Tortuga Wealth Management Inc Buys New Position in Verizon Communications Inc. $VZ

Key Points

• Tortuga Wealth Management initiated a Verizon position of 35,724 shares worth approximately $1.51 million, making Verizon about 1.1% of its portfolio. Institutional investors collectively own 62.06% of the stock.
• Verizon’s latest quarterly results beat earnings expectations, with EPS of $1.30 versus the $1.27 consensus, though revenue fell 0.7% year over year to $34.25 billion.
• Verizon pays an annualized dividend of $2.83 per share, yielding approximately 5.9%. Analysts maintain a consensus “Hold” rating with an average price target of $50.84, compared with a recent share price of $48.15.

Tortuga Wealth Management Inc bought a new stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 35,724 shares of the cell phone carrier's stock, valued at approximately $1,513,000. Verizon Communications comprises approximately 1.1% of Tortuga Wealth Management Inc's holdings, making the stock its 25th largest position.

Several other institutional investors have also added to or reduced their stakes in VZ. RKL Wealth Management LLC grew its position in shares of Verizon Communications by 4.3% during the 1st quarter. RKL Wealth Management LLC now owns 5,338 shares of the cell phone carrier's stock valued at $268,000 after acquiring an additional 218 shares during the period. Strategic Investment Solutions Inc. IL raised its holdings in Verizon Communications by 8.6% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 2,765 shares of the cell phone carrier's stock worth $113,000 after purchasing an additional 219 shares during the period. Frazier Financial Advisors LLC raised its holdings in Verizon Communications by 32.7% in the 1st quarter. Frazier Financial Advisors LLC now owns 888 shares of the cell phone carrier's stock worth $45,000 after purchasing an additional 219 shares during the period. FAS Wealth Partners Inc. lifted its position in Verizon Communications by 1.2% during the first quarter. FAS Wealth Partners Inc. now owns 18,421 shares of the cell phone carrier's stock valued at $925,000 after purchasing an additional 223 shares in the last quarter. Finally, Sumitomo Life Insurance Co. lifted its position in Verizon Communications by 0.7% during the fourth quarter. Sumitomo Life Insurance Co. now owns 35,023 shares of the cell phone carrier's stock valued at $1,426,000 after purchasing an additional 227 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Price Performance

NYSE:VZ opened at $48.15 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.60 and a debt-to-equity ratio of 1.36. The business's 50-day simple moving average is $45.35 and its two-hundred day simple moving average is $47.11. The stock has a market cap of $200.05 billion, a PE ratio of 12.54, a P/E/G ratio of 1.35 and a beta of 0.25. Verizon Communications Inc. has a 52 week low of $38.39 and a 52 week high of $51.68.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.27 by $0.03. The firm had revenue of $34.25 billion during the quarter, compared to analyst estimates of $35.16 billion. Verizon Communications had a return on equity of 19.48% and a net margin of 11.64%.The business's quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.22 earnings per share. Verizon Communications has set its FY 2026 guidance at 4.990-5.040 EPS. As a group, analysts forecast that Verizon Communications Inc. will post 5.03 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were issued a $0.7075 dividend. The ex-dividend date of this dividend was Friday, July 10th. This represents a $2.83 dividend on an annualized basis and a yield of 5.9%. Verizon Communications's payout ratio is currently 73.70%.

Wall Street Analysts Forecast Growth

VZ has been the subject of a number of analyst reports. Erste Group Bank restated a "hold" rating on shares of Verizon Communications in a research report on Tuesday, May 5th. BNP Paribas Exane cut their price objective on Verizon Communications from $46.00 to $44.00 and set a "neutral" rating for the company in a research note on Tuesday, July 14th. JPMorgan Chase & Co. increased their target price on shares of Verizon Communications from $49.00 to $52.00 and gave the stock a "neutral" rating in a report on Thursday, April 30th. Weiss Ratings restated a "buy (b)" rating on shares of Verizon Communications in a research note on Friday, May 29th. Finally, Wells Fargo & Company lifted their price target on shares of Verizon Communications from $43.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, July 27th. Nine analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $50.84.

Verizon Communications Company Profile

Verizon Communications Inc NYSE: VZ is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company's consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.

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