Wealthquest Corp Reduces Position in Verizon Communications Inc. (NYSE:VZ)

Wealthquest Corp cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 15.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,866 shares of the cell phone carrier’s stock after selling 1,911 shares during the quarter. Wealthquest Corp’s holdings in Verizon Communications were worth $448,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. acquired a new position in Verizon Communications in the first quarter valued at $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Verizon Communications during the 4th quarter valued at $29,000. Mizuho Securities Co. Ltd. acquired a new stake in Verizon Communications in the 2nd quarter valued at $32,000. MFA Wealth Advisors LLC purchased a new position in Verizon Communications in the second quarter valued at about $33,000. Finally, Vima LLC acquired a new position in shares of Verizon Communications during the fourth quarter worth about $36,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

Verizon Communications stock opened at $44.91 on Tuesday. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $45.36. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The company has a market cap of $189.04 billion, a P/E ratio of 16.76, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. The firm’s 50 day simple moving average is $41.88 and its 200-day simple moving average is $40.99.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting the consensus estimate of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. During the same period in the prior year, the firm posted $1.21 EPS. The business’s revenue was up .6% compared to the same quarter last year. As a group, equities research analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a $0.678 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.04%. Verizon Communications’s dividend payout ratio is currently 101.12%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on VZ shares. Citigroup raised their target price on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. TD Cowen upped their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 price target for the company. Scotiabank increased their price target on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.09.

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).