Verizon Communications Inc. (NYSE:VZ) Holdings Reduced by Menard Financial Group LLC

Menard Financial Group LLC decreased its position in Verizon Communications Inc. (NYSE:VZ) by 5.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,332 shares of the cell phone carrier’s stock after selling 551 shares during the period. Menard Financial Group LLC’s holdings in Verizon Communications were worth $579,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of VZ. Kingfisher Capital LLC lifted its stake in Verizon Communications by 11.7% during the first quarter. Kingfisher Capital LLC now owns 13,794 shares of the cell phone carrier’s stock valued at $802,000 after purchasing an additional 1,450 shares during the last quarter. Cannell Peter B & Co. Inc. lifted its position in shares of Verizon Communications by 1.3% in the 1st quarter. Cannell Peter B & Co. Inc. now owns 29,067 shares of the cell phone carrier’s stock valued at $1,690,000 after acquiring an additional 365 shares in the last quarter. Robertson Stephens Wealth Management LLC lifted its position in shares of Verizon Communications by 36.6% in the 1st quarter. Robertson Stephens Wealth Management LLC now owns 12,441 shares of the cell phone carrier’s stock valued at $723,000 after acquiring an additional 3,332 shares in the last quarter. Pzena Investment Management LLC lifted its position in shares of Verizon Communications by 0.7% in the 1st quarter. Pzena Investment Management LLC now owns 240,547 shares of the cell phone carrier’s stock valued at $13,988,000 after acquiring an additional 1,671 shares in the last quarter. Finally, BlackRock Inc. lifted its position in Verizon Communications by 2.2% in the 1st quarter. BlackRock Inc. now owns 305,370,449 shares of the cell phone carrier’s stock worth $17,757,293,000 after buying an additional 6,619,930 shares in the last quarter. Hedge funds and other institutional investors own 63.65% of the company’s stock.

Shares of NYSE:VZ traded up $0.29 during trading on Wednesday, hitting $54.32. 174,442 shares of the company’s stock were exchanged, compared to its average volume of 17,370,793. Verizon Communications Inc. has a 1-year low of $53.83 and a 1-year high of $61.95. The firm has a 50-day moving average price of $55.32 and a two-hundred day moving average price of $56.51. The company has a current ratio of 0.89, a quick ratio of 0.85 and a debt-to-equity ratio of 1.93. The firm has a market cap of $224.89 billion, a P/E ratio of 11.22, a PEG ratio of 2.89 and a beta of 0.47.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.07. The firm had revenue of $33.76 billion during the quarter, compared to analysts’ expectations of $32.73 billion. Verizon Communications had a net margin of 15.05% and a return on equity of 30.00%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.18 earnings per share. As a group, research analysts predict that Verizon Communications Inc. will post 5.31 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 8th will be paid a $0.64 dividend. The ex-dividend date of this dividend is Thursday, October 7th. This represents a $2.56 dividend on an annualized basis and a yield of 4.71%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.63. Verizon Communications’s payout ratio is presently 51.22%.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,555 shares of the company’s stock in a transaction on Tuesday, July 6th. The shares were sold at an average price of $56.45, for a total transaction of $87,779.75. Following the sale, the executive vice president now directly owns 31,577 shares of the company’s stock, valued at $1,782,521.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Craig L. Silliman sold 1,554 shares of the company’s stock in a transaction on Wednesday, August 4th. The stock was sold at an average price of $55.57, for a total transaction of $86,355.78. Following the sale, the executive vice president now directly owns 30,023 shares in the company, valued at $1,668,378.11. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,740 shares of company stock worth $1,042,314. Insiders own 0.10% of the company’s stock.

A number of equities research analysts have issued reports on VZ shares. Redburn Partners assumed coverage on shares of Verizon Communications in a research report on Friday, June 25th. They issued a “sell” rating and a $50.00 target price for the company. Credit Suisse Group increased their price target on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research note on Thursday, July 22nd. Cowen raised their target price on shares of Verizon Communications from $66.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, July 22nd. Royal Bank of Canada assumed coverage on shares of Verizon Communications in a research note on Thursday, July 22nd. They issued a “hold” rating and a $57.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their target price on shares of Verizon Communications from $64.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday, July 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $60.75.

Verizon Communications Company Profile

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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

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