Verizon Communications (NYSE:VZ) Trading Down 0.2% After Insider Selling

Verizon Communications Inc. (NYSE:VZ - Get Free Report)'s share price was down 0.2% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $40.27 and last traded at $40.32. Approximately 5,544,674 shares changed hands during trading, a decline of 77% from the average daily volume of 24,414,332 shares. The stock had previously closed at $40.40.

Specifically, CEO Kyle Malady sold 20,000 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $40.54, for a total transaction of $810,800.00. Following the completion of the transaction, the chief executive officer now owns 45,675 shares in the company, valued at approximately $1,851,664.50. This represents a 30.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

A number of analysts recently issued reports on VZ shares. Scotiabank lifted their target price on Verizon Communications from $47.00 to $47.50 and gave the company a "sector perform" rating in a research report on Monday, January 27th. KeyCorp downgraded shares of Verizon Communications from an "overweight" rating to a "sector weight" rating in a report on Thursday, October 24th. Royal Bank of Canada dropped their price target on Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. TD Cowen raised Verizon Communications to a "strong-buy" rating in a report on Wednesday, January 15th. Finally, Argus raised Verizon Communications to a "strong-buy" rating in a report on Monday, January 27th. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $46.08.

Verizon Communications Stock Performance

The firm has a market capitalization of $165.88 billion, a P/E ratio of 9.52, a price-to-earnings-growth ratio of 4.21 and a beta of 0.46. The company has a 50-day moving average of $40.61 and a 200-day moving average of $41.57. 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 (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 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 last year, the business earned $1.08 earnings per share. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

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

Hedge Funds Weigh In On Verizon Communications

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its position in shares of Verizon Communications by 6.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 101,273,082 shares of the cell phone carrier's stock valued at $4,548,163,000 after acquiring an additional 5,936,009 shares during the period. Geode Capital Management LLC raised its holdings in shares of Verizon Communications by 2.2% during the third quarter. Geode Capital Management LLC now owns 95,824,245 shares of the cell phone carrier's stock valued at $4,289,054,000 after purchasing an additional 2,081,241 shares during the period. FMR LLC boosted its position in shares of Verizon Communications by 2.0% during the 3rd quarter. FMR LLC now owns 29,074,297 shares of the cell phone carrier's stock worth $1,305,727,000 after purchasing an additional 565,842 shares in the last quarter. Parnassus Investments LLC grew its stake in shares of Verizon Communications by 2.8% in the 3rd quarter. Parnassus Investments LLC now owns 18,161,563 shares of the cell phone carrier's stock valued at $815,636,000 after buying an additional 502,949 shares during the period. Finally, Swiss National Bank increased its position in Verizon Communications by 0.4% in the 3rd quarter. Swiss National Bank now owns 12,493,998 shares of the cell phone carrier's stock valued at $561,105,000 after buying an additional 46,100 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company's stock.

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).