Verizon Communications Inc. (NYSE:VZ) Shares Sold by Miller Financial Services LLC

Miller Financial Services LLC lowered its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 42.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,018 shares of the cell phone carrier's stock after selling 14,792 shares during the quarter. Verizon Communications accounts for about 1.3% of Miller Financial Services LLC's holdings, making the stock its 21st biggest position. Miller Financial Services LLC's holdings in Verizon Communications were worth $908,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Brighton Jones LLC raised its holdings in Verizon Communications by 61.2% in the fourth quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier's stock valued at $1,759,000 after buying an additional 16,704 shares during the period. Proficio Capital Partners LLC lifted its holdings in shares of Verizon Communications by 64.4% during the 4th quarter. Proficio Capital Partners LLC now owns 11,127 shares of the cell phone carrier's stock valued at $445,000 after acquiring an additional 4,360 shares in the last quarter. Sei Investments Co. boosted its position in Verizon Communications by 1.7% during the 4th quarter. Sei Investments Co. now owns 3,104,574 shares of the cell phone carrier's stock worth $124,156,000 after purchasing an additional 50,559 shares during the period. Hillsdale Investment Management Inc. boosted its position in Verizon Communications by 100.3% during the 4th quarter. Hillsdale Investment Management Inc. now owns 2,616 shares of the cell phone carrier's stock worth $105,000 after purchasing an additional 1,310 shares during the period. Finally, Fox Run Management L.L.C. increased its holdings in Verizon Communications by 60.7% in the 4th quarter. Fox Run Management L.L.C. now owns 20,386 shares of the cell phone carrier's stock valued at $815,000 after purchasing an additional 7,702 shares in the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on VZ. Scotiabank raised their target price on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a report on Wednesday, April 23rd. Bank of America initiated coverage on shares of Verizon Communications in a research note on Monday, July 7th. They set a "neutral" rating and a $45.00 price objective on the stock. Morgan Stanley started coverage on shares of Verizon Communications in a research report on Thursday, July 10th. They set an "equal weight" rating and a $47.00 target price on the stock. Oppenheimer raised their price target on shares of Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a report on Tuesday, April 1st. Finally, Evercore ISI raised shares of Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price target on the stock in a research note on Friday, April 11th. Eleven analysts have rated the stock with a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $47.00.

Verizon Communications Stock Down 0.4%

Shares of Verizon Communications stock opened at $40.77 on Monday. The firm has a market cap of $171.90 billion, a PE ratio of 9.71, a P/E/G ratio of 3.28 and a beta of 0.37. The business's 50 day simple moving average is $42.88 and its 200 day simple moving average is $42.44. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.58 and a current ratio of 0.61. Verizon Communications Inc. has a 52-week low of $37.59 and a 52-week high of $47.36.

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, beating the consensus estimate of $1.18 by $0.04. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. The company had revenue of $34.50 billion during the quarter, compared to analysts' expectations of $33.47 billion. On average, analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

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 paid a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.65%. The ex-dividend date is Thursday, July 10th. Verizon Communications's dividend payout ratio (DPR) is presently 64.52%.

Insider Transactions at Verizon Communications

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 stock was 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 $441,352.80. The trade was a 47.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders sold 21,500 shares of company stock worth $938,400. Company 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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