Oak Asset Management LLC Sells 15,348 Shares of Verizon Communications Inc. (NYSE:VZ)

Oak Asset Management LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZFree Report) by 19.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,917 shares of the cell phone carrier’s stock after selling 15,348 shares during the period. Oak Asset Management LLC’s holdings in Verizon Communications were worth $2,410,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of VZ. Moneta Group Investment Advisors LLC grew its stake in shares of Verizon Communications by 88,532.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 79,084,569 shares of the cell phone carrier’s stock worth $3,115,932,000 after buying an additional 78,995,341 shares in the last quarter. Norges Bank purchased a new position in shares of Verizon Communications during the 4th quarter worth about $1,829,675,000. Morgan Stanley boosted its stake in shares of Verizon Communications by 21.4% during the 4th quarter. Morgan Stanley now owns 67,976,459 shares of the cell phone carrier’s stock worth $2,678,273,000 after purchasing an additional 11,987,691 shares during the period. State Street Corp lifted its holdings in Verizon Communications by 4.9% during the 2nd quarter. State Street Corp now owns 175,039,883 shares of the cell phone carrier’s stock valued at $6,509,733,000 after buying an additional 8,171,700 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Verizon Communications by 81.3% during the 1st quarter. Renaissance Technologies LLC now owns 10,604,493 shares of the cell phone carrier’s stock valued at $540,193,000 after buying an additional 4,756,222 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on VZ. Citigroup lifted their price objective on shares of Verizon Communications from $45.00 to $47.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. UBS Group raised their price objective on shares of Verizon Communications from $37.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday, January 24th. KeyCorp raised their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Wells Fargo & Company raised their target price on shares of Verizon Communications from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 24th. Finally, Daiwa Capital Markets upgraded shares of Verizon Communications from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $36.00 to $47.00 in a research report on Wednesday, January 24th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus price target of $44.50.

Read Our Latest Report on Verizon Communications

Insiders Place Their Bets

In related news, CEO Kyle Malady sold 15,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $40.33, for a total value of $604,950.00. Following the completion of the transaction, the chief executive officer now owns 59,201 shares of the company’s stock, valued at $2,387,576.33. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.03% of the company’s stock.

Verizon Communications Stock Up 0.4 %

VZ traded up $0.17 on Wednesday, hitting $42.71. 4,141,040 shares of the company were exchanged, compared to its average volume of 19,954,049. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $43.21. The company has a market cap of $179.56 billion, a PE ratio of 15.46, a PEG ratio of 3.43 and a beta of 0.41. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.65 and a current ratio of 0.69. The stock’s fifty day moving average is $40.74 and its 200-day moving average is $37.60.

Verizon Communications (NYSE:VZGet Free Report) last announced its earnings results on Tuesday, January 23rd. The cell phone carrier reported $1.08 EPS for the quarter, hitting the consensus estimate of $1.08. The business had revenue of $35.10 billion during the quarter, compared to the consensus estimate of $34.60 billion. Verizon Communications had a net margin of 8.67% and a return on equity of 20.71%. Verizon Communications’s revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.19 EPS. Equities research analysts predict that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be issued a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 6.23%. The ex-dividend date is Tuesday, April 9th. Verizon Communications’s dividend payout ratio is currently 96.38%.

About Verizon Communications

(Free Report)

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).

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

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