Boomfish Wealth Group LLC Reduces Holdings in Verizon Communications Inc. (NYSE:VZ)

Boomfish Wealth Group LLC cut its position in Verizon Communications Inc. (NYSE:VZ) by 13.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,015 shares of the cell phone carrier’s stock after selling 4,656 shares during the quarter. Boomfish Wealth Group LLC’s holdings in Verizon Communications were worth $1,303,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Syon Capital LLC purchased a new stake in shares of Verizon Communications during the fourth quarter worth about $368,000. Scarborough Advisors LLC purchased a new stake in Verizon Communications during the 4th quarter worth approximately $136,000. Wellington Management Group LLP raised its position in shares of Verizon Communications by 20.1% in the 4th quarter. Wellington Management Group LLP now owns 7,479,487 shares of the cell phone carrier’s stock valued at $281,977,000 after purchasing an additional 1,251,947 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Verizon Communications during the 4th quarter valued at approximately $5,131,000. Finally, Kapitalo Investimentos Ltda acquired a new stake in shares of Verizon Communications during the fourth quarter worth approximately $112,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on VZ. The Goldman Sachs Group began coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. Bank of America increased their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Tigress Financial boosted their price objective on Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Royal Bank of Canada increased their target price on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. Finally, TD Cowen boosted their price target on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $46.26.

Verizon Communications Stock Up 0.5 %

VZ stock opened at $43.23 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The firm’s 50-day simple moving average is $42.66 and its 200 day simple moving average is $41.23. The stock has a market cap of $181.97 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42. Verizon Communications Inc. has a fifty-two week low of $30.62 and a fifty-two week high of $45.36.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. The company 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 revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business earned $1.21 earnings per share. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a yield of 6.27%. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is 101.12%.

About Verizon Communications

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).