Sweeney & Michel LLC Invests $4.22 Million in Verizon Communications Inc. (NYSE:VZ)

by · The Cerbat Gem

Sweeney & Michel LLC bought a new position in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 104,326 shares of the cell phone carrier’s stock, valued at approximately $4,224,000. Verizon Communications accounts for approximately 1.9% of Sweeney & Michel LLC’s portfolio, making the stock its 18th biggest holding.

A number of other institutional investors have also modified their holdings of the stock. Industrial Alliance Investment Management Inc. increased its position in shares of Verizon Communications by 3.6% during the first quarter. Industrial Alliance Investment Management Inc. now owns 9,516 shares of the cell phone carrier’s stock worth $399,000 after acquiring an additional 334 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Verizon Communications by 45.5% during the first quarter. Janus Henderson Group PLC now owns 3,453,075 shares of the cell phone carrier’s stock valued at $144,875,000 after purchasing an additional 1,080,244 shares in the last quarter. Bayesian Capital Management LP bought a new position in shares of Verizon Communications during the first quarter valued at approximately $860,000. Waverly Advisors LLC boosted its stake in shares of Verizon Communications by 59.8% during the first quarter. Waverly Advisors LLC now owns 37,433 shares of the cell phone carrier’s stock valued at $1,571,000 after purchasing an additional 14,012 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI boosted its stake in shares of Verizon Communications by 0.3% during the first quarter. Zurich Insurance Group Ltd FI now owns 766,733 shares of the cell phone carrier’s stock valued at $32,172,000 after purchasing an additional 2,028 shares in the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

Shares of NYSE VZ traded up $0.01 during trading on Tuesday, hitting $40.04. The company had a trading volume of 16,086,994 shares, compared to its average volume of 18,871,701. The firm has a market capitalization of $168.55 billion, a price-to-earnings ratio of 14.94, a price-to-earnings-growth ratio of 3.65 and a beta of 0.41. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $43.42. The stock has a fifty day simple moving average of $40.58 and a two-hundred day simple moving average of $40.47. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ – Get Free Report) last posted its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. Verizon Communications’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the business posted $1.21 earnings per share. On average, research analysts expect that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be issued a $0.665 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $2.66 annualized dividend and a yield of 6.64%. Verizon Communications’s payout ratio is 99.25%.

Analyst Ratings Changes

Several brokerages have weighed in on VZ. Royal Bank of Canada restated a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a research note on Tuesday, July 23rd. Scotiabank raised their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research note on Wednesday, July 10th. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 target price for the company. TD Cowen raised their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, Tigress Financial raised their target price on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $45.68.

Read Our Latest Stock Report on VZ

About Verizon Communications

(Free Report)

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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