Verizon Communications Inc. (NYSE:VZ) Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 7.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 605,844 shares of the cell phone carrier’s stock after selling 47,869 shares during the period. Lazard Asset Management LLC’s holdings in Verizon Communications were worth $24,227,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Mainstream Capital Management LLC acquired a new position in shares of Verizon Communications in the 4th quarter valued at $28,000. Graney & King LLC acquired a new position in shares of Verizon Communications in the 4th quarter valued at $32,000. Compass Financial Services Inc acquired a new position in shares of Verizon Communications in the 4th quarter valued at $33,000. Banque Transatlantique SA acquired a new position in shares of Verizon Communications in the 4th quarter valued at $35,000. Finally, Hager Investment Management Services LLC acquired a new stake in Verizon Communications during the 4th quarter worth about $38,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Scotiabank increased their price target on Verizon Communications from $48.50 to $49.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 23rd. Wolfe Research downgraded Verizon Communications from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, March 12th. Tigress Financial increased their price target on Verizon Communications from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, April 28th. Deutsche Bank Aktiengesellschaft increased their price target on Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Friday, January 24th. Finally, TD Cowen raised Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.41.

Insider Buying and Selling

In other news, CEO Kyle Malady sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $42.48, for a total transaction of $212,400.00. Following the transaction, the chief executive officer now directly owns 36,508 shares in the company, valued at $1,550,859.84. The trade was a 12.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Vandana Venkatesh sold 10,000 shares of the business’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 value of $437,900.00. Following the transaction, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. This represents a 40.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,500 shares of company stock worth $1,376,300. Insiders own 0.10% of the company’s stock.

Verizon Communications Trading Down 0.9%

Shares of Verizon Communications stock opened at $42.62 on Wednesday. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. Verizon Communications Inc. has a twelve month low of $37.59 and a twelve month high of $47.36. The firm has a market capitalization of $179.70 billion, a PE ratio of 10.29, a P/E/G ratio of 4.45 and a beta of 0.39. The firm’s 50-day moving average price is $43.71 and its 200 day moving average price is $42.00.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share (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 company had revenue of $33.50 billion for the quarter, compared to analysts’ expectations of $33.31 billion. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Thursday, April 10th were issued a $0.6775 dividend. This represents a $2.71 annualized dividend and a yield of 6.36%. The ex-dividend date of this dividend was Thursday, April 10th. Verizon Communications’s payout ratio is 64.52%.

Verizon Communications Company 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).