Global Wealth Management Investment Advisory Inc. Boosts Holdings in Verizon Communications Inc. (NYSE:VZ)

Global Wealth Management Investment Advisory Inc. grew its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 24.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 134,346 shares of the cell phone carrier's stock after purchasing an additional 25,988 shares during the period. Verizon Communications comprises about 1.2% of Global Wealth Management Investment Advisory Inc.'s portfolio, making the stock its 21st largest position. Global Wealth Management Investment Advisory Inc.'s holdings in Verizon Communications were worth $6,094,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in Verizon Communications by 61.2% during the fourth quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier's stock worth $1,759,000 after buying an additional 16,704 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Verizon Communications by 11.2% during the fourth quarter. Fisher Asset Management LLC now owns 74,370 shares of the cell phone carrier's stock worth $2,974,000 after buying an additional 7,502 shares during the last quarter. Proficio Capital Partners LLC increased its holdings in Verizon Communications by 64.4% during the fourth quarter. Proficio Capital Partners LLC now owns 11,127 shares of the cell phone carrier's stock worth $445,000 after buying an additional 4,360 shares during the last quarter. Vision Financial Markets LLC purchased a new stake in Verizon Communications during the fourth quarter worth about $749,000. Finally, Raymond James Financial Inc. purchased a new stake in Verizon Communications during the fourth quarter worth about $1,083,337,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Evercore ISI upgraded shares of Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective for the company in a report on Friday, April 11th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $45.00 target price (up previously from $42.00) on shares of Verizon Communications in a research note on Tuesday, March 25th. Scotiabank lifted their target price on shares of Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 23rd. Wolfe Research downgraded shares of Verizon Communications from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, March 12th. Finally, Oppenheimer lifted their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 1st. Nine analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.25.

Insider Transactions at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total transaction of $396,900.00. Following the transaction, the chief executive officer directly owned 10,008 shares of the company's stock, valued at approximately $441,352.80. This trade represents a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 21,500 shares of company stock worth $938,400 in the last three months. Insiders own 0.10% of the company's stock.

Verizon Communications Price Performance

Shares of VZ stock traded up $0.03 during trading hours on Friday, reaching $43.62. The stock had a trading volume of 10,301,320 shares, compared to its average volume of 20,131,578. The stock's fifty day simple moving average is $43.23 and its 200 day simple moving average is $42.29. The company has a current ratio of 0.61, a quick ratio of 0.58 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 market capitalization of $183.91 billion, a PE ratio of 10.39, a PEG ratio of 3.23 and a beta of 0.37.

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

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be given a dividend of $0.6775 per share. The ex-dividend date is Thursday, July 10th. This represents a $2.71 annualized dividend and a yield of 6.21%. Verizon Communications's payout ratio is presently 64.52%.

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).