Verizon Communications Inc. (NYSE:VZ) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 0.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 599,716 shares of the cell phone carrier’s stock after selling 4,362 shares during the quarter. New York Life Investment Management LLC’s holdings in Verizon Communications were worth $22,609,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. LFA Lugano Financial Advisors SA boosted its position in Verizon Communications by 627.8% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock valued at $25,000 after purchasing an additional 565 shares during the last quarter. Criterion Capital Advisors LLC acquired a new stake in Verizon Communications during the fourth quarter valued at $25,000. Morton Brown Family Wealth LLC boosted its position in Verizon Communications by 130.1% during the fourth quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock valued at $33,000 after purchasing an additional 488 shares during the last quarter. Cetera Trust Company N.A acquired a new stake in Verizon Communications during the fourth quarter valued at $37,000. Finally, Mizuho Securities Co. Ltd. boosted its position in Verizon Communications by 3,233.3% during the fourth quarter. Mizuho Securities Co. Ltd. now owns 1,000 shares of the cell phone carrier’s stock valued at $38,000 after purchasing an additional 970 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

Shares of VZ traded down $0.29 on Wednesday, hitting $39.20. The company’s stock had a trading volume of 17,737,283 shares, compared to its average volume of 20,130,023. The company has a market capitalization of $165.00 billion, a PE ratio of 14.77, a PEG ratio of 2.91 and a beta of 0.41. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.71 and a quick ratio of 0.67. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $43.42. The company has a 50 day moving average price of $40.43 and a 200 day moving average price of $38.74.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, topping the consensus estimate of $1.12 by $0.03. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The business had revenue of $33 billion for the quarter, compared to the consensus estimate of $33.23 billion. During the same period in the previous year, the business earned $1.20 EPS. Verizon Communications’s revenue was up .3% compared to the same quarter last year. On average, research analysts anticipate that Verizon Communications Inc. will post 4.6 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 6.79%. The ex-dividend date is Tuesday, April 9th. Verizon Communications’s dividend payout ratio is 99.25%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on VZ shares. Citigroup boosted their price target on Verizon Communications from $45.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Wolfe Research upgraded Verizon Communications from a “peer perform” rating to an “outperform” rating and set a $46.00 price target on the stock in a research note on Thursday, January 4th. Tigress Financial boosted their price target on Verizon Communications from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Wells Fargo & Company lowered their price objective on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 23rd. Finally, Royal Bank of Canada upped their price objective on Verizon Communications from $36.00 to $40.00 and gave the company a “sector perform” rating in a research note on Tuesday, April 2nd. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus price target of $44.21.

Insiders Place Their Bets

In other news, CEO Kyle Malady sold 24,000 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $40.80, for a total value of $979,200.00. Following the transaction, the chief executive officer now owns 35,201 shares of the company’s stock, valued at approximately $1,436,200.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.03% of the company’s stock.

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).