Verizon Communications Inc. $VZ Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its holdings in Verizon Communications by 7.3%, selling 245,314 shares, leaving them with approximately 3.1 million shares valued at $135.6 million.
• Several institutional investors, including Vanguard Group Inc and UBS AM, adjusted their stakes in Verizon, with Vanguard increasing its holding by 1.2% and UBS AM by 8.0% in the first quarter.
• Verizon recently announced a quarterly dividend of $0.69 per share, reflecting an increase from the previous dividend and resulting in an annualized yield of 6.8%.

TD Asset Management Inc trimmed its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 7.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,134,576 shares of the cell phone carrier's stock after selling 245,314 shares during the quarter. TD Asset Management Inc owned approximately 0.07% of Verizon Communications worth $135,633,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of VZ. Vanguard Group Inc. increased its stake in Verizon Communications by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier's stock valued at $16,700,279,000 after buying an additional 4,347,416 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Verizon Communications by 1.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier's stock valued at $4,983,225,000 after buying an additional 1,172,175 shares during the period. GQG Partners LLC increased its stake in Verizon Communications by 303.9% in the 1st quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock valued at $2,261,648,000 after buying an additional 37,516,167 shares during the period. Northern Trust Corp increased its stake in Verizon Communications by 1.0% in the 1st quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier's stock valued at $2,062,750,000 after buying an additional 431,789 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Verizon Communications by 8.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 41,993,829 shares of the cell phone carrier's stock valued at $1,904,840,000 after buying an additional 3,100,342 shares during the period. 62.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

VZ has been the topic of a number of recent analyst reports. Royal Bank Of Canada upped their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Verizon Communications in a research note on Wednesday, October 8th. Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target on the stock. Finally, Wall Street Zen cut shares of Verizon Communications from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, Verizon Communications presently has a consensus rating of "Moderate Buy" and an average price target of $47.63.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $40.57 on Wednesday. The stock has a market cap of $171.04 billion, a price-to-earnings ratio of 9.46, a PEG ratio of 3.00 and a beta of 0.37. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The company's 50-day moving average price is $43.37 and its 200 day moving average price is $43.19. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The firm had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The firm's revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, research analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date of this dividend is Friday, October 10th. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio is currently 64.34%.

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).

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