Verizon Communications Inc. (NYSE:VZ) Shares Sold by Martingale Asset Management L P

Martingale Asset Management L P decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 13.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 894,631 shares of the cell phone carrier’s stock after selling 142,179 shares during the period. Verizon Communications makes up about 0.9% of Martingale Asset Management L P’s portfolio, making the stock its 18th biggest holding. Martingale Asset Management L P’s holdings in Verizon Communications were worth $40,178,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Capital Performance Advisors LLP purchased a new stake in Verizon Communications during the 3rd quarter worth $31,000. Mizuho Securities Co. Ltd. purchased a new stake in Verizon Communications during the 2nd quarter worth $32,000. MFA Wealth Advisors LLC bought a new stake in shares of Verizon Communications in the 2nd quarter worth about $33,000. Accordant Advisory Group Inc increased its position in shares of Verizon Communications by 137.6% in the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after purchasing an additional 450 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of Verizon Communications in the 3rd quarter worth about $44,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Up 0.0 %

Shares of NYSE:VZ opened at $44.38 on Friday. The company has a 50 day moving average of $42.90 and a 200-day moving average of $41.66. The firm has a market cap of $186.82 billion, a P/E ratio of 19.13, a P/E/G ratio of 3.19 and a beta of 0.43. Verizon Communications Inc. has a twelve month low of $36.46 and a twelve month high of $45.36. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32.

Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The business had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. During the same period in the previous year, the firm earned $1.22 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. As a group, analysts anticipate that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were issued a $0.678 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.11%. The ex-dividend date of this dividend was Thursday, October 10th. Verizon Communications’s payout ratio is presently 116.81%.

Analyst Ratings Changes

Several research firms have recently weighed in on VZ. KeyCorp downgraded shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. Scotiabank boosted their target price on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a research report on Friday, October 18th. Citigroup boosted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Bank of America boosted their target price on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Finally, Royal Bank of Canada boosted their target price on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Monday, September 23rd. Nine investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Verizon Communications currently has a consensus rating of “Moderate Buy” and an average price target of $46.37.

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).