Zullo Investment Group Inc. Sells 4,936 Shares of Verizon Communications Inc. $VZ

Zullo Investment Group Inc. decreased its position in Verizon Communications Inc. (NYSE:VZ) by 9.5% during the second quarter, HoldingsChannel reports. The firm owned 46,945 shares of the cell phone carrier’s stock after selling 4,936 shares during the quarter. Verizon Communications comprises approximately 0.8% of Zullo Investment Group Inc.’s holdings, making the stock its 29th biggest position. Zullo Investment Group Inc.’s holdings in Verizon Communications were worth $2,031,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of VZ. Sargent Investment Group LLC increased its position in Verizon Communications by 3.3% during the first quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier’s stock worth $323,000 after acquiring an additional 230 shares during the period. Providence Capital Advisors LLC increased its position in Verizon Communications by 0.3% during the first quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier’s stock worth $3,637,000 after acquiring an additional 240 shares during the period. Bernard Wealth Management Corp. increased its position in Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock worth $25,000 after acquiring an additional 243 shares during the period. Wright Investors Service Inc. increased its position in Verizon Communications by 1.2% during the second quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier’s stock worth $920,000 after acquiring an additional 243 shares during the period. Finally, Cherry Tree Wealth Management LLC increased its position in 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 worth $26,000 after acquiring an additional 244 shares during the period. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 2.4%

Shares of NYSE:VZ opened at $39.86 on Friday. 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 fifty day moving average is $43.48 and its 200-day moving average is $43.26. The company has a market capitalization of $168.05 billion, a PE ratio of 9.29, a P/E/G ratio of 3.08 and a beta of 0.37.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating the consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter in the previous year, the company earned $1.15 EPS. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Equities research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be paid a $0.69 dividend. The ex-dividend date is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 6.9%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s dividend payout ratio is presently 63.17%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on VZ shares. JPMorgan Chase & Co. boosted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Bank of America boosted their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Morgan Stanley lifted their price target on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. Wells Fargo & Company lifted their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 10th. Finally, The Goldman Sachs Group began 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. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.63.

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).