Kornitzer Capital Management Inc. KS Sells 12,409 Shares of Verizon Communications Inc. $VZ

Kornitzer Capital Management Inc. KS lessened its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 933,330 shares of the cell phone carrier’s stock after selling 12,409 shares during the quarter. Verizon Communications comprises 0.8% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 29th biggest position. Kornitzer Capital Management Inc. KS’s holdings in Verizon Communications were worth $39,517,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of VZ. Kerusso Capital Management LLC boosted its stake in Verizon Communications by 23.4% in the second quarter. Kerusso Capital Management LLC now owns 105,388 shares of the cell phone carrier’s stock valued at $4,462,000 after acquiring an additional 20,010 shares in the last quarter. Associated Banc Corp increased its position in shares of Verizon Communications by 5.3% during the second quarter. Associated Banc Corp now owns 72,255 shares of the cell phone carrier’s stock worth $3,059,000 after purchasing an additional 3,631 shares in the last quarter. State of Michigan Retirement System increased its position in shares of Verizon Communications by 1.0% during the second quarter. State of Michigan Retirement System now owns 1,294,850 shares of the cell phone carrier’s stock worth $54,824,000 after purchasing an additional 13,000 shares in the last quarter. Tortuga Wealth Management Inc purchased a new stake in shares of Verizon Communications during the 2nd quarter valued at $1,513,000. Finally, Aviance Capital Partners LLC lifted its holdings in shares of Verizon Communications by 1.4% during the 2nd quarter. Aviance Capital Partners LLC now owns 44,675 shares of the cell phone carrier’s stock valued at $1,892,000 after purchasing an additional 630 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

Shares of VZ opened at $48.63 on Wednesday. The firm has a market capitalization of $202.05 billion, a PE ratio of 12.66, a price-to-earnings-growth ratio of 1.35 and a beta of 0.25. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.60 and a quick ratio of 0.57. Verizon Communications Inc. has a 1-year low of $38.39 and a 1-year high of $51.68. The company’s fifty day moving average price is $45.41 and its 200-day moving average price is $47.17.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, July 24th. The cell phone carrier reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.03. Verizon Communications had a return on equity of 19.48% and a net margin of 11.64%.The company had revenue of $34.25 billion during the quarter, compared to analyst estimates of $35.16 billion. During the same quarter last year, the business posted $1.22 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis. Verizon Communications has set its FY 2026 guidance at 4.990-5.040 EPS. On average, equities research analysts predict that Verizon Communications Inc. will post 5.03 EPS for the current year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Friday, July 10th were issued a $0.7075 dividend. The ex-dividend date of this dividend was Friday, July 10th. This represents a $2.83 dividend on an annualized basis and a dividend yield of 5.8%. Verizon Communications’s dividend payout ratio is currently 73.70%.

Wall Street Analysts Forecast Growth

VZ has been the topic of several research analyst reports. Royal Bank Of Canada boosted their target price on Verizon Communications from $46.00 to $47.00 and gave the stock a “sector perform” rating in a research note on Monday, July 27th. Erste Group Bank reiterated a “hold” rating on shares of Verizon Communications in a research note on Tuesday, May 5th. JPMorgan Chase & Co. raised their price target on Verizon Communications from $49.00 to $52.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Scotiabank boosted their price target on Verizon Communications from $51.50 to $52.50 and gave the stock a “sector outperform” rating in a research note on Monday, July 27th. Finally, TD Cowen upped their price objective on shares of Verizon Communications from $54.00 to $56.00 and gave the company a “buy” rating in a report on Monday, July 27th. Nine investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $50.84.

Verizon Communications Profile

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.