CMG Global Holdings LLC Cuts Stake in Verizon Communications Inc. (NYSE:VZ)

CMG Global Holdings LLC cut its position in Verizon Communications Inc. (NYSE:VZ) by 12.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 39,190 shares of the cell phone carrier’s stock after selling 5,575 shares during the period. Verizon Communications makes up about 1.0% of CMG Global Holdings LLC’s investment portfolio, making the stock its 29th largest holding. CMG Global Holdings LLC’s holdings in Verizon Communications were worth $1,760,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Koesten Hirschmann & Crabtree INC. bought a new position in Verizon Communications in the 1st quarter valued at approximately $25,000. Capital Performance Advisors LLP purchased a new position in shares of Verizon Communications in the third quarter worth $31,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications during the second quarter valued at $32,000. MFA Wealth Advisors LLC purchased a new stake in shares of Verizon Communications during the second quarter valued at $33,000. Finally, Accordant Advisory Group Inc increased its holdings in Verizon Communications by 137.6% in the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after buying an additional 450 shares in the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Up 1.5 %

VZ stock opened at $43.15 on Friday. The company has a market capitalization of $181.65 billion, a price-to-earnings ratio of 18.60, a PEG ratio of 3.09 and a beta of 0.43. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.62. Verizon Communications Inc. has a 1-year low of $36.46 and a 1-year high of $45.36. The business has a 50 day simple moving average of $42.90 and a two-hundred day simple moving average of $41.53.

Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.01. The company had revenue of $33.30 billion during the quarter, compared to analysts’ expectations of $33.42 billion. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. Verizon Communications’s quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the company posted $1.22 earnings per share. Research analysts anticipate that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were given a $0.678 dividend. This is an increase 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 6.29%. The ex-dividend date of this dividend was Thursday, October 10th. Verizon Communications’s payout ratio is currently 116.81%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on VZ shares. Raymond James upped their target price on shares of Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. StockNews.com upgraded shares of Verizon Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday. Tigress Financial lifted their target price on shares of Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Citigroup boosted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, Bank of America raised their price target on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Nine equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.37.

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).