Oak Asset Management LLC lowered its position in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 1.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 63,005 shares of the cell phone carrier’s stock after selling 912 shares during the quarter. Oak Asset Management LLC’s holdings in Verizon Communications were worth $2,644,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of VZ. LFA Lugano Financial Advisors SA increased its holdings in Verizon Communications by 627.8% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock worth $25,000 after buying an additional 565 shares during the last quarter. Criterion Capital Advisors LLC bought a new position in shares of Verizon Communications during the 4th quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC bought a new position in shares of Verizon Communications during the 4th quarter valued at approximately $29,000. Morton Brown Family Wealth LLC increased its stake in shares of Verizon Communications by 130.1% during the 4th quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock worth $33,000 after purchasing an additional 488 shares during the last quarter. Finally, Vima LLC bought a new stake in shares of Verizon Communications in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.
Verizon Communications Stock Up 1.0 %
Shares of NYSE:VZ opened at $41.24 on Monday. The firm has a fifty day moving average price of $40.07 and a two-hundred day moving average price of $40.06. The company has a market cap of $173.59 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 3.75 and a beta of 0.41. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.71 and a quick ratio of 0.67. Verizon Communications Inc. has a one year low of $30.14 and a one year high of $43.42.
Verizon Communications Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be given a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 6.45%. The ex-dividend date is Wednesday, July 10th. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the company. Wells Fargo & Company reduced their price objective on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a report on Tuesday, April 23rd. Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $33.00 to $39.00 in a report on Friday, March 22nd. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Royal Bank of Canada lifted their target price on shares of Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Tuesday, April 2nd. Finally, Oppenheimer restated an “outperform” rating and set a $48.00 price target on shares of Verizon Communications in a research note on Tuesday, April 23rd. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.14.
Get Our Latest 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).
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