Thoroughbred Financial Services LLC raised its stake in Verizon Communications Inc. (NYSE:VZ – Free Report) by 168.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,467 shares of the cell phone carrier’s stock after buying an additional 12,852 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Verizon Communications were worth $844,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. CoreCap Advisors LLC acquired a new position in shares of Verizon Communications in the 2nd quarter worth approximately $909,000. Hardin Capital Partners LLC acquired a new position in Verizon Communications during the second quarter worth $338,000. HBK Sorce Advisory LLC lifted its stake in Verizon Communications by 2.0% during the second quarter. HBK Sorce Advisory LLC now owns 92,053 shares of the cell phone carrier’s stock worth $3,796,000 after purchasing an additional 1,778 shares in the last quarter. RS Crum Inc. boosted its position in shares of Verizon Communications by 12.3% during the second quarter. RS Crum Inc. now owns 11,283 shares of the cell phone carrier’s stock worth $465,000 after buying an additional 1,234 shares during the period. Finally, Valley Wealth Managers Inc. grew its stake in shares of Verizon Communications by 5.4% in the second quarter. Valley Wealth Managers Inc. now owns 529,628 shares of the cell phone carrier’s stock valued at $21,842,000 after buying an additional 27,164 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.
Verizon Communications Stock Performance
Shares of Verizon Communications stock opened at $44.43 on Monday. The firm has a market capitalization of $187.03 billion, a P/E ratio of 16.58, a P/E/G ratio of 3.99 and a beta of 0.42. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $44.47. The firm’s 50 day moving average is $41.17 and its two-hundred day moving average is $40.64.
Verizon Communications Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.10%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is currently 99.25%.
Wall Street Analyst Weigh In
VZ has been the subject of a number of research analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a report on Monday, September 9th. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective for the company. KeyCorp reduced their target price on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday, September 6th. TD Cowen boosted their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. reduced their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Verizon Communications has a consensus rating of “Moderate Buy” and an average price target of $45.66.
Check Out Our Latest Stock Analysis on Verizon Communications
Verizon Communications Profile
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).
Further Reading
- Five stocks we like better than Verizon Communications
- 3 Healthcare Dividend Stocks to Buy
- Symbotic’s Double-Bagger Potential as It Hits a Key Inflection
- 3 Grocery Stocks That Can Help Take a Bite Out of Inflation
- High Dividend Yields Make These 2 Shipping Stocks Stand Out
- Asset Allocation: The Key to a Successful Portfolio. Are You Paying Attention to Yours?
- Can Celsius Stock Rebound? Analysts See 74% Upside Potential
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.