Verizon Communications Inc. (NYSE:VZ) Stake Lowered by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 0.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,394,590 shares of the cell phone carrier's stock after selling 53,039 shares during the period. Envestnet Asset Management Inc. owned about 0.27% of Verizon Communications worth $455,670,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Mainstream Capital Management LLC acquired a new stake in Verizon Communications in the 4th quarter worth about $28,000. Legend Financial Advisors Inc. lifted its holdings in shares of Verizon Communications by 69.6% during the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier's stock worth $31,000 after acquiring an additional 320 shares during the period. Graney & King LLC acquired a new stake in shares of Verizon Communications in the fourth quarter worth approximately $32,000. Compass Financial Services Inc acquired a new stake in shares of Verizon Communications in the fourth quarter worth approximately $33,000. Finally, Hager Investment Management Services LLC purchased a new stake in Verizon Communications in the fourth quarter valued at approximately $38,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Down 5.5 %

Verizon Communications stock traded down $2.51 during midday trading on Friday, hitting $43.11. 42,633,412 shares of the stock were exchanged, compared to its average volume of 19,738,736. Verizon Communications Inc. has a 1 year low of $37.59 and a 1 year high of $47.36. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59. The firm has a market cap of $181.47 billion, a P/E ratio of 10.41, a P/E/G ratio of 4.45 and a beta of 0.41. The company has a 50 day moving average price of $42.68 and a two-hundred day moving average price of $42.09.

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Verizon Communications (NYSE:VZ - Get Free Report) last announced its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.11 by ($0.01). Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. During the same period in the previous year, the business earned $1.08 EPS. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.29%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications's payout ratio is currently 65.46%.

Insider Buying and Selling

In other news, EVP Vandana Venkatesh sold 10,000 shares of Verizon Communications 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 completion of the transaction, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. This trade represents a 40.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kyle Malady sold 11,085 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $40.88, for a total value of $453,154.80. Following the sale, the chief executive officer now directly owns 14,590 shares in the company, valued at approximately $596,439.20. This represents a 43.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,085 shares of company stock worth $2,020,895. Insiders own 0.03% of the company's stock.

Wall Street Analyst Weigh In

VZ has been the topic of a number of research analyst reports. Sanford C. Bernstein started coverage on shares of Verizon Communications in a report on Tuesday, December 10th. They issued a "market perform" rating and a $48.00 price target on the stock. Royal Bank of Canada reiterated 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. Deutsche Bank Aktiengesellschaft upped their price target on Verizon Communications from $40.00 to $42.00 and gave the stock a "hold" rating in a research note on Friday, January 24th. TD Cowen raised Verizon Communications to a "strong-buy" rating in a research note on Wednesday, January 15th. Finally, Oppenheimer increased their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 1st. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $46.82.

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).