Verizon Communications Inc. (NYSE:VZ) Shares Sold by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 75.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,995 shares of the cell phone carrier’s stock after selling 265,891 shares during the period. Mediolanum International Funds Ltd’s holdings in Verizon Communications were worth $3,437,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in VZ. Charles Schwab Investment Management Inc. lifted its stake in shares of Verizon Communications by 6.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 101,273,082 shares of the cell phone carrier’s stock worth $4,548,163,000 after purchasing an additional 5,936,009 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Verizon Communications by 2.2% during the 3rd 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 buying an additional 2,081,241 shares during the period. FMR LLC lifted its position in 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 acquiring an additional 565,842 shares in the last quarter. Parnassus Investments LLC boosted its holdings in 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 worth $815,636,000 after acquiring an additional 502,949 shares during the period. Finally, Swiss National Bank grew its position in Verizon Communications by 0.4% in the third quarter. Swiss National Bank now owns 12,493,998 shares of the cell phone carrier’s stock valued at $561,105,000 after acquiring an additional 46,100 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $39.41 on Friday. The firm has a 50-day moving average of $40.61 and a two-hundred day moving average of $41.57. The company has a market capitalization of $165.88 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 4.21 and a beta of 0.46. 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 Inc. has a twelve month low of $37.58 and a twelve month high of $45.36.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share 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 quarter in the prior year, the firm earned $1.08 EPS. As a group, analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The business also recently announced 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. This represents a $2.71 annualized dividend and a dividend yield of 6.88%. The ex-dividend date is Friday, January 10th. Verizon Communications’s dividend payout ratio is 65.46%.

Insider Activity at Verizon Communications

In related news, 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 completion of the sale, the chief executive officer now owns 14,590 shares in the company, valued at approximately $596,439.20. This represents a 43.17 % 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. 0.02% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on VZ shares. Deutsche Bank Aktiengesellschaft upped their target price on shares of Verizon Communications from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Friday, January 24th. StockNews.com cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Wolfe Research lifted their target price on Verizon Communications from $50.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Sanford C. Bernstein assumed coverage on Verizon Communications in a report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price target for the company. Finally, TD Cowen upgraded Verizon Communications to a “strong-buy” rating in a research note on Wednesday, January 15th. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications 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).