Verizon Communications Inc. $VZ Shares Sold by Allen Mooney & Barnes Investment Advisors LLC

Key Points

• Allen Mooney & Barnes Investment Advisors LLC reduced its Verizon holdings by 51.7% in Q2, owning 14,701 shares worth $636,000 after selling 15,720 shares.
• Verizon announced a quarterly dividend of $0.69 to be paid on November 3rd, reflecting a slight increase from the previous $0.68 dividend, with a current dividend yield of 6.3%.
• Wall Street analysts have upgraded Verizon's stock ratings, with an average target price of $47.65 and several firms giving it a "buy" rating.

Allen Mooney & Barnes Investment Advisors LLC lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 51.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,701 shares of the cell phone carrier's stock after selling 15,720 shares during the quarter. Allen Mooney & Barnes Investment Advisors LLC's holdings in Verizon Communications were worth $636,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in VZ. Bernard Wealth Management Corp. grew its position in shares of Verizon Communications by 81.0% in 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 in the last quarter. Cherry Tree Wealth Management LLC grew its position in shares of Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after acquiring an additional 244 shares in the last quarter. Garde Capital Inc. acquired a new position in shares of Verizon Communications in the 1st quarter worth approximately $26,000. 1 North Wealth Services LLC acquired a new position in shares of Verizon Communications in the 1st quarter worth approximately $29,000. Finally, Accent Capital Management LLC acquired a new position in shares of Verizon Communications in the 1st quarter worth approximately $30,000. Institutional investors and hedge funds own 62.06% of the company's stock.

Verizon Communications Stock Down 0.3%

VZ opened at $43.99 on Monday. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The stock's fifty day moving average is $43.22 and its 200-day moving average is $43.38. The company has a market capitalization of $185.48 billion, a PE ratio of 10.25, a P/E/G ratio of 3.39 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. The company had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The company's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Friday, October 10th. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's payout ratio is presently 63.17%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. raised their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Morgan Stanley raised their price target on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 price target on the stock. Finally, Wells Fargo & Company lifted their target price on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price 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).

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