D.B. Root & Company LLC Cuts Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

D.B. Root & Company LLC lessened its stake in Verizon Communications Inc. (NYSE:VZ) by 32.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,363 shares of the cell phone carrier’s stock after selling 10,033 shares during the quarter. D.B. Root & Company LLC’s holdings in Verizon Communications were worth $881,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in VZ. International Assets Investment Management LLC lifted its holdings in Verizon Communications by 3.0% in the 4th quarter. International Assets Investment Management LLC now owns 105,433 shares of the cell phone carrier’s stock valued at $3,975,000 after purchasing an additional 3,054 shares in the last quarter. Cerity Partners LLC raised its position in shares of Verizon Communications by 19.1% in the fourth quarter. Cerity Partners LLC now owns 1,179,928 shares of the cell phone carrier’s stock valued at $44,483,000 after buying an additional 189,520 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of Verizon Communications in the fourth quarter worth about $289,000. Sapient Capital LLC acquired a new position in Verizon Communications during the fourth quarter worth about $1,006,000. Finally, Perigon Wealth Management LLC grew its stake in Verizon Communications by 0.8% during the 4th quarter. Perigon Wealth Management LLC now owns 176,684 shares of the cell phone carrier’s stock valued at $6,661,000 after acquiring an additional 1,357 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 0.5 %

Verizon Communications stock traded down $0.21 during trading on Monday, reaching $40.54. The stock had a trading volume of 11,096,646 shares, compared to its average volume of 18,819,834. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $43.42. The business has a 50 day moving average price of $40.68 and a 200 day moving average price of $40.50. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The stock has a market cap of $170.64 billion, a PE ratio of 15.13, a P/E/G ratio of 3.72 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data 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 business had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the company earned $1.21 EPS. On average, analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were issued a $0.665 dividend. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.56%. Verizon Communications’s payout ratio is currently 99.25%.

Analysts Set New Price Targets

VZ has been the topic of several recent research reports. The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. TD Cowen upped their target price on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Scotiabank lifted their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. JPMorgan Chase & Co. lowered their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Finally, Oppenheimer restated an “outperform” rating and set a $48.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus price target of $45.78.

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).