Verizon Communications Inc. (NYSE:VZ) Shares Sold by Moran Wealth Management LLC

Moran Wealth Management LLC cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 81,525 shares of the cell phone carrier’s stock after selling 1,175 shares during the period. Moran Wealth Management LLC’s holdings in Verizon Communications were worth $3,698,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its holdings in Verizon Communications by 61.2% during the fourth quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier’s stock worth $1,759,000 after buying an additional 16,704 shares in the last quarter. Crestwood Advisors Group LLC raised its position in shares of Verizon Communications by 6.3% in the fourth quarter. Crestwood Advisors Group LLC now owns 13,928 shares of the cell phone carrier’s stock worth $557,000 after acquiring an additional 830 shares during the period. Exchange Capital Management Inc. boosted its stake in shares of Verizon Communications by 9.4% during the 4th quarter. Exchange Capital Management Inc. now owns 8,451 shares of the cell phone carrier’s stock worth $338,000 after acquiring an additional 725 shares in the last quarter. FFT Wealth Management LLC grew its position in shares of Verizon Communications by 8.9% during the 4th quarter. FFT Wealth Management LLC now owns 8,154 shares of the cell phone carrier’s stock valued at $326,000 after acquiring an additional 669 shares during the period. Finally, Kirtland Hills Capital Management LLC increased its stake in shares of Verizon Communications by 2.4% in the 4th quarter. Kirtland Hills Capital Management LLC now owns 10,968 shares of the cell phone carrier’s stock valued at $439,000 after purchasing an additional 252 shares in the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $42.15 on Thursday. The firm has a 50-day simple moving average of $43.22 and a 200-day simple moving average of $42.21. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $177.71 billion, a price-to-earnings ratio of 10.04, a price-to-earnings-growth ratio of 3.16 and a beta of 0.38. Verizon Communications Inc. has a 52 week low of $37.59 and a 52 week high of $47.36.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. Verizon Communications had a net margin of 13.14% and a return on equity of 19.66%. The company had revenue of $33.50 billion during the quarter, compared to the consensus estimate of $33.31 billion. On average, equities analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be given a dividend of $0.6775 per share. The ex-dividend date is Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.43%. Verizon Communications’s payout ratio is 64.52%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on VZ. Wolfe Research cut Verizon Communications from an “outperform” rating to a “peer perform” rating in a report on Wednesday, March 12th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $45.00 target price (up from $42.00) on shares of Verizon Communications in a research note on Tuesday, March 25th. Oppenheimer increased their target price on Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, April 1st. Scotiabank boosted their price target on shares of Verizon Communications from $48.50 to $49.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 23rd. Finally, Wall Street Zen cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.41.

Insider Buying and Selling

In related news, CEO Kyle Malady sold 7,500 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $43.88, for a total transaction of $329,100.00. Following the completion of the transaction, the chief executive officer now owns 19,008 shares of the company’s stock, valued at approximately $834,071.04. This trade represents a 28.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 21,500 shares of company stock worth $938,400. 0.10% of the stock is owned by corporate insiders.

Verizon Communications Company 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).