Carnegie Investment Counsel Cuts Stock Position in Verizon Communications Inc. $VZ

Key Points

• Carnegie Investment Counsel reduced its Verizon stake by 2.5% in the second quarter, selling 20,812 shares and retaining 819,386 shares valued at approximately $32.9 million. Institutional investors collectively own 62.06% of Verizon.
• Verizon reported quarterly EPS of $1.30, exceeding analyst expectations of $1.27, while revenue of $34.25 billion fell short of estimates and declined 0.7% year over year.
• Verizon maintains a quarterly dividend of $0.7075, equivalent to an annualized $2.83 payout and a 5.9% yield. Analysts’ consensus rating is “Hold,” with an average price target of $50.84.

Carnegie Investment Counsel lessened its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 2.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 819,386 shares of the cell phone carrier's stock after selling 20,812 shares during the quarter. Carnegie Investment Counsel's holdings in Verizon Communications were worth $32,929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in VZ. Strengthening Families & Communities LLC raised its position in Verizon Communications by 490.0% in the fourth 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 during the period. Robinswood Financial LLC purchased a new position in Verizon Communications in the first quarter valued at approximately $27,000. Lam Group Inc. bought a new position in Verizon Communications during the first quarter valued at $28,000. EQ Wealth Advisors LLC bought a new stake in shares of Verizon Communications in the fourth quarter valued at $29,000. Finally, Sarver Vrooman Wealth Advisors lifted its position in shares of Verizon Communications by 173.0% during the 4th quarter. Sarver Vrooman Wealth Advisors now owns 707 shares of the cell phone carrier's stock valued at $29,000 after buying an additional 448 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Stock Down 0.7%

VZ opened at $48.15 on Tuesday. The firm has a market capitalization of $200.05 billion, a P/E ratio of 12.54, a price-to-earnings-growth ratio of 1.35 and a beta of 0.25. Verizon Communications Inc. has a one year low of $38.39 and a one year high of $51.68. The company has a fifty day moving average price of $45.35 and a 200-day moving average price of $47.11. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.60 and a quick ratio of 0.57.

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

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were paid a $0.7075 dividend. This represents a $2.83 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend was Friday, July 10th. Verizon Communications's dividend payout ratio is currently 73.70%.

Analyst Upgrades and Downgrades

VZ has been the topic of several recent research reports. Scotiabank upped their price objective on shares of Verizon Communications from $51.50 to $52.50 and gave the company a "sector outperform" rating in a report on Monday, July 27th. TD Cowen raised their price objective on shares of Verizon Communications from $54.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Erste Group Bank reissued a "hold" rating on shares of Verizon Communications in a report on Tuesday, May 5th. BNP Paribas Exane reduced their price target on Verizon Communications from $46.00 to $44.00 and set a "neutral" rating for the company in a research report on Tuesday, July 14th. Finally, Royal Bank Of Canada increased their price objective on Verizon Communications from $46.00 to $47.00 and gave the stock a "sector perform" rating in a report on Monday, July 27th. Nine equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $50.84.

Verizon Communications Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source