Cornerstone Select Advisors LLC Trims Stake in Verizon Communications Inc. $VZ

Cornerstone Select Advisors LLC reduced its position in Verizon Communications Inc. (NYSE:VZ) by 1.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 47,516 shares of the cell phone carrier’s stock after selling 911 shares during the period. Verizon Communications accounts for about 2.0% of Cornerstone Select Advisors LLC’s holdings, making the stock its 12th biggest holding. Cornerstone Select Advisors LLC’s holdings in Verizon Communications were worth $2,155,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bernard Wealth Management Corp. raised its stake in Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock valued at $25,000 after acquiring an additional 243 shares during the last quarter. Cherry Tree Wealth Management LLC raised its stake in Verizon Communications by 71.8% during the 1st 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 during the last quarter. Garde Capital Inc. purchased a new stake in Verizon Communications during the 1st quarter valued at approximately $26,000. Accent Capital Management LLC purchased a new stake in Verizon Communications during the 1st quarter valued at approximately $30,000. Finally, Mattson Financial Services LLC raised its stake in Verizon Communications by 114.6% during the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock valued at $31,000 after acquiring an additional 415 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on VZ shares. Bank of America upped their price objective on Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada boosted their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 22nd. 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. boosted their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Finally, Arete Research upgraded Verizon Communications to a “strong-buy” rating in a research report on Tuesday, July 8th. Eleven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.35.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $44.24 on Monday. The business’s fifty day moving average price is $42.68 and its two-hundred day moving average price is $42.98. The stock has a market cap of $186.53 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 3.41 and a beta of 0.36. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35.

Verizon Communications (NYSE:VZ) last announced its earnings results 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 return on equity of 19.61% and a net margin of 13.28%. Verizon Communications’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.15 EPS. On average, analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were paid a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend was Thursday, July 10th. Verizon Communications’s dividend payout ratio is currently 63.17%.

Verizon Communications 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).