Buckley Wealth Management LLC Cuts Position in Verizon Communications Inc. (NYSE:VZ)

Buckley Wealth Management LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 4.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 44,888 shares of the cell phone carrier’s stock after selling 2,161 shares during the period. Verizon Communications comprises about 1.3% of Buckley Wealth Management LLC’s portfolio, making the stock its 21st biggest position. Buckley Wealth Management LLC’s holdings in Verizon Communications were worth $2,709,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Centaurus Financial Inc. boosted its holdings in Verizon Communications by 18.2% in the first quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Krane Funds Advisors LLC acquired a new position in Verizon Communications in the second quarter valued at approximately $25,000. Global Trust Asset Management LLC boosted its holdings in Verizon Communications by 271.2% in the second quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock valued at $26,000 after purchasing an additional 13,966 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Verizon Communications in the second quarter valued at approximately $28,000. Finally, Shine Investment Advisory Services Inc. acquired a new position in Verizon Communications in the second quarter valued at approximately $29,000. Hedge funds and other institutional investors own 65.42% of the company’s stock.

A number of brokerages recently issued reports on VZ. Nomura set a $65.00 price target on Verizon Communications and gave the company a “buy” rating in a report on Wednesday, September 18th. ValuEngine downgraded Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, October 4th. Citigroup set a $62.00 price target on Verizon Communications and gave the company a “hold” rating in a report on Tuesday, September 10th. SunTrust Banks upped their price target on Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a report on Monday, September 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and an average target price of $61.81.

In other news, CEO Tami A. Erwin sold 17,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the sale, the chief executive officer now directly owns 853 shares of the company’s stock, valued at $49,260.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $56.01, for a total value of $75,557.49. Following the completion of the sale, the executive vice president now directly owns 22,681 shares of the company’s stock, valued at $1,270,362.81. The disclosure for this sale can be found here. Insiders sold 21,047 shares of company stock valued at $1,214,722 over the last three months. Corporate insiders own 0.03% of the company’s stock.

VZ stock opened at $59.93 on Friday. The company has a market capitalization of $246.99 billion, a P/E ratio of 12.72, a PEG ratio of 2.98 and a beta of 0.53. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $61.58. The business has a 50 day simple moving average of $59.14 and a 200-day simple moving average of $57.83. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.03. The business had revenue of $32.07 billion during the quarter, compared to the consensus estimate of $32.42 billion. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The company’s revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.20 earnings per share. Research analysts predict that Verizon Communications Inc. will post 4.81 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.615 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Wednesday, October 9th. Verizon Communications’s dividend payout ratio is presently 52.23%.

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

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