Connecticut Wealth Management LLC lessened its position in Verizon Communications Inc. (NYSE:VZ) by 17.3% in the third quarter, HoldingsChannel.com reports. The fund owned 5,459 shares of the cell phone carrier’s stock after selling 1,138 shares during the period. Connecticut Wealth Management LLC’s holdings in Verizon Communications were worth $268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. ProVise Management Group LLC boosted its holdings in shares of Verizon Communications by 2.8% during the 3rd quarter. ProVise Management Group LLC now owns 62,945 shares of the cell phone carrier’s stock worth $3,115,000 after buying an additional 1,707 shares during the period. Cornerstone Investment Partners LLC bought a new stake in shares of Verizon Communications during the 3rd quarter worth about $45,494,000. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Verizon Communications by 0.9% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 234,812 shares of the cell phone carrier’s stock worth $11,621,000 after buying an additional 2,150 shares during the period. Walter & Keenan Financial Consulting Co. MI ADV boosted its holdings in shares of Verizon Communications by 3.0% during the 3rd quarter. Walter & Keenan Financial Consulting Co. MI ADV now owns 88,758 shares of the cell phone carrier’s stock worth $4,393,000 after buying an additional 2,584 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in shares of Verizon Communications by 11.6% during the 3rd quarter. Pacer Advisors Inc. now owns 112,422 shares of the cell phone carrier’s stock worth $5,564,000 after buying an additional 11,690 shares during the period. 63.26% of the stock is owned by institutional investors.

Several brokerages recently commented on VZ. KeyCorp lifted their target price on shares of Verizon Communications from $50.00 to $53.00 and gave the stock a “sector weight” rating in a report on Tuesday, January 2nd. Macquarie reaffirmed a “hold” rating and set a $54.00 target price on shares of Verizon Communications in a report on Wednesday, January 24th. SunTrust Banks lifted their target price on shares of Verizon Communications to $58.00 and gave the stock a “hold” rating in a report on Wednesday, January 24th. Bank of America lifted their target price on shares of Verizon Communications from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Verizon Communications from $52.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $53.37.

Shares of Verizon Communications Inc. (NYSE VZ) opened at $50.50 on Tuesday. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.77. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 2.54. The firm has a market cap of $206,010.00, a PE ratio of 6.86, a price-to-earnings-growth ratio of 2.16 and a beta of 0.58.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.02). Verizon Communications had a return on equity of 48.97% and a net margin of 23.88%. The business had revenue of $33.96 billion during the quarter, compared to analyst estimates of $33.20 billion. During the same quarter last year, the firm earned $0.86 EPS. Verizon Communications’s revenue for the quarter was up 2.2% compared to the same quarter last year. equities analysts expect that Verizon Communications Inc. will post 4.54 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.67%. The ex-dividend date was Tuesday, January 9th. Verizon Communications’s payout ratio is presently 32.07%.

In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $47.41, for a total value of $28,920.10. Following the completion of the transaction, the executive vice president now directly owns 3,269 shares in the company, valued at approximately $154,983.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.13% of the stock is currently owned by insiders.

ILLEGAL ACTIVITY WARNING: “Connecticut Wealth Management LLC Has $268,000 Stake in Verizon Communications Inc. (VZ)” was originally posted by TheOlympiaReport and is the sole property of of TheOlympiaReport. If you are accessing this article on another domain, it was copied illegally and republished in violation of international copyright & trademark laws. The correct version of this article can be read at https://theolympiareport.com/2018/02/06/connecticut-wealth-management-llc-has-268000-stake-in-verizon-communications-inc-vz.html.

Verizon Communications Company Profile

Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

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

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.