Novare Capital Management LLC Lowers Holdings in Verizon Communications Inc. (NYSE:VZ)

Novare Capital Management LLC trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 3.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 429,487 shares of the cell phone carrier’s stock after selling 13,135 shares during the quarter. Verizon Communications accounts for 1.6% of Novare Capital Management LLC’s holdings, making the stock its 18th largest holding. Novare Capital Management LLC’s holdings in Verizon Communications were worth $17,712,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Koesten Hirschmann & Crabtree INC. acquired a new position in Verizon Communications during the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications during the 4th quarter valued at about $29,000. Mizuho Securities Co. Ltd. acquired a new position in Verizon Communications during the 2nd quarter valued at about $32,000. MFA Wealth Advisors LLC acquired a new position in Verizon Communications during the 2nd quarter valued at about $33,000. Finally, Vima LLC acquired a new position in Verizon Communications during the 4th quarter valued at about $36,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on VZ shares. Tigress Financial upped their target price on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, May 17th. The Goldman Sachs Group started coverage on Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. TD Cowen increased their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Scotiabank increased their price objective on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. cut their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $45.78.

Verizon Communications Price Performance

Shares of NYSE VZ traded up $0.92 during midday trading on Tuesday, hitting $42.70. The stock had a trading volume of 6,964,136 shares, compared to its average volume of 18,284,270. The company has a market capitalization of $179.74 billion, a PE ratio of 15.85, a P/E/G ratio of 3.81 and a beta of 0.41. The stock has a 50 day simple moving average of $40.87 and a 200-day simple moving average of $40.49. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $43.42. 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) last released its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting the consensus estimate of $1.15. The business had revenue of $32.80 billion for 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%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.21 earnings per share. On average, sell-side analysts expect that Verizon Communications Inc. will post 4.57 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were given a $0.665 dividend. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $2.66 annualized dividend and a dividend yield of 6.23%. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Verizon Communications 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).