Verizon Communications Inc. (NYSE:VZ) Shares Sold by Axa S.A.

Axa S.A. lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 8.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,428,507 shares of the cell phone carrier’s stock after selling 126,689 shares during the period. Axa S.A.’s holdings in Verizon Communications were worth $58,912,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Capital World Investors boosted its position in shares of Verizon Communications by 127.6% in the 4th quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after purchasing an additional 12,220,777 shares during the period. Capital Research Global Investors boosted its holdings in shares of Verizon Communications by 92.9% in the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after buying an additional 10,882,873 shares during the period. Swedbank AB purchased a new position in shares of Verizon Communications in the first quarter worth approximately $250,312,000. Third Point LLC acquired a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $173,325,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of Verizon Communications by 419.8% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 5,141,257 shares of the cell phone carrier’s stock valued at $193,825,000 after acquiring an additional 4,152,099 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. TD Cowen upped their target price on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Scotiabank increased their price objective on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. Royal Bank of Canada lifted their target price on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday. Finally, JPMorgan Chase & Co. reduced their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.16.

Verizon Communications Trading Down 0.2 %

Shares of VZ opened at $44.55 on Thursday. The stock’s 50-day moving average price is $41.59 and its 200 day moving average price is $40.86. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $45.05. The firm has a market capitalization of $187.53 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 4.03 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.15. The business had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. Verizon Communications’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the business posted $1.21 earnings per share. As a group, research analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.09%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Verizon Communications 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).