Meiji Yasuda Asset Management Co Ltd. lifted its holdings in Verizon Communications Inc. (NYSE:VZ – Free Report) by 8.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 613,083 shares of the cell phone carrier’s stock after purchasing an additional 45,922 shares during the quarter. Verizon Communications comprises about 1.2% of Meiji Yasuda Asset Management Co Ltd.’s holdings, making the stock its 7th biggest holding. Meiji Yasuda Asset Management Co Ltd.’s holdings in Verizon Communications were worth $25,958,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. USS Investment Management Ltd raised its holdings in Verizon Communications by 4.6% in the 1st quarter. USS Investment Management Ltd now owns 713,156 shares of the cell phone carrier’s stock worth $35,790,000 after purchasing an additional 31,354 shares during the period. Cornerstone Capital Inc. grew its holdings in Verizon Communications by 8.6% during the second quarter. Cornerstone Capital Inc. now owns 317,284 shares of the cell phone carrier’s stock valued at $13,434,000 after purchasing an additional 25,156 shares during the period. Cibc World Market Inc. lifted its position in shares of Verizon Communications by 15.3% during the 4th quarter. Cibc World Market Inc. now owns 2,382,975 shares of the cell phone carrier’s stock valued at $97,059,000 after buying an additional 316,854 shares in the last quarter. University of Texas Texas AM Investment Management Co. grew its stake in shares of Verizon Communications by 127.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 184,170 shares of the cell phone carrier’s stock valued at $7,798,000 after acquiring an additional 103,046 shares during the period. Finally, Keudell Morrison Wealth Management bought a new position in shares of Verizon Communications during the 4th quarter valued at approximately $2,171,000. Institutional investors and hedge funds own 62.06% of the company’s stock.
Verizon Communications Price Performance
NYSE:VZ opened at $50.11 on Friday. The business’s 50-day moving average is $45.91 and its 200 day moving average is $47.42. Verizon Communications Inc. has a 12 month low of $38.39 and a 12 month high of $51.68. The company has a market capitalization of $208.20 billion, a P/E ratio of 13.05, a P/E/G ratio of 1.38 and a beta of 0.25. The company has a current ratio of 0.60, a quick ratio of 0.57 and a debt-to-equity ratio of 1.36.
Verizon Communications Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Friday, July 10th were given a dividend of $0.7075 per share. The ex-dividend date was Friday, July 10th. This represents a $2.83 annualized dividend and a yield of 5.6%. Verizon Communications’s dividend payout ratio (DPR) is 73.70%.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the stock. Barclays upped their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Monday, July 27th. Morgan Stanley upped their target price on shares of Verizon Communications from $50.00 to $52.00 and gave the stock an “equal weight” rating in a report on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Verizon Communications in a research note on Wednesday. Scotiabank raised their price target on Verizon Communications from $51.50 to $52.50 and gave the company a “sector outperform” rating in a report on Monday, July 27th. Finally, Royal Bank Of Canada upped their price objective on Verizon Communications from $46.00 to $47.00 and gave the stock a “sector perform” rating in a research note on Monday, July 27th. Nine equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $50.84.
View Our Latest Stock Analysis on VZ
Insider Activity at Verizon Communications
In other news, CEO Kyle Malady sold 1,100 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $50.06, for a total value of $55,066.00. Following the sale, the chief executive officer directly owned 108,766 shares in the company, valued at $5,444,825.96. The trade was a 1.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.03% of the stock is owned by insiders.
About Verizon Communications
Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.
The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.
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