Verizon Communications Inc. (NYSE:VZ) is LSV Asset Management's 5th Largest Position

Key Points

• LSV Asset Management has reduced its stake in Verizon Communications by 2.1%, now holding 12,127,613 shares, making it the 5th largest position in their portfolio.
• Verizon reported a quarterly earnings per share of $1.22, exceeding estimates and showing a 5.2% revenue growth from the previous year, with a total revenue of $34.50 billion.
• Verizon declared a quarterly dividend of $0.6775 per share, reflecting an annualized dividend yield of 6.3% and a payout ratio of 63.17%.

LSV Asset Management trimmed its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 2.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,127,613 shares of the cell phone carrier's stock after selling 264,598 shares during the period. Verizon Communications accounts for approximately 1.3% of LSV Asset Management's holdings, making the stock its 5th largest holding. LSV Asset Management owned approximately 0.29% of Verizon Communications worth $550,109,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Strategic Family Wealth Counselors L.L.C. lifted its stake in shares of Verizon Communications by 19.2% in the 1st quarter. Strategic Family Wealth Counselors L.L.C. now owns 14,925 shares of the cell phone carrier's stock valued at $677,000 after purchasing an additional 2,400 shares in the last quarter. Clearwater Capital Advisors LLC acquired a new position in shares of Verizon Communications in the 1st quarter valued at about $349,000. UNIVEST FINANCIAL Corp lifted its stake in shares of Verizon Communications by 4.6% in the 1st quarter. UNIVEST FINANCIAL Corp now owns 40,641 shares of the cell phone carrier's stock valued at $1,843,000 after purchasing an additional 1,769 shares in the last quarter. Baker Avenue Asset Management LP lifted its stake in shares of Verizon Communications by 19.4% in the 1st quarter. Baker Avenue Asset Management LP now owns 14,056 shares of the cell phone carrier's stock valued at $638,000 after purchasing an additional 2,285 shares in the last quarter. Finally, Blueshift Asset Management LLC lifted its stake in shares of Verizon Communications by 2.9% in the 1st quarter. Blueshift Asset Management LLC now owns 31,310 shares of the cell phone carrier's stock valued at $1,420,000 after purchasing an additional 870 shares in the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Price Performance

VZ stock opened at $42.84 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The stock's 50 day moving average is $42.75 and its two-hundred day moving average is $42.66. The company has a market capitalization of $180.63 billion, a PE ratio of 9.99, a P/E/G ratio of 3.30 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period in the previous year, the business earned $1.15 EPS. Verizon Communications's revenue for the quarter was up 5.2% compared to the same quarter last year. Analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

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

Analysts Set New Price Targets

VZ has been the topic of several research analyst reports. Scotiabank lifted their price objective on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 23rd. Wells Fargo & Company lifted their price objective on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada boosted their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 22nd. Arete Research raised Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Eleven analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Verizon Communications has a consensus rating of "Moderate Buy" and a consensus target price of $47.35.

Insider Activity

In related news, CEO Kyle Malady sold 9,000 shares of the company's 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 directly owned 10,008 shares of the company's stock, valued at approximately $441,352.80. This represents a 47.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate 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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