Tempus Wealth Planning LLC Sells 2,431 Shares of Verizon Communications Inc. (NYSE:VZ)

by · The Cerbat Gem

Tempus Wealth Planning LLC trimmed its position in Verizon Communications Inc. (NYSE:VZ – Free Report) by 6.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 33,532 shares of the cell phone carrier’s stock after selling 2,431 shares during the quarter. Tempus Wealth Planning LLC’s holdings in Verizon Communications were worth $1,383,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. bought a new stake in Verizon Communications in the first quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $29,000. MFA Wealth Advisors LLC acquired a new position in shares of Verizon Communications during the 2nd quarter worth approximately $33,000. Vima LLC bought a new stake in Verizon Communications in the 4th quarter valued at $36,000. Finally, Pittenger & Anderson Inc. lifted its holdings in Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after purchasing an additional 296 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Trading Up 0.8 %

NYSE VZ traded up $0.34 on Friday, hitting $41.21. The company’s stock had a trading volume of 11,757,332 shares, compared to its average volume of 18,484,035. The firm has a market cap of $173.46 billion, a PE ratio of 15.38, a PEG ratio of 3.72 and a beta of 0.41. The company’s 50-day moving average is $40.71 and its 200 day moving average is $40.43. 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 Inc. has a 1-year low of $30.14 and a 1-year high of $43.42.

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

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.45%. The ex-dividend date was Wednesday, July 10th. Verizon Communications’s dividend payout ratio is currently 99.25%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on VZ. TD Cowen increased their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a report on Tuesday, July 23rd. Scotiabank boosted their price objective on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. JPMorgan Chase & Co. decreased their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Finally, The Goldman Sachs Group began coverage on Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 price target for the company. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $45.78.

Check Out Our Latest Report on Verizon Communications

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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