Cornerstone Enterprises LLC Decreases Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Cornerstone Enterprises LLC reduced its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 92.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,335 shares of the cell phone carrier's stock after selling 123,134 shares during the quarter. Verizon Communications makes up about 0.3% of Cornerstone Enterprises LLC's holdings, making the stock its 21st largest position. Cornerstone Enterprises LLC's holdings in Verizon Communications were worth $469,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of VZ. Bernard Wealth Management Corp. lifted 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 buying an additional 243 shares in the last quarter. Cherry Tree Wealth Management LLC raised its holdings in shares of Verizon Communications by 71.8% in the 1st 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 in the last quarter. Garde Capital Inc. purchased a new stake in shares of Verizon Communications in the 1st quarter valued at about $26,000. Mainstream Capital Management LLC purchased a new position in shares of Verizon Communications during the fourth quarter worth about $28,000. Finally, Mattson Financial Services LLC increased its position in shares of Verizon Communications by 114.6% in the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock worth $31,000 after purchasing an additional 415 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Down 0.0%

Shares of VZ opened at $42.11 on Friday. The company's 50-day simple moving average is $43.18 and its 200-day simple moving average is $42.21. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.58 and a current ratio of 0.61. Verizon Communications Inc. has a 1 year low of $37.59 and a 1 year high of $47.36. The stock has a market capitalization of $177.55 billion, a PE ratio of 10.03, a P/E/G ratio of 3.12 and a beta of 0.38.

Verizon Communications (NYSE:VZ - Get Free Report) last released 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 company had revenue of $33.50 billion for the quarter, compared to analyst estimates of $33.31 billion. Verizon Communications had a net margin of 13.14% and a return on equity of 19.66%. Analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be given a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.44%. The ex-dividend date is Thursday, July 10th. Verizon Communications's dividend payout ratio is presently 64.52%.

Insider Activity

In other news, CEO Kyle Malady sold 5,000 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $42.48, for a total transaction of $212,400.00. Following the sale, the chief executive officer now owns 36,508 shares of the company's stock, valued at approximately $1,550,859.84. This trade represents a 12.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 21,500 shares of company stock worth $938,400. 0.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

VZ has been the topic of a number of research analyst reports. Wall Street Zen cut Verizon Communications from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 13th. Oppenheimer upped their price objective on Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Tuesday, April 1st. Tigress Financial raised their price objective on Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a report on Monday, April 28th. Wolfe Research downgraded Verizon Communications from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, March 12th. Finally, Scotiabank increased their price target on shares of Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 23rd. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Verizon Communications has a consensus rating of "Moderate Buy" and an average target price of $47.41.

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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