Welch Group LLC Purchases 10,030 Shares of Verizon Communications Inc. $VZ

Key Points

• Welch Group LLC increased its position in Verizon Communications by acquiring 10,030 shares in the second quarter, bringing its total holdings to over 1.1 million shares valued at approximately $49.67 million.
• Verizon recently reported a quarterly EPS of $1.22, exceeding analysts' estimates, with a revenue of $34.5 billion, reflecting a 5.2% year-over-year increase.
• The company announced a quarterly dividend increase to $0.69, set to be paid on November 3rd, representing a 6.9% yield based on an annualized rate.

Welch Group LLC grew its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 0.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,147,934 shares of the cell phone carrier's stock after acquiring an additional 10,030 shares during the quarter. Verizon Communications comprises 2.1% of Welch Group LLC's holdings, making the stock its 27th largest holding. Welch Group LLC's holdings in Verizon Communications were worth $49,671,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Garde Capital Inc. bought a new stake in shares of Verizon Communications during the first quarter valued at approximately $26,000. Cherry Tree Wealth Management LLC increased 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 in the last quarter. Bulwark Capital Corp purchased a new position in shares of Verizon Communications during the second quarter valued at approximately $25,000. 1 North Wealth Services LLC purchased a new position in shares of Verizon Communications during the first quarter valued at approximately $29,000. Finally, Accent Capital Management LLC purchased a new position in shares of Verizon Communications during the first quarter valued at approximately $30,000. Institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Down 2.4%

VZ stock opened at $39.86 on Monday. The stock's fifty day simple moving average is $43.48 and its two-hundred day simple moving average is $43.24. 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 Inc. has a 1-year low of $37.58 and a 1-year high of $47.35. The stock has a market cap of $168.05 billion, a P/E ratio of 9.29, a P/E/G ratio of 3.00 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data 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 return on equity of 19.61% and a net margin of 13.28%.The business had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. During the same quarter in the previous year, the firm earned $1.15 earnings per share. The business's 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. Analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be given a $0.69 dividend. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications's payout ratio is presently 64.34%.

Analyst Ratings Changes

Several brokerages recently issued reports on VZ. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 target price on the stock. Wall Street Zen cut Verizon Communications from a "buy" rating to a "hold" rating in a research report on Friday, September 26th. 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 report on Thursday, July 10th. Morgan Stanley lifted their target price on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. lifted their target price on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Three 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's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.63.

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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