Leigh Baldwin & CO. LLC Invests $17.75 Million in Verizon Communications Inc. (NYSE:VZ)

Leigh Baldwin & CO. LLC acquired a new stake in shares of Verizon Communications Inc. (NYSE:VZ) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 443,876 shares of the cell phone carrier’s stock, valued at approximately $17,751,000.

A number of other hedge funds have also made changes to their positions in VZ. Norges Bank acquired a new stake in shares of Verizon Communications during the 4th quarter valued at approximately $2,300,846,000. Raymond James Financial Inc. bought a new stake in shares of Verizon Communications during the 4th quarter worth about $1,083,337,000. Alyeska Investment Group L.P. boosted its stake in Verizon Communications by 3,601.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 8,937,180 shares of the cell phone carrier’s stock valued at $357,398,000 after buying an additional 8,695,736 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Verizon Communications by 7.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 108,694,230 shares of the cell phone carrier’s stock valued at $4,346,682,000 after acquiring an additional 7,421,148 shares during the last quarter. Finally, Capital Research Global Investors increased its stake in Verizon Communications by 52.7% in the 4th quarter. Capital Research Global Investors now owns 19,828,378 shares of the cell phone carrier’s stock worth $792,937,000 after purchasing an additional 6,846,514 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

NYSE:VZ opened at $43.65 on Monday. The company has a market cap of $184.04 billion, a price-to-earnings ratio of 10.54, a price-to-earnings-growth ratio of 4.45 and a beta of 0.39. The company has a fifty day simple moving average of $43.74 and a two-hundred day simple moving average of $41.98. Verizon Communications Inc. has a 52 week low of $37.59 and a 52 week high of $47.36. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. The firm had revenue of $33.50 billion for the quarter, compared to analyst estimates of $33.31 billion. Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th were given a $0.6775 dividend. This represents a $2.71 annualized dividend and a yield of 6.21%. The ex-dividend date was Thursday, April 10th. Verizon Communications’s dividend payout ratio (DPR) is 64.52%.

Analysts Set New Price Targets

A number of research analysts have commented on VZ shares. Wolfe Research downgraded Verizon Communications from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, March 12th. DZ Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft lifted their target price on Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a report on Friday, January 24th. Tigress Financial boosted their target price on Verizon Communications from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, April 28th. Finally, TD Cowen upgraded Verizon Communications to a “strong-buy” rating in a report on Wednesday, January 15th. Nine equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus target price of $47.41.

Insider Transactions at Verizon Communications

In related news, EVP Vandana Venkatesh sold 10,000 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total transaction of $437,900.00. Following the completion of the sale, the executive vice president now owns 14,459 shares in the company, valued at $633,159.61. This trade represents a 40.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total value of $396,900.00. Following the completion of the sale, the chief executive officer now owns 10,008 shares of the company’s stock, valued at approximately $441,352.80. The trade was a 47.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,500 shares of company stock valued at $1,376,300. Insiders own 0.10% 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).