Verizon Communications Inc. (NYSE:VZ) Stock Position Raised by Costello Asset Management INC

Key Points

• Costello Asset Management INC significantly increased its holdings in Verizon Communications by 26,063 shares, bringing its total to 36,833 shares valued at approximately $1.67 million.
• Verizon reported earnings of $1.22 per share for the most recent quarter, beating analyst expectations, with revenues also surpassing estimates at $34.50 billion.
• Verizon's stock is currently rated as a "Moderate Buy" by analysts, with an average price target of $47.35.

Costello Asset Management INC increased its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 242.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 36,833 shares of the cell phone carrier's stock after acquiring an additional 26,063 shares during the quarter. Costello Asset Management INC's holdings in Verizon Communications were worth $1,671,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Encompass More Asset Management acquired a new stake in Verizon Communications during the first quarter worth about $219,000. Cary Street Partners Financial LLC grew its stake in shares of Verizon Communications by 171.0% in the 1st quarter. Cary Street Partners Financial LLC now owns 122,352 shares of the cell phone carrier's stock worth $5,550,000 after purchasing an additional 77,207 shares during the last quarter. Plan Group Financial LLC boosted its stake in shares of Verizon Communications by 50.8% during the 1st quarter. Plan Group Financial LLC now owns 40,703 shares of the cell phone carrier's stock worth $1,846,000 after acquiring an additional 13,711 shares in the last quarter. Wills Financial Group LLC acquired a new position in shares of Verizon Communications in the first quarter worth about $2,852,000. Finally, Accent Capital Management LLC purchased a new stake in Verizon Communications in the 1st quarter worth about $30,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

Shares of NYSE:VZ traded down $0.33 on Wednesday, reaching $42.35. The company's stock had a trading volume of 17,800,801 shares, compared to its average volume of 20,145,494. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The stock has a market capitalization of $178.54 billion, a P/E ratio of 9.87, a PEG ratio of 3.29 and a beta of 0.36. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The stock's 50-day moving average is $42.73 and its two-hundred day moving average is $42.75.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.03. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%. The business had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. During the same period in the prior year, the business earned $1.15 earnings per share. The business's revenue was up 5.2% on a year-over-year basis. As a group, sell-side analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were paid a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date was Thursday, July 10th. Verizon Communications's dividend payout ratio is presently 63.17%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. 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 report on Tuesday, July 22nd. JPMorgan Chase & Co. boosted their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Tigress Financial increased their target price on Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, April 28th. Finally, Morgan Stanley boosted their price objective on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Eleven research analysts have rated the stock with a hold rating, seven have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $47.35.

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).