Kornitzer Capital Management Inc. KS Sells 12,409 Shares of Verizon Communications Inc. $VZ

Kornitzer Capital Management Inc. KS lessened its stake in Verizon Communications Inc. (NYSE:VZ) by 1.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 933,330 shares of the cell phone carrier’s stock after selling 12,409 shares during the period. Verizon Communications accounts for about 0.8% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 29th largest position. Kornitzer Capital Management Inc. KS’s holdings in Verizon Communications were worth $39,517,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Strengthening Families & Communities LLC grew its stake in Verizon Communications by 490.0% in the 4th quarter. Strengthening Families & Communities LLC now owns 649 shares of the cell phone carrier’s stock worth $26,000 after acquiring an additional 539 shares in the last quarter. Robinswood Financial LLC purchased a new position in shares of Verizon Communications during the first quarter worth approximately $27,000. Lam Group Inc. bought a new stake in shares of Verizon Communications during the first quarter valued at approximately $28,000. EQ Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $29,000. Finally, Sarver Vrooman Wealth Advisors boosted its holdings in shares of Verizon Communications by 173.0% in the fourth quarter. Sarver Vrooman Wealth Advisors now owns 707 shares of the cell phone carrier’s stock valued at $29,000 after purchasing an additional 448 shares during the period. Institutional investors own 62.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Verizon Communications in a research note on Friday, May 29th. Morgan Stanley lifted their target price on Verizon Communications from $50.00 to $52.00 and gave the company an “equal weight” rating in a research report on Monday, July 27th. Freedom Capital upgraded Verizon Communications to a “hold” rating in a report on Friday, June 12th. Wells Fargo & Company increased their price target on Verizon Communications from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, July 27th. Finally, Barclays raised their price target on Verizon Communications from $45.00 to $46.00 and gave the company an “equal weight” rating in a research note on Monday, July 27th. Nine research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, Verizon Communications presently has a consensus rating of “Hold” and an average target price of $50.84.

Verizon Communications Price Performance

NYSE VZ opened at $48.63 on Wednesday. The company has a market cap of $202.05 billion, a PE ratio of 12.66, a P/E/G ratio of 1.35 and a beta of 0.25. The firm’s 50 day moving average price is $45.41 and its 200-day moving average price is $47.17. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.57 and a current ratio of 0.60. Verizon Communications Inc. has a 52-week low of $38.39 and a 52-week high of $51.68.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.03. The company had revenue of $34.25 billion during the quarter, compared to the consensus estimate of $35.16 billion. Verizon Communications had a net margin of 11.64% and a return on equity of 19.48%. Verizon Communications’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.22 earnings per share. Verizon Communications has set its FY 2026 guidance at 4.990-5.040 EPS. Sell-side analysts forecast that Verizon Communications Inc. will post 5.03 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were paid a dividend of $0.7075 per share. This represents a $2.83 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date was Friday, July 10th. Verizon Communications’s dividend payout ratio is 73.70%.

About Verizon Communications

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.