Verizon Communications Inc. (NYSE:VZ) Shares Sold by Mezzasalma Advisors LLC

Mezzasalma Advisors LLC cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 44.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,888 shares of the cell phone carrier’s stock after selling 6,339 shares during the quarter. Mezzasalma Advisors LLC’s holdings in Verizon Communications were worth $331,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. LFA Lugano Financial Advisors SA increased its stake in shares of Verizon Communications by 627.8% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock worth $25,000 after buying an additional 565 shares during the period. Criterion Capital Advisors LLC purchased a new stake in shares of Verizon Communications in the 4th quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Verizon Communications in the 4th quarter valued at $29,000. Morton Brown Family Wealth LLC lifted its position in shares of Verizon Communications by 130.1% during the 4th quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock worth $33,000 after purchasing an additional 488 shares during the last quarter. Finally, Vima LLC acquired a new position in shares of Verizon Communications during the fourth quarter worth $36,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

Verizon Communications stock traded up $0.02 during midday trading on Thursday, hitting $41.12. 6,653,911 shares of the company’s stock were exchanged, compared to its average volume of 16,298,411. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.67 and a current ratio of 0.71. The stock has a market cap of $173.08 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 3.73 and a beta of 0.41. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $43.42. The firm’s 50 day simple moving average is $40.20 and its 200 day simple moving average is $40.12.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. The firm had revenue of $33 billion for the quarter, compared to analyst estimates of $33.23 billion. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the company posted $1.20 earnings per share. Equities research analysts predict that Verizon Communications Inc. will post 4.59 EPS for the current year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be paid a $0.665 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $2.66 annualized dividend and a yield of 6.47%. Verizon Communications’s dividend payout ratio is currently 99.25%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on VZ. Tigress Financial raised their price target on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Wells Fargo & Company cut their target price on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 23rd. Royal Bank of Canada boosted their target price on Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Tuesday, April 2nd. StockNews.com upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Finally, The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Monday. They set a “buy” rating and a $50.00 price objective on the stock. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.14.

Verizon Communications Company 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).