TD Asset Management Inc Has $153.31 Million Position in Verizon Communications Inc. (NYSE:VZ)

Key Points

• TD Asset Management Inc. reduced its holdings in Verizon by 18.1% in the first quarter, selling 745,539 shares and now owning approximately 0.08% of the company valued at $153.3 million.
• Multiple institutional investors have increased their stakes in Verizon, with Geode Capital Management buying an additional 998,847 shares and Northern Trust Corp increasing by 4,951,733 shares in recent quarters.
• Verizon announced a quarterly dividend of $0.6775 per share, resulting in an annualized total of $2.71 with a dividend yield of 6.29%, payable on August 1st.

TD Asset Management Inc lowered its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 18.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,379,890 shares of the cell phone carrier's stock after selling 745,539 shares during the period. TD Asset Management Inc owned approximately 0.08% of Verizon Communications worth $153,312,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in VZ. Bernard Wealth Management Corp. grew its holdings 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 worth $25,000 after acquiring an additional 243 shares in the last quarter. Cherry Tree Wealth Management LLC lifted 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. Garde Capital Inc. bought a new position in shares of Verizon Communications in the 1st quarter worth about $26,000. Mattson Financial Services LLC lifted its position in shares of Verizon Communications by 114.6% in the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock worth $31,000 after buying an additional 415 shares during the last quarter. Finally, Capital A Wealth Management LLC bought a new position in shares of Verizon Communications in the 4th quarter worth about $32,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Price Performance

Shares of VZ traded up $0.02 during mid-day trading on Friday, hitting $43.10. The company's stock had a trading volume of 16,557,678 shares, compared to its average volume of 19,639,034. The firm has a 50-day moving average price of $42.86 and a 200 day moving average price of $42.56. The stock has a market capitalization of $181.70 billion, a price-to-earnings ratio of 10.05, a PEG ratio of 3.33 and a beta of 0.37. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.03. The company had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business's revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.15 EPS. On average, research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be given a $0.6775 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.29%. The ex-dividend date is Thursday, July 10th. Verizon Communications's dividend payout ratio (DPR) is currently 63.17%.

Wall Street Analyst Weigh In

VZ has been the topic of a number of recent research reports. Morgan Stanley raised their price target on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company raised their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday. JPMorgan Chase & Co. lifted their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Royal Bank Of Canada lifted their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 22nd. Eleven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.35.

Insider Buying and Selling at Verizon Communications

In other news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total value of $396,900.00. Following the transaction, the chief executive officer directly owned 10,008 shares of the company's stock, valued at $441,352.80. This trade represents a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.10% of the stock is currently owned by company insiders.

About Verizon Communications

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).