Gabelli Funds LLC Sells 33,700 Shares of Verizon Communications Inc. $VZ

Key Points

• Gabelli Funds LLC has reduced its stake in Verizon Communications by 7.2%, selling 33,700 shares and leaving it with a total of 435,250 shares valued at approximately $19.7 million.
• Verizon Communications recently reported earnings per share of $1.22 for the last quarter, surpassing analysts' expectations of $1.19, with quarterly revenue at $34.5 billion, a 5.2% increase year-over-year.
• The company declared a quarterly dividend of $0.6775 per share, resulting in an annualized dividend yield of 6.2% and a payout ratio of 63.17%.

Gabelli Funds LLC cut its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 7.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 435,250 shares of the cell phone carrier's stock after selling 33,700 shares during the quarter. Gabelli Funds LLC's holdings in Verizon Communications were worth $19,743,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Epoch Investment Partners Inc. raised its stake in Verizon Communications by 10.1% in the first quarter. Epoch Investment Partners Inc. now owns 2,010,403 shares of the cell phone carrier's stock valued at $91,192,000 after buying an additional 184,435 shares during the last quarter. PKS Advisory Services LLC raised its stake in Verizon Communications by 18.2% in the first quarter. PKS Advisory Services LLC now owns 21,879 shares of the cell phone carrier's stock valued at $991,000 after buying an additional 3,369 shares during the last quarter. Widmann Financial Services Inc. raised its stake in Verizon Communications by 2.1% in the first quarter. Widmann Financial Services Inc. now owns 34,568 shares of the cell phone carrier's stock valued at $1,568,000 after buying an additional 724 shares during the last quarter. WealthTrust Axiom LLC raised its stake in Verizon Communications by 4.9% in the first quarter. WealthTrust Axiom LLC now owns 122,587 shares of the cell phone carrier's stock valued at $5,561,000 after buying an additional 5,703 shares during the last quarter. Finally, Apexium Financial LP raised its stake in Verizon Communications by 11.9% in the first quarter. Apexium Financial LP now owns 21,480 shares of the cell phone carrier's stock valued at $974,000 after buying an additional 2,288 shares during the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Trading Down 0.5%

Shares of NYSE:VZ opened at $43.99 on Wednesday. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The stock has a market cap of $185.48 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 3.41 and a beta of 0.36. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The business has a 50-day moving average price of $42.88 and a 200-day moving average price of $43.18.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $34.50 billion during the quarter, compared to analysts' expectations of $33.47 billion. During the same period last year, the business posted $1.15 earnings per share. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were given a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.2%. The ex-dividend date was Thursday, July 10th. Verizon Communications's dividend payout ratio (DPR) is currently 63.17%.

Wall Street Analyst Weigh In

A number of research firms have commented on VZ. Royal Bank Of Canada increased their price target on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 22nd. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Wells Fargo & Company increased their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Morgan Stanley raised their price objective on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, Verizon Communications presently has an average rating of "Moderate Buy" and an average target price of $47.35.

About Verizon Communications

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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