Beaumont Financial Partners LLC Reduces Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Beaumont Financial Partners LLC reduced its holdings in Verizon Communications Inc. (NYSE:VZ) by 5.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,231 shares of the cell phone carrier’s stock after selling 906 shares during the period. Beaumont Financial Partners LLC’s holdings in Verizon Communications were worth $944,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Weather Gauge Advisory LLC grew its holdings in shares of Verizon Communications by 1.3% during the 1st quarter. Weather Gauge Advisory LLC now owns 13,778 shares of the cell phone carrier’s stock worth $801,000 after purchasing an additional 175 shares during the period. Addison Capital Co grew its holdings in shares of Verizon Communications by 3.0% during the 1st quarter. Addison Capital Co now owns 6,162 shares of the cell phone carrier’s stock worth $358,000 after purchasing an additional 180 shares during the period. AMI Asset Management Corp grew its holdings in shares of Verizon Communications by 1.6% during the 4th quarter. AMI Asset Management Corp now owns 11,786 shares of the cell phone carrier’s stock worth $692,000 after purchasing an additional 181 shares during the period. New Capital Management LP grew its holdings in shares of Verizon Communications by 60.3% during the 4th quarter. New Capital Management LP now owns 481 shares of the cell phone carrier’s stock worth $28,000 after purchasing an additional 181 shares during the period. Finally, Gleason Group Inc. grew its holdings in shares of Verizon Communications by 1.0% during the 1st quarter. Gleason Group Inc. now owns 18,131 shares of the cell phone carrier’s stock worth $1,054,000 after purchasing an additional 181 shares during the period. 64.85% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications stock opened at $58.69 on Friday. The stock has a market cap of $242.98 billion, a P/E ratio of 12.73, a price-to-earnings-growth ratio of 3.54 and a beta of 0.44. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.66. The stock has a 50 day moving average of $58.07 and a 200-day moving average of $57.88. Verizon Communications Inc. has a 52 week low of $52.85 and a 52 week high of $61.95.

Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, April 20th. The cell phone carrier reported $1.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.29 by $0.02. The company had revenue of $32.87 billion during the quarter, compared to analysts’ expectations of $32.47 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.26 EPS. As a group, equities analysts predict that Verizon Communications Inc. will post 4.77 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, May 3rd. Investors of record on Friday, April 9th were given a dividend of $0.6275 per share. This represents a $2.51 annualized dividend and a dividend yield of 4.28%. The ex-dividend date of this dividend was Thursday, April 8th. Verizon Communications’s dividend payout ratio is currently 52.18%.

VZ has been the subject of a number of research reports. Oppenheimer reiterated a “market perform” rating on shares of Verizon Communications in a report on Wednesday, March 3rd. Scotiabank cut Verizon Communications from an “outperform” rating to a “sector perform” rating in a report on Thursday, February 25th. Bank of America restated a “buy” rating and issued a $64.00 price target on shares of Verizon Communications in a report on Thursday, March 11th. Tigress Financial upgraded Verizon Communications from a “neutral” rating to a “buy” rating in a report on Tuesday, March 30th. Finally, Moffett Nathanson restated a “neutral” rating on shares of Verizon Communications in a report on Monday, May 3rd. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Verizon Communications presently has a consensus rating of “Hold” and an average price target of $62.50.

In related news, EVP Craig L. Silliman sold 1,555 shares of the company’s stock in a transaction that occurred on Monday, April 5th. The stock was sold at an average price of $58.53, for a total transaction of $91,014.15. Following the sale, the executive vice president now directly owns 36,242 shares of the company’s stock, valued at approximately $2,121,244.26. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Tami A. Erwin sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, May 3rd. The shares were sold at an average price of $58.26, for a total value of $2,039,100.00. Following the sale, the chief executive officer now directly owns 23,647 shares in the company, valued at $1,377,674.22. The disclosure for this sale can be found here. Over the last three months, insiders have sold 82,903 shares of company stock worth $4,875,933. Corporate insiders own 0.07% of the company’s stock.

Verizon Communications Profile

Verizon Communications Inc offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.

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

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