Harmony Asset Management LLC Decreases Stake in Verizon Communications Inc. (NYSE:VZ)

Harmony Asset Management LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 51.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,685 shares of the cell phone carrier’s stock after selling 18,398 shares during the period. Harmony Asset Management LLC’s holdings in Verizon Communications were worth $729,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of Verizon Communications in the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in Verizon Communications in the fourth quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. purchased a new position in Verizon Communications in the second quarter valued at approximately $32,000. MFA Wealth Advisors LLC acquired a new stake in Verizon Communications during the second quarter worth approximately $33,000. Finally, Vima LLC purchased a new stake in shares of Verizon Communications during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Up 0.9 %

Shares of Verizon Communications stock opened at $44.33 on Monday. The firm has a market cap of $186.60 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $45.05. The company’s 50-day simple moving average is $41.46 and its 200-day simple moving average is $40.79. 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 (NYSE:VZ) last released its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.15. The company had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.21 EPS. As a group, equities research analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.12%. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s payout ratio is presently 101.12%.

Wall Street Analysts Forecast Growth

VZ has been the topic of a number of recent analyst reports. TD Cowen increased their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a research report on Monday, September 9th. JPMorgan Chase & Co. decreased their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. KeyCorp cut their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. Finally, The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective for the company. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.66.

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).