Verizon Communications Inc. (NYSE:VZ) Shares Bought by Solidarity Wealth LLC

Key Points

• Solidarity Wealth LLC increased its stake in Verizon Communications by 5.5%, holding 175,851 shares valued at approximately $7.98 million, making Verizon its 17th largest holding.
• CEO Kyle Malady sold 9,000 shares of Verizon stock for about $396,900, reducing his ownership by 47.35%.
• Analysts have raised their target prices for Verizon, with Oppenheimer setting a new target of $50.00 and a consensus price target of $47.35 indicating a Moderate Buy rating.

Solidarity Wealth LLC grew its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 5.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 175,851 shares of the cell phone carrier's stock after buying an additional 9,240 shares during the period. Verizon Communications accounts for approximately 2.0% of Solidarity Wealth LLC's holdings, making the stock its 17th biggest holding. Solidarity Wealth LLC's holdings in Verizon Communications were worth $7,977,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Pacer Advisors Inc. lifted its position in shares of Verizon Communications by 737.5% during the first quarter. Pacer Advisors Inc. now owns 11,697,003 shares of the cell phone carrier's stock worth $530,576,000 after purchasing an additional 10,300,369 shares during the last quarter. Alyeska Investment Group L.P. lifted its holdings in Verizon Communications by 3,601.6% in the fourth quarter. Alyeska Investment Group L.P. now owns 8,937,180 shares of the cell phone carrier's stock worth $357,398,000 after acquiring an additional 8,695,736 shares during the last quarter. Capital Research Global Investors lifted its holdings in Verizon Communications by 52.7% in the fourth quarter. Capital Research Global Investors now owns 19,828,378 shares of the cell phone carrier's stock worth $792,937,000 after acquiring an additional 6,846,514 shares during the last quarter. Northern Trust Corp lifted its holdings in Verizon Communications by 12.4% in the fourth quarter. Northern Trust Corp now owns 45,043,310 shares of the cell phone carrier's stock worth $1,801,282,000 after acquiring an additional 4,951,733 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Verizon Communications by 13.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 38,893,487 shares of the cell phone carrier's stock worth $1,555,351,000 after acquiring an additional 4,568,518 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Kyle Malady sold 9,000 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total transaction of $396,900.00. Following the transaction, the chief executive officer directly owned 10,008 shares in the company, valued at approximately $441,352.80. This represents a 47.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.10% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on VZ shares. Oppenheimer raised their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Tuesday, April 1st. Tigress Financial lifted their price target on Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a report on Monday, April 28th. Bank of America lifted their price target on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Scotiabank lifted their price target on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a report on Wednesday, April 23rd. Eleven research 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 company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.35.

Verizon Communications Price Performance

NYSE:VZ opened at $43.10 on Monday. The firm has a market cap of $181.70 billion, a PE ratio of 10.05, a price-to-earnings-growth 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. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The company's 50-day moving average price is $42.86 and its two-hundred day moving average price is $42.56.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The firm had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.15 earnings per share. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

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