Personal CFO Solutions LLC grew its stake in Verizon Communications Inc. (NYSE:VZ) by 15.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,642 shares of the cell phone carrier’s stock after buying an additional 9,184 shares during the period. Verizon Communications makes up about 1.3% of Personal CFO Solutions LLC’s holdings, making the stock its 11th biggest holding. Personal CFO Solutions LLC’s holdings in Verizon Communications were worth $3,634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently added to or reduced their stakes in VZ. Danda Trouve Investment Management Inc. purchased a new stake in shares of Verizon Communications in the 4th quarter valued at $25,000. Lionsbridge Wealth Management LLC purchased a new stake in shares of Verizon Communications in the 4th quarter valued at $32,000. HighMark Wealth Management LLC purchased a new stake in shares of Verizon Communications in the 4th quarter valued at $33,000. Permanens Capital L.P. purchased a new stake in shares of Verizon Communications in the 4th quarter valued at $37,000. Finally, Cedar Mountain Advisors LLC bought a new stake in Verizon Communications during the 4th quarter valued at $45,000. 66.77% of the stock is owned by institutional investors and hedge funds.
Shares of VZ stock opened at $56.24 on Tuesday. Verizon Communications Inc. has a one year low of $48.84 and a one year high of $62.22. The company’s 50-day moving average is $55.58 and its 200 day moving average is $58.53. The company has a market capitalization of $232.49 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 3.81 and a beta of 0.48. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.95 and a current ratio of 0.99.
The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Monday, April 13th were issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date was Thursday, April 9th. Verizon Communications’s payout ratio is presently 51.14%.
Verizon Communications announced that its Board of Directors has initiated a share repurchase plan on Thursday, February 6th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the cell phone carrier to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
A number of research firms recently commented on VZ. Goldman Sachs Group upgraded shares of Verizon Communications from a “buy” rating to a “conviction-buy” rating in a report on Wednesday, April 1st. New Street Research reiterated a “buy” rating on shares of Verizon Communications in a report on Friday, January 10th. Moffett Nathanson reiterated a “hold” rating and set a $58.00 price target on shares of Verizon Communications in a report on Thursday, January 30th. Credit Suisse Group decreased their price objective on shares of Verizon Communications from $65.00 to $61.00 and set a “neutral” rating for the company in a report on Monday, April 6th. Finally, Oppenheimer started coverage on shares of Verizon Communications in a report on Friday, April 24th. They issued a “buy” rating and a $70.00 price objective for the company. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $61.44.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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