MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 256,962 Shares of Verizon Communications Inc. $VZ

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Verizon Communications by 25.8%, now holding over 1.25 million shares valued at approximately $56.77 million.
• Verizon reported earnings per share of $1.22 for the most recent quarter, surpassing the consensus estimate of $1.19 and achieving a revenue of $34.50 billion.
• Analysts have raised Verizon's target prices, with recent estimates ranging from $48.00 to $49.00, reflecting a general consensus rating of "Moderate Buy".

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 25.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,251,901 shares of the cell phone carrier's stock after purchasing an additional 256,962 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Verizon Communications were worth $56,771,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sargent Investment Group LLC grew its holdings in shares of Verizon Communications by 3.3% during the first quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock valued at $323,000 after buying an additional 230 shares during the last quarter. Crescent Sterling Ltd. grew its holdings in shares of Verizon Communications by 0.8% during the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock valued at $1,402,000 after buying an additional 235 shares during the last quarter. Providence Capital Advisors LLC grew its holdings in shares of Verizon Communications by 0.3% during the first quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier's stock valued at $3,637,000 after buying an additional 240 shares during the last quarter. Bernard Wealth Management Corp. grew 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 buying an additional 243 shares during the last quarter. Finally, Cherry Tree Wealth Management LLC grew 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 buying an additional 244 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Performance

VZ traded up $0.14 during trading on Friday, hitting $44.32. The company's stock had a trading volume of 13,401,383 shares, compared to its average volume of 15,051,414. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The firm has a market cap of $186.88 billion, a PE ratio of 10.33, a P/E/G ratio of 3.42 and a beta of 0.36. The business's 50 day simple moving average is $43.20 and its 200-day simple moving average is $43.37.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings results 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. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. During the same period last year, the firm earned $1.15 earnings per share. The company's quarterly revenue was up 5.2% on a year-over-year basis. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target on the stock. Wells Fargo & Company increased their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. JPMorgan Chase & Co. increased their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, Royal Bank Of Canada increased 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. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $47.65.

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).