Verizon Communications Inc. (NYSE:VZ) Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 4.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 808,021 shares of the cell phone carrier's stock after buying an additional 35,045 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Verizon Communications were worth $36,652,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Bernard Wealth Management Corp. raised its holdings in shares of Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after acquiring an additional 243 shares during the period. Garde Capital Inc. acquired a new stake in Verizon Communications during the first quarter worth about $26,000. Cherry Tree Wealth Management LLC raised its stake 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 worth $26,000 after purchasing an additional 244 shares during the period. Mainstream Capital Management LLC acquired a new position in Verizon Communications in the 4th quarter valued at about $28,000. Finally, EQ Wealth Advisors LLC purchased a new stake in shares of Verizon Communications in the 1st quarter valued at approximately $32,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Kyle Malady sold 9,000 shares of the business'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 completion of the sale, the chief executive officer owned 10,008 shares in the company, valued at approximately $441,352.80. The trade was a 47.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 21,500 shares of company stock valued at $938,400 in the last 90 days. Corporate insiders own 0.10% of the company's stock.

Verizon Communications Stock Up 2.3%

Shares of Verizon Communications stock opened at $43.30 on Tuesday. 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 Inc. has a 52-week low of $37.59 and a 52-week high of $47.36. The company has a market capitalization of $182.56 billion, a P/E ratio of 10.31, a P/E/G ratio of 3.14 and a beta of 0.38. The company has a 50 day moving average of $43.15 and a 200 day moving average of $42.22.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.04. The firm had revenue of $33.50 billion during the quarter, compared to the consensus estimate of $33.31 billion. Verizon Communications had a net margin of 13.14% and a return on equity of 19.66%. As a group, research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be issued a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.26%. The ex-dividend date is Thursday, July 10th. Verizon Communications's dividend payout ratio (DPR) is 64.52%.

Wall Street Analysts Forecast Growth

VZ has been the topic of a number of recent analyst reports. Scotiabank upped their price objective on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a report on Wednesday, April 23rd. Tigress Financial upped their price target on Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research note on Monday, April 28th. Wall Street Zen downgraded Verizon Communications from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 13th. Oppenheimer upped their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Tuesday, April 1st. Finally, Wolfe Research downgraded shares of Verizon Communications from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, March 12th. Nine equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.41.

About Verizon Communications

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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