Amundi Cuts Stock Position in Verizon Communications Inc. $VZ

Key Points

• Amundi reduced its stake in Verizon Communications by 18.6% in Q1, selling 4.69 million shares, leaving it with approximately 20.54 million shares valued at $936.5 million.
• Verizon's most recent quarterly earnings report showed earnings per share of $1.22, exceeding expectations, and revenue of $34.50 billion.
• Analysts maintain a consensus rating of "Moderate Buy" for Verizon, with a price target averaging $47.44.

Amundi lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 18.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,536,305 shares of the cell phone carrier's stock after selling 4,690,764 shares during the quarter. Amundi owned about 0.49% of Verizon Communications worth $936,508,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bernard Wealth Management Corp. increased its holdings in shares of Verizon Communications by 81.0% in 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 during the last quarter. Cherry Tree Wealth Management LLC raised its stake in shares of Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after acquiring an additional 244 shares during the period. Garde Capital Inc. purchased a new stake in Verizon Communications in the 1st quarter worth about $26,000. 1 North Wealth Services LLC purchased a new stake in shares of Verizon Communications in the first quarter worth approximately $29,000. Finally, Accent Capital Management LLC purchased a new stake in Verizon Communications in the first quarter worth $30,000. 62.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on VZ. Bank of America raised their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada increased their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 22nd. The Goldman Sachs Group started coverage on Verizon Communications in a research report on Tuesday. They issued a "buy" rating and a $49.00 price objective for the company. Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Morgan Stanley boosted their price target on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Three research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.44.

Verizon Communications Stock Down 1.0%

VZ opened at $43.78 on Wednesday. The company has a 50-day moving average price of $43.09 and a 200 day moving average price of $43.30. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. The company has a market cap of $184.57 billion, a PE ratio of 10.20, a price-to-earnings-growth ratio of 3.41 and a beta of 0.36. 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 (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 (EPS) for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. The firm had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The business's revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Sell-side analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were issued a $0.6775 dividend. The ex-dividend date was Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.2%. Verizon Communications's dividend payout ratio is presently 63.17%.

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).

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