Verizon Communications Inc. (NYSE:VZ) is Hedges Asset Management LLC's 2nd Largest Position

Hedges Asset Management LLC boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 337.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 259,050 shares of the cell phone carrier's stock after purchasing an additional 199,800 shares during the period. Verizon Communications makes up approximately 7.3% of Hedges Asset Management LLC's portfolio, making the stock its 2nd biggest holding. Hedges Asset Management LLC's holdings in Verizon Communications were worth $11,751,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Bernard Wealth Management Corp. raised its position in shares of 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 buying an additional 243 shares during the period. Cherry Tree Wealth Management LLC grew its position 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 acquiring an additional 244 shares during the period. Garde Capital Inc. acquired a new stake in Verizon Communications during the first quarter worth about $26,000. Mainstream Capital Management LLC purchased a new position in shares of Verizon Communications in the 4th quarter worth about $28,000. Finally, Mattson Financial Services LLC raised its holdings in shares of Verizon Communications by 114.6% in the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock worth $31,000 after purchasing an additional 415 shares during the period. Institutional investors and hedge funds own 62.06% of the company's stock.

Insider Buying and Selling at Verizon Communications

In other news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following the sale, the chief executive officer now owns 10,008 shares of the company's stock, valued at approximately $441,352.80. The trade was a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 21,500 shares of company stock worth $938,400. 0.10% of the stock is owned by insiders.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $42.11 on Friday. The company has a market cap of $177.55 billion, a PE ratio of 10.03, a P/E/G ratio of 3.12 and a beta of 0.38. Verizon Communications Inc. has a fifty-two week low of $37.59 and a fifty-two week high of $47.36. The firm has a 50-day simple moving average of $43.18 and a 200 day simple moving average of $42.21. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating the consensus estimate of $1.15 by $0.04. The company had revenue of $33.50 billion during the quarter, compared to analyst estimates of $33.31 billion. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be given a $0.6775 dividend. This represents a $2.71 annualized dividend and a yield of 6.44%. The ex-dividend date of this dividend is Thursday, July 10th. Verizon Communications's dividend payout ratio is presently 64.52%.

Analyst Ratings Changes

VZ has been the subject of a number of research analyst reports. Evercore ISI raised shares of Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 target price for the company in a research report on Friday, April 11th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $45.00 price objective (up from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Wall Street Zen cut Verizon Communications from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 13th. Scotiabank upped their price target on Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 23rd. Finally, Wolfe Research lowered shares of Verizon Communications from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, March 12th. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $47.41.

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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