Berry Wealth Group LP Reduces Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Berry Wealth Group LP trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 2.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 47,419 shares of the cell phone carrier’s stock after selling 1,308 shares during the period. Verizon Communications comprises 1.7% of Berry Wealth Group LP’s portfolio, making the stock its 19th biggest holding. Berry Wealth Group LP’s holdings in Verizon Communications were worth $2,151,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of VZ. Bernard Wealth Management Corp. raised its stake in shares of Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock worth $25,000 after buying an additional 243 shares during the period. Garde Capital Inc. bought a new stake in Verizon Communications during the 1st quarter valued at approximately $26,000. Cherry Tree Wealth Management LLC raised its stake in Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock valued at $26,000 after purchasing an additional 244 shares during the period. Mainstream Capital Management LLC bought a new stake in Verizon Communications during the 4th quarter valued at approximately $28,000. Finally, EQ Wealth Advisors LLC bought a new stake in Verizon Communications during the 1st quarter valued at approximately $32,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

Shares of VZ stock opened at $42.35 on Tuesday. The company’s 50 day moving average is $43.28 and its 200 day moving average is $42.21. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 1.19. The firm has a market cap of $178.56 billion, a price-to-earnings ratio of 10.08, a PEG ratio of 3.09 and a beta of 0.38. Verizon Communications Inc. has a 52-week low of $37.59 and a 52-week high of $47.36.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. The company had revenue of $33.50 billion for the quarter, compared to the consensus estimate of $33.31 billion. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. On average, sell-side analysts anticipate 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 Friday, August 1st. Shareholders of record on Thursday, July 10th will be issued a $0.6775 dividend. The ex-dividend date is Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.40%. Verizon Communications’s dividend payout ratio is currently 64.52%.

Analyst Ratings Changes

Several analysts have recently issued reports on VZ shares. Oppenheimer upped their price objective on Verizon Communications from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, April 1st. Wall Street Zen lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th. Evercore ISI upgraded shares of Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 target price on the stock in a report on Friday, April 11th. Royal Bank Of Canada restated a “sector perform” rating and set a $45.00 target price (up from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Finally, Tigress Financial lifted their price target on Verizon Communications from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, April 28th. Nine analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $47.41.

Insiders Place Their Bets

In other news, CEO Kyle Malady sold 9,000 shares of the business’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total transaction of $396,900.00. Following the completion of the sale, the chief executive officer now owns 10,008 shares of the company’s stock, valued at $441,352.80. The trade was a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders sold 21,500 shares of company stock valued at $938,400. Insiders own 0.10% of the company’s stock.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, engages in the provision of 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).