16,822 Shares in Verizon Communications Inc. $VZ Purchased by Corundum Group Inc.

Corundum Group Inc. acquired a new stake in Verizon Communications Inc. (NYSE:VZ) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 16,822 shares of the cell phone carrier’s stock, valued at approximately $844,000.

Other hedge funds have also recently added to or reduced their stakes in the company. MBM Wealth Consultants LLC lifted its holdings in shares of Verizon Communications by 6.7% in the first quarter. MBM Wealth Consultants LLC now owns 11,467 shares of the cell phone carrier’s stock valued at $576,000 after purchasing an additional 720 shares in the last quarter. MinichMacGregor Wealth Management LLC purchased a new position in shares of Verizon Communications during the 1st quarter worth approximately $201,000. Brian Low Financial Group LLC purchased a new position in shares of Verizon Communications during the 1st quarter worth approximately $237,000. Greenup Street Wealth Management LLC raised its position in shares of Verizon Communications by 12.3% during the 1st quarter. Greenup Street Wealth Management LLC now owns 8,951 shares of the cell phone carrier’s stock worth $449,000 after purchasing an additional 979 shares during the last quarter. Finally, TrueMark Investments LLC raised its position in shares of Verizon Communications by 6.3% during the 1st quarter. TrueMark Investments LLC now owns 287,287 shares of the cell phone carrier’s stock worth $14,422,000 after purchasing an additional 16,992 shares during the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Key Verizon Communications News

Here are the key news stories impacting Verizon Communications this week:

• Negative Sentiment: Alphabet will join the Dow Jones Industrial Average, replacing Verizon, which may weigh on sentiment as Verizon loses a prestigious index position. Alphabet added to Dow Jones Industrial Average, replacing Verizon
• Negative Sentiment: Verizon is leaving the Dow partly because its low share price gave it an “immaterial impact” on the index, highlighting its limited influence in the benchmark. Could Nike Get the Boot from the Dow? Why Berkshire Hathaway Might Take Its Place.
• Neutral Sentiment: Verizon launched new wireless plans focused on affordability and simplicity to stem subscriber losses, which could help stabilize the business but also underscores competitive pressure. Verizon (VZ) Launches Simplicity And Verizon One Plans To Win Back Subscribers
• Neutral Sentiment: Despite the stock’s weakness, some investors continue to view Verizon as a defensive dividend name with an attractive yield. Why Johnson & Johnson, Altria, Verizon, and Other Safe Dividend Stocks Climbed Today

Wall Street Analysts Forecast Growth

A number of brokerages have commented on VZ. Scotiabank upgraded Verizon Communications from a “sector perform” rating to a “sector outperform” rating and increased their target price for the company from $50.25 to $54.50 in a report on Monday, March 9th. Citigroup boosted their price target on Verizon Communications from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, March 20th. Weiss Ratings restated a “buy (b)” rating on shares of Verizon Communications in a research report on Friday, May 29th. Dbs Bank lowered Verizon Communications from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 7th. Finally, Wells Fargo & Company lifted their price objective on Verizon Communications from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.59.

Verizon Communications Stock Down 2.2%

Shares of NYSE VZ opened at $45.70 on Thursday. The firm has a market cap of $190.82 billion, a P/E ratio of 11.15, a price-to-earnings-growth ratio of 1.14 and a beta of 0.24. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.61 and a current ratio of 0.64. Verizon Communications Inc. has a 1 year low of $38.39 and a 1 year high of $51.68. The firm’s 50 day moving average price is $46.89 and its 200 day moving average price is $45.80.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, April 27th. The cell phone carrier reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.07. The company had revenue of $34.44 billion during the quarter, compared to the consensus estimate of $34.82 billion. Verizon Communications had a net margin of 12.46% and a return on equity of 19.25%. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.19 EPS. Verizon Communications has set its FY 2026 guidance at 4.950-4.990 EPS. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.97 earnings per share for the current year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Friday, July 10th will be issued a $0.7075 dividend. The ex-dividend date is Friday, July 10th. This represents a $2.83 dividend on an annualized basis and a yield of 6.2%. Verizon Communications’s dividend payout ratio (DPR) is presently 69.02%.

Verizon Communications Company 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.