Tobam Sells 59,663 Shares of Verizon Communications Inc. (NYSE:VZ)

Tobam decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 19.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 254,864 shares of the cell phone carrier’s stock after selling 59,663 shares during the period. Verizon Communications comprises approximately 2.1% of Tobam’s holdings, making the stock its 12th largest position. Tobam’s holdings in Verizon Communications were worth $11,446,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Cadinha & Co. LLC grew its position in shares of Verizon Communications by 9.3% during the 3rd quarter. Cadinha & Co. LLC now owns 9,388 shares of the cell phone carrier’s stock valued at $422,000 after acquiring an additional 800 shares during the period. Unison Advisors LLC grew its position in shares of Verizon Communications by 1.6% during the 3rd quarter. Unison Advisors LLC now owns 62,258 shares of the cell phone carrier’s stock valued at $2,796,000 after acquiring an additional 965 shares during the period. Advocate Group LLC grew its position in shares of Verizon Communications by 5.1% during the 3rd quarter. Advocate Group LLC now owns 242,603 shares of the cell phone carrier’s stock valued at $10,895,000 after acquiring an additional 11,845 shares during the period. Hyperion Partners LLC grew its position in shares of Verizon Communications by 8.2% during the 3rd quarter. Hyperion Partners LLC now owns 13,643 shares of the cell phone carrier’s stock valued at $613,000 after acquiring an additional 1,034 shares during the period. Finally, Cypress Wealth Services LLC boosted its holdings in Verizon Communications by 1.9% in the 3rd quarter. Cypress Wealth Services LLC now owns 18,428 shares of the cell phone carrier’s stock worth $828,000 after buying an additional 339 shares during the period. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

Shares of NYSE VZ traded down $1.19 during mid-day trading on Thursday, hitting $42.92. 6,160,926 shares of the company’s stock traded hands, compared to its average volume of 18,596,158. The company’s 50-day moving average is $42.51 and its two-hundred day moving average is $41.20. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The company has a market capitalization of $180.66 billion, a P/E ratio of 16.03, a PEG ratio of 4.03 and a beta of 0.42. Verizon Communications Inc. has a 1 year low of $30.62 and a 1 year high of $45.36.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.21 EPS. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.32%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s dividend payout ratio is currently 101.12%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on VZ shares. TD Cowen upped their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Scotiabank upped their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. Tigress Financial upped their target price on shares of Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. dropped their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Finally, Raymond James upped their target price on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $46.26.

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).