Asset Dedication LLC Has $2.66 Million Position in Verizon Communications Inc. (NYSE:VZ)

Asset Dedication LLC cut its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 22.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 59,214 shares of the cell phone carrier's stock after selling 17,383 shares during the quarter. Asset Dedication LLC's holdings in Verizon Communications were worth $2,659,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. 626 Financial LLC acquired a new stake in shares of Verizon Communications in the third quarter valued at about $222,000. EdgeRock Capital LLC boosted its position in shares of Verizon Communications by 6.3% during the 3rd quarter. EdgeRock Capital LLC now owns 4,949 shares of the cell phone carrier's stock valued at $222,000 after purchasing an additional 292 shares in the last quarter. Lynch & Associates IN grew its position in shares of Verizon Communications by 4.6% during the 3rd quarter. Lynch & Associates IN now owns 34,410 shares of the cell phone carrier's stock worth $1,545,000 after buying an additional 1,500 shares during the period. Foster Victor Wealth Advisors LLC grew its holdings in Verizon Communications by 3.7% in the third quarter. Foster Victor Wealth Advisors LLC now owns 177,351 shares of the cell phone carrier's stock worth $7,823,000 after purchasing an additional 6,275 shares during the period. Finally, Regatta Capital Group LLC increased its position in Verizon Communications by 1.0% in the 3rd quarter. Regatta Capital Group LLC now owns 73,575 shares of the cell phone carrier's stock valued at $3,304,000 after buying an additional 708 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Price Performance

VZ stock opened at $43.77 on Wednesday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The firm has a market cap of $184.22 billion, a P/E ratio of 16.33, a P/E/G ratio of 4.02 and a beta of 0.42. The firm's fifty day moving average is $42.73 and its 200 day moving average is $41.25. Verizon Communications Inc. has a 52 week low of $30.62 and a 52 week high of $45.36.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting analysts' consensus estimates of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. During the same quarter in the prior year, the firm posted $1.21 earnings per share. The business's quarterly revenue was up .6% compared to the same quarter last year. Research analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Verizon Communications's previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.20%. Verizon Communications's payout ratio is 101.12%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on VZ. Bank of America boosted their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the company a "neutral" rating in a research note on Thursday, September 26th. The Goldman Sachs Group started coverage on Verizon Communications in a research note on Monday, July 1st. They set a "buy" rating and a $50.00 target price on the stock. Raymond James increased their price objective on Verizon Communications from $44.00 to $48.00 and gave the company an "outperform" rating in a report on Tuesday, September 24th. Citigroup boosted their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. Finally, Royal Bank of Canada increased their price objective on Verizon Communications from $42.00 to $46.00 and gave the stock a "sector perform" rating in a report on Monday, September 23rd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Verizon Communications currently has an average rating of "Moderate Buy" and a consensus target price of $46.26.

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).

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