Keudell Morrison Wealth Management Has $2.65 Million Stock Holdings in Verizon Communications Inc. (NYSE:VZ)
Keudell Morrison Wealth Management cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 48,140 shares of the cell phone carrier’s stock after selling 223 shares during the quarter. Verizon Communications makes up 2.2% of Keudell Morrison Wealth Management’s portfolio, making the stock its 6th largest holding. Keudell Morrison Wealth Management’s holdings in Verizon Communications were worth $2,654,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of VZ. Geode Capital Management LLC increased its stake in shares of Verizon Communications by 1.6% in the first quarter. Geode Capital Management LLC now owns 63,513,728 shares of the cell phone carrier’s stock valued at $3,406,555,000 after buying an additional 1,027,649 shares in the last quarter. Capital World Investors increased its stake in shares of Verizon Communications by 6.2% in the first quarter. Capital World Investors now owns 54,544,125 shares of the cell phone carrier’s stock valued at $2,930,662,000 after buying an additional 3,202,996 shares in the last quarter. Norges Bank acquired a new stake in Verizon Communications in the fourth quarter worth about $2,775,411,000. Capital International Investors increased its position in Verizon Communications by 17.4% in the first quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock worth $1,892,254,000 after purchasing an additional 5,213,722 shares during the period. Finally, Nuveen Asset Management LLC increased its position in Verizon Communications by 9.7% in the first quarter. Nuveen Asset Management LLC now owns 27,819,680 shares of the cell phone carrier’s stock worth $1,494,751,000 after purchasing an additional 2,450,049 shares during the period. 65.23% of the stock is owned by institutional investors.
VZ has been the subject of a number of research reports. Raymond James lifted their price objective on Verizon Communications from $58.00 to $61.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Oppenheimer initiated coverage on Verizon Communications in a research report on Friday, April 24th. They issued a “buy” rating and a $70.00 price objective for the company. Goldman Sachs Group upgraded Verizon Communications from a “buy” rating to a “conviction-buy” rating in a research report on Wednesday, April 1st. Credit Suisse Group reiterated a “hold” rating and issued a $61.00 price objective on shares of Verizon Communications in a research report on Thursday, July 2nd. Finally, Nomura reiterated a “hold” rating and issued a $61.00 price objective on shares of Verizon Communications in a research report on Sunday, April 26th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $61.63.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Friday, April 24th. The cell phone carrier reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.04. Verizon Communications had a return on equity of 33.26% and a net margin of 14.00%. The business had revenue of $31.81 billion for the quarter, compared to analysts’ expectations of $32.37 billion. During the same quarter in the previous year, the business posted $1.20 EPS. Verizon Communications’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, analysts predict that Verizon Communications Inc. will post 4.74 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be issued a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.44%. The ex-dividend date of this dividend is Thursday, July 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 10,744 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $57.10, for a total value of $613,482.40. Following the sale, the senior vice president now owns 27,501 shares in the company, valued at approximately $1,570,307.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.07% of the company’s stock.
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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