Tredje AP fonden Sells 790,000 Shares of Verizon Communications Inc. (NYSE:VZ)

Key Points

• Tredje AP fonden reduced its stake in Verizon Communications by 52.3%, now holding 720,712 shares valued at approximately $32.69 million.
• Several hedge funds increased their positions in Verizon during the first quarter, with Bernard Wealth Management Corp. and Cherry Tree Wealth Management LLC raising their holdings by 81.0% and 71.8% respectively.
• Wall Street analysts have varied views on Verizon, with an average rating of "Moderate Buy" and price targets ranging from $45.00 to $49.00 following recent upgrades.

Tredje AP fonden cut its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 52.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 720,712 shares of the cell phone carrier's stock after selling 790,000 shares during the period. Tredje AP fonden's holdings in Verizon Communications were worth $32,691,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in VZ. Bernard Wealth Management Corp. boosted its position in Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after buying an additional 243 shares during the period. Garde Capital Inc. purchased a new stake in Verizon Communications in the 1st quarter worth approximately $26,000. Cherry Tree Wealth Management LLC grew its position in shares of Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after buying an additional 244 shares during the last quarter. EQ Wealth Advisors LLC purchased a new position in shares of Verizon Communications during the first quarter valued at approximately $32,000. Finally, Mattson Financial Services LLC raised its holdings in shares of Verizon Communications by 114.6% during the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after acquiring an additional 415 shares in the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on VZ. Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Wells Fargo & Company raised their price objective on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday. Royal Bank Of Canada boosted their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Eleven analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Verizon Communications has a consensus rating of "Moderate Buy" and an average price target of $47.35.

Insider Activity

In related news, CEO Kyle Malady sold 9,000 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following the completion of the sale, the chief executive officer owned 10,008 shares in the company, valued at approximately $441,352.80. This represents a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is currently owned by company insiders.

Verizon Communications Stock Performance

NYSE VZ traded down $0.06 during trading hours on Wednesday, hitting $42.65. The company's stock had a trading volume of 13,276,850 shares, compared to its average volume of 19,105,686. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The company's 50 day simple moving average is $42.77 and its two-hundred day simple moving average is $42.59. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The company has a market cap of $179.83 billion, a P/E ratio of 9.94, a price-to-earnings-growth ratio of 3.30 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The firm had revenue of $34.50 billion during the quarter, compared to analyst estimates of $33.47 billion. During the same period in the previous year, the business posted $1.15 earnings per share. The business's revenue for the quarter was up 5.2% on a year-over-year basis. As a group, sell-side analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be paid a dividend of $0.6775 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.35%. Verizon Communications's dividend payout ratio is presently 63.17%.

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).