Verizon Communications Inc. (NYSE:VZ) Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 75.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,583 shares of the cell phone carrier’s stock after selling 104,233 shares during the period. Highland Capital Management LLC’s holdings in Verizon Communications were worth $1,385,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in VZ. Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of Verizon Communications in the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Verizon Communications during the fourth quarter worth about $29,000. MFA Wealth Advisors LLC acquired a new position in Verizon Communications in the 2nd quarter valued at about $33,000. Pittenger & Anderson Inc. lifted its position in Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after acquiring an additional 296 shares during the period. Finally, Vima LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth $36,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Up 0.6 %

NYSE:VZ traded up $0.25 on Monday, hitting $41.46. 455,386 shares of the stock were exchanged, compared to its average volume of 18,374,176. The stock has a market cap of $174.52 billion, a PE ratio of 15.38, a PEG ratio of 3.72 and a beta of 0.41. 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 current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The stock has a fifty day moving average of $40.71 and a 200-day moving average of $40.43.

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

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were given a dividend of $0.665 per share. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.42%. Verizon Communications’s payout ratio is currently 99.25%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Scotiabank increased their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. The Goldman Sachs Group initiated coverage on Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $42.00 price objective on shares of Verizon Communications in a report on Tuesday, July 23rd. Finally, TD Cowen lifted their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average price target of $45.78.

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).