Cibc World Market Inc. Trims Holdings in Verizon Communications Inc. (NYSE:VZ)

Cibc World Market Inc. decreased its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 3.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,687,789 shares of the cell phone carrier's stock after selling 61,228 shares during the period. Cibc World Market Inc.'s holdings in Verizon Communications were worth $67,495,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VZ. Capital Performance Advisors LLP acquired a new stake in Verizon Communications during the 3rd quarter worth approximately $31,000. Accordant Advisory Group Inc lifted its holdings in shares of Verizon Communications by 137.6% during the third 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 period. Legend Financial Advisors Inc. grew its position in Verizon Communications by 69.6% in the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier's stock valued at $31,000 after buying an additional 320 shares during the last quarter. Cedar Mountain Advisors LLC increased its stake in Verizon Communications by 655.5% in the 4th quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier's stock valued at $39,000 after buying an additional 839 shares during the period. Finally, MidAtlantic Capital Management Inc. acquired a new position in Verizon Communications in the 3rd quarter valued at $44,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Price Performance

Shares of NYSE VZ traded down $0.07 during trading on Friday, reaching $39.41. The company had a trading volume of 45,176,702 shares, compared to its average volume of 26,574,746. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The stock has a market capitalization of $165.88 billion, a PE ratio of 9.52, a price-to-earnings-growth ratio of 4.21 and a beta of 0.46. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $45.36. The stock has a 50-day moving average price of $40.69 and a two-hundred day moving average price of $41.58.

Verizon Communications (NYSE:VZ - Get Free Report) last released 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 net margin of 12.99% and a return on equity of 19.80%. During the same quarter in the previous year, the business earned $1.08 earnings per share. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be issued a dividend of $0.6775 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.88%. Verizon Communications's payout ratio is currently 65.46%.

Insider Activity

In other news, CEO Kyle Malady sold 11,085 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 14,590 shares of the company's stock, valued at $596,439.20. This represents a 43.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.02% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on VZ. KeyCorp lowered shares of Verizon Communications from an "overweight" rating to a "sector weight" rating in a research note on Thursday, October 24th. Argus raised Verizon Communications to a "strong-buy" rating in a research note on Monday. Wolfe Research lifted their price target on Verizon Communications from $50.00 to $51.00 and gave the company an "overweight" rating in a research note on Friday, January 24th. StockNews.com cut Verizon Communications from a "strong-buy" rating to a "buy" rating in a research report on Monday, December 16th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Verizon Communications from $40.00 to $42.00 and gave the stock a "hold" rating in a research report on Friday, January 24th. Ten research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $46.08.

About Verizon Communications

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).