Mark Sheptoff Financial Planning LLC Lowers Stake in Verizon Communications Inc. (NYSE:VZ)

Mark Sheptoff Financial Planning LLC cut its position in Verizon Communications Inc. (NYSE:VZ) by 65.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,177 shares of the cell phone carrier’s stock after selling 4,200 shares during the period. Mark Sheptoff Financial Planning LLC’s holdings in Verizon Communications were worth $90,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of VZ. Koesten Hirschmann & Crabtree INC. purchased a new position in Verizon Communications in the 1st quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Verizon Communications in the second quarter worth $32,000. MFA Wealth Advisors LLC bought a new position in shares of Verizon Communications during the second quarter worth $33,000. Finally, Vima LLC purchased a new position in Verizon Communications during the fourth quarter valued at $36,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

VZ has been the subject of several research reports. KeyCorp dropped their price objective on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Friday, September 6th. TD Cowen increased their price target on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 price objective on shares of Verizon Communications in a research note on Monday, September 9th. Scotiabank increased their target price on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.66.

Verizon Communications Stock Performance

Verizon Communications stock opened at $43.89 on Thursday. Verizon Communications Inc. has a 1-year low of $30.14 and a 1-year high of $45.05. The company’s 50-day moving average is $41.35 and its 200 day moving average is $40.73. The firm has a market capitalization of $184.74 billion, a P/E ratio of 16.38, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting the consensus estimate 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 for the quarter, compared to the consensus estimate of $33.05 billion. During the same period in the prior year, the business posted $1.21 earnings per share. The company’s revenue for the quarter was up .6% on a year-over-year basis. Research analysts forecast that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The business 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. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.18%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s payout ratio is currently 101.12%.

Verizon Communications 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).