Nexus Investment Management ULC Reduces Stock Position in Verizon Communications Inc. (NYSE:VZ)

Nexus Investment Management ULC lessened its position in Verizon Communications Inc. (NYSE:VZ) by 63.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,050 shares of the cell phone carrier’s stock after selling 22,850 shares during the period. Nexus Investment Management ULC’s holdings in Verizon Communications were worth $522,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new position in Verizon Communications during the 3rd quarter valued at about $31,000. Accordant Advisory Group Inc grew its position in shares of Verizon Communications by 137.6% in the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after buying an additional 450 shares during the last quarter. Legend Financial Advisors Inc. increased its stake in shares of Verizon Communications by 69.6% during the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after buying an additional 320 shares during the period. MidAtlantic Capital Management Inc. bought a new position in shares of Verizon Communications during the third quarter valued at approximately $44,000. Finally, McClarren Financial Advisors Inc. lifted its stake in Verizon Communications by 762.6% in the third quarter. McClarren Financial Advisors Inc. now owns 1,061 shares of the cell phone carrier’s stock worth $48,000 after acquiring an additional 938 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of VZ stock opened at $38.86 on Friday. The company has a market capitalization of $163.58 billion, a price-to-earnings ratio of 16.75, a price-to-earnings-growth ratio of 3.17 and a beta of 0.46. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $45.36. The company’s 50-day moving average is $41.03 and its 200 day moving average is $41.69.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. The firm had revenue of $33.30 billion for the quarter, compared to analysts’ expectations of $33.42 billion. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.22 earnings per share. Sell-side analysts expect that Verizon Communications Inc. will post 4.6 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be paid a $0.6775 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.97%. The ex-dividend date is Friday, January 10th. Verizon Communications’s dividend payout ratio is currently 116.81%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. StockNews.com downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. UBS Group boosted their price target on shares of Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, December 20th. Bank of America raised their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Royal Bank of Canada upped their target price on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. Finally, Citigroup raised their target price on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Ten research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average target price of $46.54.

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).