Lazard Asset Management LLC Has $45.16 Million Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Lazard Asset Management LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 7.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 1,076,364 shares of the cell phone carrier’s stock after selling 83,052 shares during the period. Lazard Asset Management LLC’s holdings in Verizon Communications were worth $45,163,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. LRI Investments LLC acquired a new stake in Verizon Communications in the first quarter valued at approximately $762,000. 1832 Asset Management L.P. boosted its position in Verizon Communications by 6.5% in the first quarter. 1832 Asset Management L.P. now owns 130,883 shares of the cell phone carrier’s stock valued at $5,492,000 after buying an additional 8,033 shares in the last quarter. Truvestments Capital LLC boosted its position in Verizon Communications by 9.1% in the first quarter. Truvestments Capital LLC now owns 58,534 shares of the cell phone carrier’s stock valued at $2,456,000 after buying an additional 4,878 shares in the last quarter. Senator Investment Group LP acquired a new stake in Verizon Communications in the first quarter valued at approximately $70,523,000. Finally, Canada Pension Plan Investment Board boosted its position in Verizon Communications by 30.1% in the first quarter. Canada Pension Plan Investment Board now owns 4,195,204 shares of the cell phone carrier’s stock valued at $176,031,000 after buying an additional 969,779 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Up 0.4 %

NYSE VZ traded up $0.14 during trading hours on Friday, hitting $40.09. 15,911,465 shares of the company’s stock were exchanged, compared to its average volume of 18,588,142. The stock has a 50-day simple moving average of $40.58 and a 200 day simple moving average of $40.44. Verizon Communications Inc. has a 1-year low of $30.14 and a 1-year high of $43.42. The firm has a market cap of $168.75 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 3.65 and a beta of 0.41. The company has a current ratio of 0.63, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last released its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting the consensus estimate of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter last year, the firm posted $1.21 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. On average, equities analysts forecast that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be paid a $0.665 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a yield of 6.64%. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Analysts Set New Price Targets

A number of brokerages have weighed in on VZ. JPMorgan Chase & Co. cut their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Oppenheimer restated an “outperform” rating and issued a $48.00 target price on shares of Verizon Communications in a research report on Tuesday, April 23rd. Scotiabank lifted their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. Wells Fargo & Company reduced their price objective on shares of 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 reaffirmed a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a research report on Tuesday, July 23rd. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.68.

Verizon Communications 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).