Cornerstone Planning Group LLC Sells 1,196 Shares of Verizon Communications Inc. (NYSE:VZ)

Cornerstone Planning Group LLC reduced its position in Verizon Communications Inc. (NYSE:VZFree Report) by 31.5% in the third quarter, Holdings Channel.com reports. The fund owned 2,595 shares of the cell phone carrier’s stock after selling 1,196 shares during the period. Cornerstone Planning Group LLC’s holdings in Verizon Communications were worth $84,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Terril Brothers Inc. grew its position in Verizon Communications by 16.9% in the 3rd quarter. Terril Brothers Inc. now owns 311,494 shares of the cell phone carrier’s stock worth $10,096,000 after purchasing an additional 45,058 shares during the period. Applied Finance Capital Management LLC grew its position in Verizon Communications by 27.3% in the 3rd quarter. Applied Finance Capital Management LLC now owns 544,953 shares of the cell phone carrier’s stock worth $17,662,000 after purchasing an additional 116,788 shares during the period. St. James Investment Company LLC grew its position in shares of Verizon Communications by 14.6% during the 3rd quarter. St. James Investment Company LLC now owns 693,234 shares of the cell phone carrier’s stock valued at $22,468,000 after acquiring an additional 88,458 shares during the period. MRA Advisory Group grew its position in shares of Verizon Communications by 26.1% during the 3rd quarter. MRA Advisory Group now owns 18,675 shares of the cell phone carrier’s stock valued at $605,000 after acquiring an additional 3,862 shares during the period. Finally, Soltis Investment Advisors LLC grew its position in shares of Verizon Communications by 68.7% during the 3rd quarter. Soltis Investment Advisors LLC now owns 189,191 shares of the cell phone carrier’s stock valued at $6,132,000 after acquiring an additional 77,066 shares during the period. 61.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Stock Down 0.3 %

Shares of NYSE VZ opened at $41.25 on Tuesday. The company has a market cap of $173.42 billion, a P/E ratio of 14.99, a PEG ratio of 3.20 and a beta of 0.43. The firm has a 50-day simple moving average of $39.04 and a two-hundred day simple moving average of $35.64. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $43.21. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.69 and a quick ratio of 0.65.

Verizon Communications (NYSE:VZGet Free Report) last issued its earnings results on Tuesday, January 23rd. The cell phone carrier reported $1.08 EPS for the quarter, hitting analysts’ consensus estimates of $1.08. The business had revenue of $35.10 billion for the quarter, compared to analyst estimates of $34.60 billion. Verizon Communications had a net margin of 8.67% and a return on equity of 20.71%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same period last year, the company posted $1.19 earnings per share. Research analysts anticipate that Verizon Communications Inc. will post 4.6 earnings per share for the current year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Investors of record on Wednesday, January 10th were given a dividend of $0.665 per share. The ex-dividend date of this dividend was Tuesday, January 9th. This represents a $2.66 dividend on an annualized basis and a yield of 6.45%. Verizon Communications’s dividend payout ratio is presently 96.38%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. KeyCorp lifted their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. StockNews.com cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, January 31st. Tigress Financial lifted their target price on shares of Verizon Communications from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Daiwa Capital Markets upgraded shares of Verizon Communications from a “neutral” rating to an “outperform” rating and upped their target price for the company from $36.00 to $47.00 in a research report on Wednesday, January 24th. Finally, Wolfe Research upgraded shares of Verizon Communications from a “peer perform” rating to an “outperform” rating and set a $46.00 target price on the stock in a research report on Thursday, January 4th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.62.

Read Our Latest Stock Report on Verizon Communications

Insider Activity at Verizon Communications

In other Verizon Communications news, EVP Craig L. Silliman sold 3,340 shares of Verizon Communications stock in a transaction on Monday, December 11th. The shares were sold at an average price of $38.29, for a total value of $127,888.60. Following the completion of the transaction, the executive vice president now owns 46,295 shares of the company’s stock, valued at $1,772,635.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Craig L. Silliman sold 23,380 shares of the firm’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $38.00, for a total value of $888,440.00. Following the transaction, the executive vice president now directly owns 49,635 shares of the company’s stock, valued at approximately $1,886,130. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Craig L. Silliman sold 3,340 shares of Verizon Communications stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $38.29, for a total value of $127,888.60. Following the completion of the sale, the executive vice president now directly owns 46,295 shares in the company, valued at $1,772,635.55. The disclosure for this sale can be found here. 0.02% of the stock is currently owned by insiders.

Verizon Communications Profile

(Free Report)

Verizon Communications Inc, through its subsidiaries, provides 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).

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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