Verizon Communications Inc. (NYSE:VZ) Shares Sold by Eagle Ridge Investment Management

Eagle Ridge Investment Management lessened its stake in Verizon Communications Inc. (NYSE:VZ) by 0.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 648,520 shares of the cell phone carrier’s stock after selling 2,497 shares during the quarter. Verizon Communications comprises approximately 2.3% of Eagle Ridge Investment Management’s holdings, making the stock its 14th biggest holding. Eagle Ridge Investment Management’s holdings in Verizon Communications were worth $25,934,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new position in shares of Verizon Communications during the 3rd quarter valued at $31,000. Legend Financial Advisors Inc. lifted its holdings in shares of Verizon Communications by 69.6% during the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after acquiring an additional 320 shares in the last quarter. Accordant Advisory Group Inc lifted its holdings in shares of Verizon Communications by 137.6% during the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after acquiring an additional 450 shares in the last quarter. Hager Investment Management Services LLC acquired a new position in shares of Verizon Communications during the 4th quarter valued at $38,000. Finally, Cedar Mountain Advisors LLC lifted its holdings in shares of Verizon Communications by 655.5% during the 4th quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier’s stock valued at $39,000 after acquiring an additional 839 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Price Performance

VZ opened at $39.95 on Friday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $45.36. The company has a 50-day moving average of $40.36 and a 200-day moving average of $41.53. The company has a market capitalization of $168.16 billion, a P/E ratio of 9.65, a PEG ratio of 4.11 and a beta of 0.45.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same quarter in the prior year, the company posted $1.08 EPS. Equities analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 10th were given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.78%. The ex-dividend date was Friday, January 10th. Verizon Communications’s dividend payout ratio is presently 65.46%.

Analysts Set New Price Targets

VZ has been the topic of several recent research reports. Sanford C. Bernstein initiated coverage on shares of Verizon Communications in a report on Tuesday, December 10th. They set a “market perform” rating and a $48.00 target price on the stock. StockNews.com downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Monday, December 16th. Royal Bank of Canada dropped their price target on shares of Verizon Communications from $46.00 to $42.00 in a research note on Friday, January 24th. UBS Group lifted their price target on shares of Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, December 20th. Finally, Scotiabank lifted their price target on shares of Verizon Communications from $47.00 to $47.50 and gave the stock a “sector perform” rating in a research note on Monday, January 27th. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.08.

Insider Activity at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 8,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $39.88, for a total transaction of $319,040.00. Following the completion of the transaction, the chief executive officer now directly owns 6,590 shares of the company’s stock, valued at $262,809.20. The trade was a 54.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 39,085 shares of company stock valued at $1,582,995 in the last quarter. Insiders own 0.02% of the company’s stock.

Verizon Communications Company 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).