Lombard Odier Asset Management Europe Ltd Sells 2,591 Shares of Verizon Communications Inc. (NYSE:VZ)

Lombard Odier Asset Management Europe Ltd decreased its holdings in Verizon Communications Inc. (NYSE:VZ) by 2.9% in the second quarter, Holdings Channel.com reports. The institutional investor owned 87,768 shares of the cell phone carrier’s stock after selling 2,591 shares during the period. Lombard Odier Asset Management Europe Ltd’s holdings in Verizon Communications were worth $3,620,000 as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in VZ. Koesten Hirschmann & Crabtree INC. purchased a new stake in Verizon Communications during the first quarter valued at $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Verizon Communications during the 4th quarter valued at about $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications in the 2nd quarter worth approximately $32,000. MFA Wealth Advisors LLC purchased a new position in shares of Verizon Communications in the second quarter worth approximately $33,000. Finally, Vima LLC purchased a new position in shares of Verizon Communications in the fourth quarter worth approximately $36,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Stock Up 0.9 %

Shares of NYSE VZ opened at $44.33 on Monday. The stock has a market capitalization of $186.60 billion, a price-to-earnings ratio of 16.54, a P/E/G ratio of 3.99 and a beta of 0.42. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $45.05. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The firm’s 50-day moving average price is $41.46 and its 200-day moving average price is $40.79.

Verizon Communications (NYSE:VZ) last issued 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 the consensus estimate of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.21 earnings per share. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a yield of 6.12%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s payout ratio is presently 101.12%.

Analyst Ratings Changes

VZ has been the topic of several recent research reports. Scotiabank increased their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. The Goldman Sachs Group began coverage on Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 target price on the stock. KeyCorp cut their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Friday, September 6th. Royal Bank of Canada restated a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a research report on Monday, September 9th. Finally, JPMorgan Chase & Co. lowered their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.66.

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).