Verizon Communications Inc. (NYSE:VZ) Position Cut by Eads & Heald Wealth Management

Eads & Heald Wealth Management reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 32,142 shares of the cell phone carrier’s stock after selling 776 shares during the quarter. Eads & Heald Wealth Management’s holdings in Verizon Communications were worth $1,772,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Main Street Research LLC lifted its holdings in shares of Verizon Communications by 0.5% in the second quarter. Main Street Research LLC now owns 254,718 shares of the cell phone carrier’s stock valued at $14,043,000 after purchasing an additional 1,173 shares in the last quarter. Mendel Money Management acquired a new position in shares of Verizon Communications in the second quarter worth $356,000. Malaga Cove Capital LLC acquired a new position in Verizon Communications during the second quarter worth $738,000. Sciencast Management LP acquired a new stake in shares of Verizon Communications in the second quarter valued at about $455,000. Finally, Smart Money Group LLC acquired a new stake in shares of Verizon Communications in the second quarter valued at about $266,000. Institutional investors own 65.23% of the company’s stock.

A number of brokerages have commented on VZ. Robert W. Baird cut their price target on shares of Verizon Communications from $60.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, April 28th. Morgan Stanley reduced their price target on shares of Verizon Communications from $61.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Friday, April 17th. UBS Group boosted their price target on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. SunTrust Banks boosted their price target on shares of Verizon Communications from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Finally, ValuEngine lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, May 1st. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications has a consensus rating of “Hold” and an average price target of $62.00.

Shares of NYSE:VZ opened at $57.48 on Friday. The company’s 50 day moving average price is $55.64 and its two-hundred day moving average price is $56.51. Verizon Communications Inc. has a 12-month low of $48.84 and a 12-month high of $62.22. The firm has a market cap of $237.11 billion, a PE ratio of 12.47, a PEG ratio of 3.52 and a beta of 0.45. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.94.

Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The firm had revenue of $30.40 billion for the quarter, compared to analyst estimates of $29.98 billion. During the same quarter in the prior year, the business posted $1.23 EPS. The business’s revenue was down 5.2% compared to the same quarter last year. On average, research analysts expect that Verizon Communications Inc. will post 4.78 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 10th will be given a dividend of $0.615 per share. The ex-dividend date is Thursday, July 9th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.28%. Verizon Communications’s payout ratio is presently 51.14%.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

Further Reading: Depreciation

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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