Lockheed Martin Investment Management Co. Sells 207,100 Shares of Verizon Communications Inc. (NYSE:VZ)

Key Points

• Lockheed Martin Investment Management Co. sold 207,100 shares of Verizon Communications Inc., reducing its stake by 37.8% to 341,200 shares, valued at approximately $15.48 million.
• Verizon's recent earnings report showed a profit of $1.22 per share, exceeding analysts' expectations of $1.19, with a revenue of $34.50 billion, marking a 5.2% increase year-over-year.
• The company has announced a quarterly dividend of $0.6775, resulting in an annualized yield of 6.3% and a dividend payout ratio of 63.17%.

Lockheed Martin Investment Management Co. decreased its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 37.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 341,200 shares of the cell phone carrier's stock after selling 207,100 shares during the quarter. Lockheed Martin Investment Management Co.'s holdings in Verizon Communications were worth $15,477,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in VZ. Bernard Wealth Management Corp. grew its stake 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 acquiring an additional 243 shares during the last quarter. Cherry Tree Wealth Management LLC grew its stake in shares of Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after acquiring an additional 244 shares during the last quarter. Garde Capital Inc. purchased a new stake in shares of Verizon Communications in the first quarter worth $26,000. Accent Capital Management LLC purchased a new stake in shares of Verizon Communications in the first quarter worth $30,000. Finally, Mattson Financial Services LLC grew its stake 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 acquiring an additional 415 shares during the last quarter. Institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Up 0.4%

VZ stock opened at $43.12 on Friday. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The business's 50-day moving average is $42.69 and its two-hundred day moving average is $42.83. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The company has a market cap of $181.81 billion, a price-to-earnings ratio of 10.05, a P/E/G ratio of 3.33 and a beta of 0.36.

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

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were issued a $0.6775 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.3%. Verizon Communications's dividend payout ratio is currently 63.17%.

Analysts Set New Price Targets

A number of research firms have recently commented on VZ. Bank of America increased their target price on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Wells Fargo & Company increased their target price on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada increased their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Finally, Scotiabank increased their target price on Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 23rd. Eleven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target 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).

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