Holderness Investments Co. Sells 805 Shares of Verizon Communications Inc. (NYSE:VZ)

Holderness Investments Co. trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.0% during the first quarter, Holdings Channel.com reports. The fund owned 80,810 shares of the cell phone carrier’s stock after selling 805 shares during the quarter. Verizon Communications accounts for about 0.9% of Holderness Investments Co.’s holdings, making the stock its 29th biggest position. Holderness Investments Co.’s holdings in Verizon Communications were worth $3,666,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of VZ. Bernard Wealth Management Corp. increased its holdings in Verizon Communications by 81.0% in the 1st 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 period. Cherry Tree Wealth Management LLC increased its holdings in 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 valued at $26,000 after buying an additional 244 shares during the period. Garde Capital Inc. bought a new position in Verizon Communications in the 1st quarter valued at about $26,000. Accent Capital Management LLC bought a new position in Verizon Communications in the 1st quarter valued at about $30,000. Finally, Mattson Financial Services LLC increased its holdings in Verizon Communications by 114.6% in the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock valued at $31,000 after buying an additional 415 shares during the period. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Up 1.1%

Shares of NYSE VZ opened at $43.72 on Thursday. The company has a market capitalization of $184.34 billion, a P/E ratio of 10.19, a price-to-earnings-growth ratio of 3.34 and a beta of 0.36. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week 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 company’s 50 day moving average price is $42.67 and its 200-day moving average price is $42.89.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. The firm had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.15 EPS. Equities analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date was Thursday, July 10th. Verizon Communications’s payout ratio is presently 63.17%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on VZ shares. Arete Research raised shares of Verizon Communications to a “strong-buy” rating in a report on Tuesday, July 8th. Wells Fargo & Company lifted 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. Bank of America lifted their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Scotiabank lifted their price target on shares of Verizon Communications from $48.50 to $49.00 and gave the company a “sector perform” rating in a report on Wednesday, April 23rd. Finally, Royal Bank Of Canada lifted their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the company a “sector perform” rating in a report on Tuesday, July 22nd. Eleven research analysts have rated the stock with a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.35.

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).