HCR Wealth Advisors raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,273 shares of the cell phone carrier’s stock after acquiring an additional 219 shares during the period. HCR Wealth Advisors’ holdings in Verizon Communications were worth $1,109,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. LFA Lugano Financial Advisors SA bought a new stake in shares of Verizon Communications during the second quarter worth approximately $27,000. Toth Financial Advisory Corp bought a new stake in shares of Verizon Communications during the second quarter worth approximately $34,000. AlphaCore Capital LLC bought a new stake in shares of Verizon Communications during the first quarter worth approximately $35,000. Lion Street Advisors LLC bought a new stake in shares of Verizon Communications in the first quarter valued at approximately $38,000. Finally, HighMark Wealth Management LLC boosted its stake in shares of Verizon Communications by 52.1% in the second quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock valued at $43,000 after buying an additional 270 shares during the period. Institutional investors own 65.23% of the company’s stock.
VZ has been the subject of several recent research reports. Moffett Nathanson reiterated a “hold” rating and issued a $62.00 price target on shares of Verizon Communications in a research note on Friday, July 24th. Morgan Stanley cut their price target on Verizon Communications from $61.00 to $60.00 and set an “equal weight” rating for the company in a research note on Friday, April 17th. Royal Bank of Canada reiterated a “hold” rating and issued a $57.00 price target on shares of Verizon Communications in a research note on Sunday, July 26th. Citigroup boosted their price target on Verizon Communications from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Finally, Raymond James boosted their price target on Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $62.00.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.03. The company had revenue of $30.40 billion during the quarter, compared to the consensus estimate of $29.98 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.23 earnings per share. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.79 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be issued a dividend of $0.615 per share. The ex-dividend date is Thursday, July 9th. This represents a $2.46 annualized dividend and a dividend yield of 4.28%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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