CMG Global Holdings LLC Sells 24,678 Shares of Verizon Communications Inc. (NYSE:VZ)

CMG Global Holdings LLC lowered its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 72.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,452 shares of the cell phone carrier's stock after selling 24,678 shares during the quarter. CMG Global Holdings LLC's holdings in Verizon Communications were worth $405,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Bernard Wealth Management Corp. grew its holdings in Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after purchasing an additional 243 shares during the last quarter. Cherry Tree Wealth Management LLC boosted its holdings in shares of 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 buying an additional 244 shares during the period. Garde Capital Inc. bought a new stake in shares of Verizon Communications during the 1st quarter worth $26,000. Mainstream Capital Management LLC acquired a new position in Verizon Communications in the 4th quarter valued at $28,000. Finally, Mattson Financial Services LLC raised its holdings in Verizon Communications by 114.6% in the 4th 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 Stock Performance

NYSE:VZ opened at $42.32 on Monday. The firm has a market capitalization of $178.42 billion, a PE ratio of 10.08, a price-to-earnings-growth ratio of 3.14 and a beta of 0.38. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 12-month low of $37.59 and a 12-month high of $47.36. The firm has a 50-day moving average price of $43.15 and a 200 day moving average price of $42.21.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.04. The business had revenue of $33.50 billion during the quarter, compared to analysts' expectations of $33.31 billion. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. Research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be issued a dividend of $0.6775 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.40%. Verizon Communications's payout ratio is presently 64.52%.

Analyst Ratings Changes

VZ has been the subject of a number of recent analyst reports. Scotiabank upped their price target on shares of Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a report on Wednesday, April 23rd. Evercore ISI upgraded Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 target price for the company in a research note on Friday, April 11th. Oppenheimer raised their target price on Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a report on Tuesday, April 1st. Wall Street Zen lowered Verizon Communications from a "strong-buy" rating to a "buy" rating in a report on Thursday, March 13th. Finally, Royal Bank Of Canada reissued a "sector perform" rating and issued a $45.00 price objective (up from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Verizon Communications currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.41.

Insider Buying and Selling at Verizon Communications

In other news, CEO Kyle Malady sold 7,500 shares of Verizon Communications stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $43.88, for a total value of $329,100.00. Following the completion of the transaction, the chief executive officer now owns 19,008 shares in the company, valued at approximately $834,071.04. The trade was a 28.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 21,500 shares of company stock valued at $938,400. 0.10% of the stock is currently owned by company insiders.

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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