Navellier & Associates Inc. Lowers Position in Verizon Communications Inc. (NYSE:VZ)

Key Points

• Navellier & Associates Inc. reduced its stake in Verizon Communications by 22.4%, owning 23,553 shares valued at $1,025,000 after selling 6,791 shares in the first quarter.
• Multiple hedge funds increased their positions in Verizon, with Bernard Wealth Management Corp. raising its holdings by 81.0% and Garde Capital Inc. purchasing a new position valued at $26,000.
• Verizon's recent earnings report showed an EPS of $1.22, exceeding estimates, with a quarterly revenue increase of 5.2% year-over-year, totaling $34.50 billion.

Navellier & Associates Inc. lessened its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 22.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,553 shares of the cell phone carrier's stock after selling 6,791 shares during the period. Navellier & Associates Inc.'s holdings in Verizon Communications were worth $1,025,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of VZ. Bernard Wealth Management Corp. lifted its position in shares of Verizon Communications by 81.0% during the 1st 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 in the last quarter. Cherry Tree Wealth Management LLC lifted its holdings in Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 244 shares in the last quarter. Garde Capital Inc. purchased a new position in Verizon Communications in the 1st quarter valued at $26,000. Mattson Financial Services LLC lifted its holdings in Verizon Communications by 114.6% in the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after purchasing an additional 415 shares in the last quarter. Finally, Capital A Wealth Management LLC purchased a new position in Verizon Communications in the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Wall Street Analysts Forecast Growth

VZ has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday. Scotiabank raised their price objective on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a report on Wednesday, April 23rd. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Morgan Stanley raised their price objective on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday. Finally, Royal Bank Of Canada raised their price objective on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a report on Tuesday. Eleven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.35.

Verizon Communications Stock Up 0.0%

Shares of NYSE:VZ opened at $43.10 on Friday. The business has a 50-day moving average price of $42.86 and a 200 day moving average price of $42.51. The company has a current ratio of 0.64, a quick ratio of 0.58 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $181.70 billion, a price-to-earnings ratio of 10.05, a PEG ratio of 3.33 and a beta of 0.37. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35.

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, topping analysts' consensus estimates of $1.19 by $0.03. The firm had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%. The company's quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the company earned $1.15 EPS. Sell-side analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.29%. The ex-dividend date is Thursday, July 10th. Verizon Communications's payout ratio is 63.17%.

Insider Activity

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total value of $396,900.00. Following the completion of the transaction, the chief executive officer directly owned 10,008 shares of the company's stock, valued at $441,352.80. The trade was a 47.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.10% of the company's stock.

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).

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