Baystate Wealth Management LLC Sells 300 Shares of Verizon Communications Inc. (NYSE:VZ)

Baystate Wealth Management LLC lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 2.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,801 shares of the cell phone carrier’s stock after selling 300 shares during the quarter. Baystate Wealth Management LLC’s holdings in Verizon Communications were worth $702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. LFA Lugano Financial Advisors SA purchased a new position in shares of Verizon Communications during the 2nd quarter valued at about $27,000. Toth Financial Advisory Corp bought a new stake in Verizon Communications during the 2nd quarter worth approximately $34,000. HighMark Wealth Management LLC lifted its holdings in Verizon Communications by 52.1% during the second quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock valued at $43,000 after purchasing an additional 270 shares in the last quarter. Evolution Wealth Advisors LLC boosted its position in shares of Verizon Communications by 166.7% in the second quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock worth $44,000 after purchasing an additional 500 shares during the period. Finally, JJJ Advisors Inc. increased its stake in shares of Verizon Communications by 192.9% in the second quarter. JJJ Advisors Inc. now owns 1,025 shares of the cell phone carrier’s stock worth $57,000 after purchasing an additional 675 shares in the last quarter. 64.85% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications stock opened at $58.05 on Friday. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.96 and a quick ratio of 0.93. Verizon Communications Inc. has a 1-year low of $48.84 and a 1-year high of $62.22. The firm has a market capitalization of $240.21 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 3.67 and a beta of 0.46. The company’s 50-day moving average is $59.66 and its 200 day moving average is $57.28.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The firm had revenue of $30.40 billion for the quarter, compared to the consensus estimate of $29.98 billion. During the same period in the prior year, the business posted $1.23 earnings per share. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. Research analysts anticipate that Verizon Communications Inc. will post 4.78 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be paid a $0.6275 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $2.51 dividend on an annualized basis and a yield of 4.32%. Verizon Communications’s dividend payout ratio (DPR) is presently 52.18%.

Several research analysts recently weighed in on the stock. Moffett Nathanson reaffirmed a “hold” rating and issued a $62.00 target price on shares of Verizon Communications in a report on Friday, July 24th. Raymond James increased their target price on Verizon Communications from $61.00 to $64.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Scotiabank boosted their price target on Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a report on Monday, July 27th. Argus upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a research note on Tuesday, September 8th. Finally, Oppenheimer began coverage on shares of Verizon Communications in a research report on Tuesday, September 15th. They set a “buy” rating and a $70.00 price objective on the stock. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $62.24.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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