Verizon Communications Inc. (NYSE:VZ) Shares Sold by Trillium Asset Management LLC

Key Points

• Trillium Asset Management LLC reduced its holdings in Verizon Communications by 33.4%, now owning 20,832 shares worth approximately $945,000.
• Stock analysts have upgraded their ratings and target prices for Verizon, with Morgan Stanley raising its price target from $47.00 to $48.00 and an overall consensus rating of "Moderate Buy".
• Verizon announced a quarterly dividend of $0.6775 per share, equating to a 6.3% annual yield based on the current price.

Trillium Asset Management LLC lowered its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 33.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,832 shares of the cell phone carrier's stock after selling 10,438 shares during the quarter. Trillium Asset Management LLC's holdings in Verizon Communications were worth $945,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Bernard Wealth Management Corp. raised its holdings in shares of Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after acquiring an additional 243 shares during the last quarter. Cherry Tree Wealth Management LLC raised its holdings in shares of 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 valued at $26,000 after acquiring an additional 244 shares during the last quarter. Garde Capital Inc. acquired a new position in shares of Verizon Communications during the first quarter valued at approximately $26,000. Accent Capital Management LLC acquired a new position in shares of Verizon Communications during the first quarter valued at approximately $30,000. Finally, Mattson Financial Services LLC raised its holdings in shares of Verizon Communications by 114.6% during the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after acquiring an additional 415 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on VZ. Morgan Stanley increased their target price on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Scotiabank upped 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. JPMorgan Chase & Co. upped their target price on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Finally, Wells Fargo & Company upped their target price on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Eleven research analysts have rated the stock with a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.35.

Verizon Communications Price Performance

VZ stock opened at $43.25 on Wednesday. The business has a fifty day moving average of $42.66 and a two-hundred day moving average of $42.88. 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 stock has a market cap of $182.36 billion, a price-to-earnings ratio of 10.08, a price-to-earnings-growth ratio of 3.33 and a beta of 0.36. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35.

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, 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 business had revenue of $34.50 billion during the quarter, compared to analyst estimates of $33.47 billion. During the same period last year, the business posted $1.15 earnings per share. The company's quarterly revenue was up 5.2% on a year-over-year basis. As a group, research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders 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 was Thursday, July 10th. Verizon Communications's dividend payout ratio (DPR) is currently 63.17%.

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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