Verizon Communications Inc. (NYSE:VZ) Shares Sold by Abundance Wealth Counselors

Abundance Wealth Counselors cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 15.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 57,971 shares of the cell phone carrier’s stock after selling 10,859 shares during the quarter. Verizon Communications comprises about 0.6% of Abundance Wealth Counselors’ investment portfolio, making the stock its 28th largest position. Abundance Wealth Counselors’ holdings in Verizon Communications were worth $2,186,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. CGC Financial Services LLC purchased a new position in shares of Verizon Communications during the 2nd quarter worth about $32,000. HBC Financial Services PLLC grew its position in Verizon Communications by 320.0% in the third quarter. HBC Financial Services PLLC now owns 1,050 shares of the cell phone carrier’s stock valued at $34,000 after acquiring an additional 800 shares in the last quarter. RVW Wealth LLC acquired a new stake in Verizon Communications in the third quarter valued at approximately $36,000. Financial Management Professionals Inc. grew its position in Verizon Communications by 58.4% in the fourth quarter. Financial Management Professionals Inc. now owns 1,096 shares of the cell phone carrier’s stock valued at $41,000 after acquiring an additional 404 shares in the last quarter. Finally, True Wealth Design LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth approximately $42,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

VZ opened at $40.88 on Wednesday. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $43.21. The stock has a market cap of $171.87 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 3.31 and a beta of 0.40. The business has a 50 day moving average of $40.49 and a 200-day moving average of $37.26. The company has a quick ratio of 0.65, a current ratio of 0.69 and a debt-to-equity ratio of 1.47.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $1.08 EPS for the quarter, hitting analysts’ consensus estimates of $1.08. Verizon Communications had a return on equity of 20.71% and a net margin of 8.67%. The firm had revenue of $35.10 billion for the quarter, compared to analyst estimates of $34.60 billion. During the same quarter last year, the company earned $1.19 EPS. The company’s revenue was down .6% on a year-over-year basis. On average, equities research analysts expect that Verizon Communications Inc. will post 4.61 earnings per share for the current year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be issued a $0.665 dividend. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $2.66 dividend on an annualized basis and a yield of 6.51%. Verizon Communications’s payout ratio is presently 96.38%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Verizon Communications from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 24th. UBS Group raised their target price on Verizon Communications from $37.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, January 24th. Daiwa Capital Markets raised Verizon Communications from a “neutral” rating to an “outperform” rating and raised their price target for the company from $36.00 to $47.00 in a report on Wednesday, January 24th. Barclays lifted their target price on Verizon Communications from $42.00 to $44.00 and gave the stock an “equal weight” rating in a report on Friday, January 26th. Finally, Tigress Financial lifted their target price on Verizon Communications from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average price target of $43.86.

Insider Buying and Selling at Verizon Communications

In related news, CEO Kyle Malady sold 24,000 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $40.80, for a total transaction of $979,200.00. Following the sale, the chief executive officer now owns 35,201 shares in the company, valued at approximately $1,436,200.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.02% of the company’s stock.

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).