Integrated Investment Consultants LLC Cuts Position in Verizon Communications Inc. (NYSE:VZ)

Key Points

• Integrated Investment Consultants LLC drastically reduced its stake in Verizon by 97.2%, owning only 8,090 shares after selling 282,830 shares during the first quarter.
• Verizon's stock had a target price increase from several analysts, reaching up to $49.00, with an overall consensus rating of "Moderate Buy."
• The company recently announced a $0.6775 quarterly dividend with a yield of 6.29%, indicating strong returns for stockholders.

Integrated Investment Consultants LLC lowered its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 97.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,090 shares of the cell phone carrier's stock after selling 282,830 shares during the quarter. Integrated Investment Consultants LLC's holdings in Verizon Communications were worth $367,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. HB Wealth Management LLC lifted its position in shares of Verizon Communications by 15.9% during the first quarter. HB Wealth Management LLC now owns 186,190 shares of the cell phone carrier's stock worth $8,446,000 after purchasing an additional 25,603 shares in the last quarter. GLOBALT Investments LLC GA raised its holdings in Verizon Communications by 28.8% in the first quarter. GLOBALT Investments LLC GA now owns 169,438 shares of the cell phone carrier's stock valued at $7,686,000 after acquiring an additional 37,934 shares in the last quarter. Mediolanum International Funds Ltd raised its holdings in Verizon Communications by 169.5% in the first quarter. Mediolanum International Funds Ltd now owns 234,409 shares of the cell phone carrier's stock valued at $10,532,000 after acquiring an additional 147,414 shares in the last quarter. Knights of Columbus Asset Advisors LLC acquired a new stake in Verizon Communications during the first quarter worth approximately $4,704,000. Finally, First Heartland Consultants Inc. raised its holdings in Verizon Communications by 25.2% during the first quarter. First Heartland Consultants Inc. now owns 27,825 shares of the cell phone carrier's stock worth $1,262,000 after purchasing an additional 5,609 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Insider Buying and Selling at Verizon Communications

In related news, CEO Kyle Malady sold 9,000 shares of the firm'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 value of $396,900.00. Following the transaction, the chief executive officer owned 10,008 shares in the company, valued at approximately $441,352.80. This trade represents 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. 0.10% of the stock is currently owned by insiders.

Verizon Communications Trading Up 0.0%

Shares of VZ stock traded up $0.02 during trading hours on Friday, hitting $43.10. 16,557,678 shares of the company were exchanged, compared to its average volume of 19,639,034. The firm has a market cap of $181.70 billion, a PE ratio of 10.05, a PEG ratio of 3.33 and a beta of 0.37. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year 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 firm has a fifty day moving average of $42.86 and a 200 day moving average of $42.56.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.03. The business 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 was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.15 EPS. Analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be issued a dividend of $0.6775 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.29%. Verizon Communications's payout ratio is currently 63.17%.

Analysts Set New Price Targets

VZ has been the topic of a number of research reports. Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada lifted their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 22nd. Wall Street Zen raised shares of Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday. JPMorgan Chase & Co. upped their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Bank of America upped their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Eleven analysts have rated the stock with a hold rating, seven have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $47.35.

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).