Chelsea Counsel Co. Trims Holdings in Verizon Communications Inc. $VZ

Key Points

• Chelsea Counsel Co. has reduced its holdings in Verizon Communications by 69.6%, now owning only 9,250 shares worth approximately $420,000.
• Several institutional investors are increasing their stakes, with Bernard Wealth Management Corp. boosting its position in Verizon by 81.0% during the same quarter.
• Verizon Communications has announced a quarterly dividend of $0.69 per share, representing a 6.3% dividend yield, marking an increase from its previous dividend of $0.68.

Chelsea Counsel Co. decreased its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 69.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,250 shares of the cell phone carrier's stock after selling 21,170 shares during the quarter. Chelsea Counsel Co.'s holdings in Verizon Communications were worth $420,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of VZ. Bernard Wealth Management Corp. increased its stake 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 buying an additional 243 shares during the period. Cherry Tree Wealth Management LLC increased its position in Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after buying an additional 244 shares during the period. Garde Capital Inc. acquired a new stake in Verizon Communications during the 1st quarter worth $26,000. 1 North Wealth Services LLC acquired a new position in Verizon Communications in the first quarter valued at $29,000. Finally, Accent Capital Management LLC acquired a new stake in shares of Verizon Communications during the first quarter worth about $30,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on VZ. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 target price on the stock. Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Bank of America raised their price objective on shares of Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada increased their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. boosted their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.65.

Verizon Communications Price Performance

Verizon Communications stock opened at $43.55 on Wednesday. The company has a market cap of $183.60 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 3.34 and a beta of 0.36. The firm has a 50 day moving average price of $43.20 and a 200 day moving average price of $43.37. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The firm had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The firm's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Sell-side analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 6.3%. The ex-dividend date is Friday, October 10th. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio (DPR) is presently 63.17%.

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).

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