on Monday, April 10th. The shares were sold at an average price of $39.21, for a total value of $130,961.40. Following the completion of 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 currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Bank of America reduced their target price on Verizon Communications from $51.00 to $41.00 and set a “neutral” rating for the company in a report on Thursday, March 23rd. Oppenheimer restated an “outperform” rating and issued a $46.00 target price on shares of Verizon Communications in a report on Thursday, April 6th. StockNews.com assumed coverage on Verizon Communications in a report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, HSBC reduced their target price on 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. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $45.44.

Verizon Communications Stock Down 1.6 %

Shares of VZ stock opened at $35.90 on Friday. The stock has a 50 day moving average of $36.32 and a 200-day moving average of $38.23. 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 firm has a market cap of $150.92 billion, a PE ratio of 6.98, a price-to-earnings-growth ratio of 2.14 and a beta of 0.38. Verizon Communications Inc. has a 12 month low of $33.72 and a 12 month high of $51.36.

Verizon Communications (NYSE:VZ – Free Report) last issued its earnings results on Tuesday, April 25th. The cell phone carrier reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.01. The business had revenue of $32.91 billion during the quarter, compared to analyst estimates of $33.64 billion. Verizon Communications had a return on equity of 23.31% and a net margin of 15.85%. Verizon Communications’s revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.35 earnings per share. On average, equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be paid a $0.6525 dividend. The ex-dividend date of this dividend is Friday, July 7th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 7.27%. Verizon Communications’s payout ratio is 50.78%.

Verizon Communications Profile

(Free Report)

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).