Accuvest Global Advisors Acquires Shares of 12,807 Verizon Communications Inc. (NYSE:VZ)

Key Points

• Accuvest Global Advisors has acquired 12,807 shares of Verizon Communications, amounting to approximately $581,000, in its latest SEC filing for the first quarter.
• Verizon reported $1.22 EPS in its recent quarterly earnings, exceeding analysts' expectations, with a revenue of $34.50 billion, showcasing a year-over-year growth of 5.2%.
• The company declared a quarterly dividend of $0.6775, which reflects a yield of 6.4% and a dividend payout ratio of 63.17%.

Accuvest Global Advisors bought a new stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 12,807 shares of the cell phone carrier's stock, valued at approximately $581,000.

Other large investors also recently made changes to their positions in the company. Bernard Wealth Management Corp. boosted its position in shares of Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after purchasing an additional 243 shares in the last quarter. Cherry Tree Wealth Management LLC increased its stake in Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after purchasing an additional 244 shares in the last quarter. Garde Capital Inc. bought a new position in Verizon Communications in the first quarter valued at approximately $26,000. Accent Capital Management LLC bought a new stake in shares of Verizon Communications during the first quarter worth $30,000. Finally, Mattson Financial Services LLC raised its holdings in shares of Verizon Communications by 114.6% during the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock worth $31,000 after acquiring an additional 415 shares during the period. Institutional investors and hedge funds own 62.06% of the company's stock.

Verizon Communications Trading Down 0.8%

VZ opened at $42.35 on Thursday. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. The stock has a market capitalization of $178.54 billion, a price-to-earnings ratio of 9.87, a P/E/G ratio of 3.29 and a beta of 0.36. The company has a 50-day simple moving average of $42.71 and a 200 day simple moving average of $42.75.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. The company had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The firm's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.15 EPS. Analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were paid a $0.6775 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $2.71 annualized dividend and a yield of 6.4%. Verizon Communications's dividend payout ratio (DPR) is 63.17%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on VZ shares. Bank of America upped their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada lifted their target price on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 22nd. Scotiabank raised their price target on shares of Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. increased their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, Wall Street Zen raised shares of Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Eleven analysts have rated the stock with a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.35.

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).

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.