IQ EQ FUND MANAGEMENT IRELAND Ltd Trims Stock Position in Verizon Communications Inc. (NYSE:VZ)

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd reduced its position in Verizon Communications Inc. by 33.0% during the first quarter, holding 72,977 shares valued at approximately $3.31 million following the sale of 35,938 shares.
• Verizon recently announced a quarterly dividend of $0.6775 per share, translating to an annualized dividend of $2.71 and a dividend yield of 6.3%.
• Analyst ratings for Verizon show a consensus of "Moderate Buy" with an average target price of $47.35, reflecting recent upward adjustments from several investment firms.

IQ EQ FUND MANAGEMENT IRELAND Ltd cut its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 33.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 72,977 shares of the cell phone carrier's stock after selling 35,938 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Verizon Communications were worth $3,310,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of VZ. Bernard Wealth Management Corp. increased 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 buying an additional 243 shares during the period. Cherry Tree Wealth Management LLC increased its holdings in Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after buying an additional 244 shares during the period. Garde Capital Inc. purchased a new position in Verizon Communications during the first quarter valued at approximately $26,000. Mattson Financial Services LLC increased its holdings in Verizon Communications by 114.6% during the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after buying an additional 415 shares during the period. Finally, Capital A Wealth Management LLC purchased a new position in Verizon Communications during the fourth quarter valued at approximately $32,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

VZ has been the topic of several research reports. Morgan Stanley lifted their price objective on shares of Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Scotiabank lifted their price objective 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. Royal Bank Of Canada lifted their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Wells Fargo & Company lifted their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Finally, Tigress Financial lifted their price target on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, April 28th. Eleven investment analysts have rated the stock with a hold rating, seven have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.35.

Insider Activity at Verizon Communications

In related news, CEO Kyle Malady sold 9,000 shares of the business's stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 10,008 shares in the company, valued at $441,352.80. The trade was a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.10% of the company's stock.

Verizon Communications Trading Up 0.2%

NYSE:VZ opened at $42.84 on Monday. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The firm has a fifty day simple moving average of $42.75 and a 200-day simple moving average of $42.72. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $180.63 billion, a P/E ratio of 9.99, a PEG ratio of 3.31 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping the consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same period in the previous year, the firm posted $1.15 earnings per share. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were paid a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.3%. The ex-dividend date was Thursday, July 10th. Verizon Communications's payout ratio is presently 63.17%.

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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