Redwood Investment Management LLC Sells 2,727 Shares of Verizon Communications Inc. (NYSE:VZ)

Redwood Investment Management LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 5.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,070 shares of the cell phone carrier’s stock after selling 2,727 shares during the quarter. Redwood Investment Management LLC’s holdings in Verizon Communications were worth $2,158,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its holdings in Verizon Communications by 6.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 101,273,082 shares of the cell phone carrier’s stock valued at $4,548,163,000 after acquiring an additional 5,936,009 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Verizon Communications by 3.0% during the 2nd quarter. Legal & General Group Plc now owns 38,357,031 shares of the cell phone carrier’s stock worth $1,581,848,000 after purchasing an additional 1,106,887 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Verizon Communications by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 35,561,841 shares of the cell phone carrier’s stock worth $1,466,446,000 after acquiring an additional 535,322 shares in the last quarter. FMR LLC grew its position in Verizon Communications by 2.0% in the 3rd quarter. FMR LLC now owns 29,074,297 shares of the cell phone carrier’s stock valued at $1,305,727,000 after purchasing an additional 565,842 shares during the period. Finally, Parnassus Investments LLC increased its position in shares of Verizon Communications by 2.8% during the third 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 in the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Stock Down 3.0 %

Shares of Verizon Communications stock opened at $42.52 on Thursday. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32. Verizon Communications Inc. has a 12-month low of $36.46 and a 12-month high of $45.36. The company has a market cap of $178.99 billion, a P/E ratio of 18.33, a PEG ratio of 3.19 and a beta of 0.44. The company’s fifty day simple moving average is $42.84 and its two-hundred day simple moving average is $41.76.

Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. The firm had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.22 EPS. Research analysts anticipate that Verizon Communications Inc. will post 4.61 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on VZ. StockNews.com downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 30th. UBS Group raised their target price on Verizon Communications from $43.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Tigress Financial increased their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Royal Bank of Canada raised their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. Finally, Scotiabank increased their target price on shares of Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a research report on Friday, October 18th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $46.37.

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).