Verizon Communications Inc. (NYSE:VZ) Shares Sold by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt reduced its holdings in Verizon Communications Inc. (NYSE:VZ) by 92.3% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 7,439 shares of the cell phone carrier’s stock after selling 88,663 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Verizon Communications were worth $307,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of VZ. Criterion Capital Advisors LLC purchased a new stake in Verizon Communications during the fourth quarter worth $25,000. Koesten Hirschmann & Crabtree INC. acquired a new stake in Verizon Communications in the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in Verizon Communications during the 4th quarter valued at about $29,000. Vima LLC purchased a new position in Verizon Communications during the 4th quarter valued at about $36,000. Finally, Cetera Trust Company N.A acquired a new position in Verizon Communications during the fourth quarter worth about $37,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Trading Down 0.8 %

VZ stock traded down $0.31 during midday trading on Monday, reaching $40.44. 2,463,170 shares of the company’s stock traded hands, compared to its average volume of 18,766,043. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $43.42. The business has a 50-day moving average price of $40.69 and a two-hundred day moving average price of $40.51. The company has a market capitalization of $170.22 billion, a P/E ratio of 15.13, a PEG ratio of 3.72 and a beta of 0.41. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. The firm had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.21 EPS. Equities research analysts forecast that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were issued a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 6.58%. The ex-dividend date was Wednesday, July 10th. Verizon Communications’s dividend payout ratio is presently 99.25%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on VZ. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price objective for the company. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. TD Cowen upped their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Wells Fargo & Company cut their target price on shares of Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.78.

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).