QRG Capital Management Inc. Acquires 53,644 Shares of Verizon Communications Inc. $VZ

Key Points

• QRG Capital Management Inc. increased its holdings in Verizon Communications by 6.9%, acquiring an additional 53,644 shares during the second quarter, bringing its total to 835,480 shares valued at approximately $36.15 million.
• Verizon recently declared a quarterly dividend of $0.69, an increase from the previous $0.68, with an annualized yield of 6.3% and a payout ratio of 63.17%.
• Verizon's stock has received several rating upgrades, with a consensus rating of "Moderate Buy" and a target price set at $47.53 following positive quarterly earnings results exceeding analyst expectations.

QRG Capital Management Inc. lifted its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 6.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 835,480 shares of the cell phone carrier's stock after purchasing an additional 53,644 shares during the quarter. QRG Capital Management Inc.'s holdings in Verizon Communications were worth $36,151,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Bernard Wealth Management Corp. boosted its stake in Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after purchasing an additional 243 shares during the period. Bulwark Capital Corp acquired a new stake in shares of Verizon Communications in the 2nd quarter valued at about $25,000. Cherry Tree Wealth Management LLC lifted its holdings 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 valued at $26,000 after purchasing an additional 244 shares in the last quarter. Garde Capital Inc. acquired a new position in shares of Verizon Communications during the first quarter worth about $26,000. Finally, 1 North Wealth Services LLC bought a new position in shares of Verizon Communications during the first quarter worth about $29,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on VZ. JPMorgan Chase & Co. lifted their target price on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. 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. Royal Bank Of Canada boosted their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 22nd. Bank of America lifted their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.53.

Verizon Communications Stock Up 0.6%

Shares of VZ stock opened at $43.68 on Friday. 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 $184.17 billion, a price-to-earnings ratio of 10.18, a PEG ratio of 3.35 and a beta of 0.37. The firm's 50-day moving average is $43.65 and its 200-day moving average is $43.36. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. The business had revenue of $34.50 billion during the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.Verizon Communications's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Sell-side analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a $0.69 dividend. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. Verizon Communications's dividend payout ratio (DPR) is currently 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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