Asset Dedication LLC Has $3.16 Million Holdings in Verizon Communications Inc. (NYSE:VZ)

Asset Dedication LLC trimmed its stake in Verizon Communications Inc. (NYSE:VZ) by 2.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 76,597 shares of the cell phone carrier’s stock after selling 1,987 shares during the period. Asset Dedication LLC’s holdings in Verizon Communications were worth $3,159,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Taylor Hoffman Wealth Management raised its position in shares of Verizon Communications by 32.9% during the fourth quarter. Taylor Hoffman Wealth Management now owns 9,353 shares of the cell phone carrier’s stock worth $353,000 after acquiring an additional 2,314 shares during the last quarter. Leo Wealth LLC bought a new position in Verizon Communications during the 4th quarter worth approximately $3,346,000. Gateway Investment Advisers LLC lifted its position in shares of Verizon Communications by 15.4% in the 2nd quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier’s stock worth $11,678,000 after purchasing an additional 37,732 shares during the period. Windle Wealth LLC lifted its position in shares of Verizon Communications by 0.8% in the 4th quarter. Windle Wealth LLC now owns 164,242 shares of the cell phone carrier’s stock worth $6,192,000 after purchasing an additional 1,270 shares during the period. Finally, Mosley Wealth Management bought a new stake in shares of Verizon Communications in the 4th quarter valued at $433,000. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Down 0.4 %

Shares of NYSE VZ opened at $41.15 on Friday. 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 50-day moving average price of $40.93 and a 200-day moving average price of $40.53. The stock has a market capitalization of $173.21 billion, a P/E ratio of 15.35, a P/E/G ratio of 3.81 and a beta of 0.42. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $43.42.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. 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 posted $1.21 EPS. On average, equities research analysts forecast that Verizon Communications Inc. will post 4.57 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.678 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a yield of 6.59%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio is presently 101.12%.

Wall Street Analyst Weigh In

A number of brokerages have commented on VZ. JPMorgan Chase & Co. cut 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. Royal Bank of Canada restated a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a research report on Tuesday, July 23rd. Scotiabank lifted their target price on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. Tigress Financial increased their price target on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Finally, The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective for the company. Seven 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, the company presently has an average rating of “Moderate Buy” and an average target price of $45.66.

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).