Woodline Partners LP Invests $55.71 Million in Verizon Communications Inc. (NYSE:VZ)

Woodline Partners LP bought a new position in Verizon Communications Inc. (NYSE:VZ - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,393,193 shares of the cell phone carrier's stock, valued at approximately $55,714,000.

A number of other institutional investors have also recently modified their holdings of the stock. Mainstream Capital Management LLC purchased a new stake in shares of Verizon Communications during the fourth quarter valued at $28,000. Graney & King LLC purchased a new stake in shares of Verizon Communications during the fourth quarter valued at $32,000. Compass Financial Services Inc purchased a new stake in shares of Verizon Communications during the fourth quarter valued at $33,000. Banque Transatlantique SA purchased a new stake in shares of Verizon Communications during the fourth quarter valued at $35,000. Finally, Hager Investment Management Services LLC purchased a new stake in shares of Verizon Communications during the fourth quarter valued at $38,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on VZ. Tigress Financial increased their price objective on Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research report on Monday, April 28th. Argus raised Verizon Communications to a "strong-buy" rating in a report on Monday, January 27th. DZ Bank raised Verizon Communications from a "hold" rating to a "buy" rating and set a $40.00 target price on the stock in a report on Wednesday, January 29th. Scotiabank increased their target price on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a report on Wednesday, April 23rd. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $45.00 target price (up previously from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.41.

Verizon Communications Stock Up 0.7%

NYSE VZ opened at $44.30 on Tuesday. The stock's 50-day moving average price is $43.62 and its 200-day moving average price is $42.06. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. Verizon Communications Inc. has a 52 week low of $37.59 and a 52 week high of $47.36. The company has a market capitalization of $186.78 billion, a P/E ratio of 10.70, a price-to-earnings-growth ratio of 4.45 and a beta of 0.39.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping the consensus estimate of $1.15 by $0.04. Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. The firm had revenue of $33.50 billion for the quarter, compared to the consensus estimate of $33.31 billion. On average, equities research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Thursday, April 10th were paid a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.12%. The ex-dividend date was Thursday, April 10th. Verizon Communications's dividend payout ratio (DPR) is presently 64.52%.

Insider Activity at Verizon Communications

In other Verizon Communications news, EVP Vandana Venkatesh sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total transaction of $437,900.00. Following the completion of the transaction, the executive vice president now owns 14,459 shares in the company, valued at $633,159.61. This trade represents a 40.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Kyle Malady sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $42.48, for a total value of $212,400.00. Following the transaction, the chief executive officer now owns 36,508 shares of the company's stock, valued at $1,550,859.84. This represents a 12.05% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,500 shares of company stock valued at $1,376,300. 0.10% of the stock is 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).

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