Yacktman Asset Management LP Cuts Stake in Verizon Communications Inc. (NYSE:VZ)

Yacktman Asset Management LP decreased its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 38.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,000 shares of the cell phone carrier's stock after selling 33,000 shares during the period. Yacktman Asset Management LP's holdings in Verizon Communications were worth $2,144,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of VZ. Kornitzer Capital Management Inc. KS raised its stake in shares of Verizon Communications by 0.4% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 927,112 shares of the cell phone carrier's stock worth $38,234,000 after acquiring an additional 4,070 shares in the last quarter. Nottingham Advisors Inc. acquired a new position in shares of Verizon Communications during the second quarter worth $271,000. First Dallas Securities Inc. lifted its holdings in shares of Verizon Communications by 3.3% during the 2nd quarter. First Dallas Securities Inc. now owns 31,471 shares of the cell phone carrier's stock valued at $1,298,000 after purchasing an additional 1,007 shares during the last quarter. Chase Investment Counsel Corp purchased a new position in Verizon Communications during the 2nd quarter worth $479,000. Finally, Meridian Wealth Advisors LLC increased its position in Verizon Communications by 10.6% during the 2nd quarter. Meridian Wealth Advisors LLC now owns 8,961 shares of the cell phone carrier's stock valued at $370,000 after buying an additional 861 shares in the last quarter. Institutional investors own 62.06% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on VZ shares. Tigress Financial boosted their price target on Verizon Communications from $50.00 to $52.00 and gave the stock a "buy" rating in a research note on Friday, May 17th. JPMorgan Chase & Co. cut their price target on shares of Verizon Communications from $46.00 to $45.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 23rd. Scotiabank boosted their price objective on shares of Verizon Communications from $45.50 to $46.50 and gave the company a "sector perform" rating in a report on Wednesday, July 10th. Royal Bank of Canada reissued a "sector perform" rating and issued a $42.00 target price on shares of Verizon Communications in a research report on Tuesday, July 23rd. Finally, The Goldman Sachs Group initiated coverage on Verizon Communications in a research report on Monday, July 1st. They set a "buy" rating and a $50.00 price target for the company. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.78.

Verizon Communications Stock Performance

Shares of NYSE:VZ traded down $0.17 during trading on Thursday, hitting $41.31. 28,015,224 shares of the stock traded hands, compared to its average volume of 18,513,787. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The company has a fifty day moving average price of $40.92 and a two-hundred day moving average price of $40.52. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $43.42. The company has a market cap of $173.88 billion, a price-to-earnings ratio of 15.41, a P/E/G ratio of 3.81 and a beta of 0.41.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting analysts' consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company had revenue of $32.80 billion during the quarter, compared to analysts' expectations of $33.05 billion. During the same quarter in the previous year, the company earned $1.21 earnings per share. The firm's revenue for the quarter was up .6% on a year-over-year basis. As a group, equities analysts predict that Verizon Communications Inc. will post 4.57 EPS for the current year.

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).