Meiji Yasuda Life Insurance Co Cuts Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Meiji Yasuda Life Insurance Co trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 65.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 35,931 shares of the cell phone carrier’s stock after selling 67,526 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in Verizon Communications were worth $1,482,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of Verizon Communications in the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Verizon Communications during the fourth quarter worth approximately $29,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Verizon Communications in the 2nd quarter valued at $32,000. MFA Wealth Advisors LLC purchased a new stake in Verizon Communications in the 2nd quarter valued at $33,000. Finally, Vima LLC acquired a new stake in Verizon Communications during the 4th quarter worth $36,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Down 0.4 %

Shares of VZ opened at $43.89 on Thursday. Verizon Communications Inc. has a twelve month low of $30.14 and a twelve month high of $45.05. The firm has a market capitalization of $184.74 billion, a P/E ratio of 16.38, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42. 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 stock’s fifty day simple moving average is $41.35 and its 200 day simple moving average is $40.73.

Verizon Communications (NYSE:VZ) last announced its quarterly 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 during 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 firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.21 EPS. On average, equities research analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.18%. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio is currently 101.12%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Scotiabank lifted their price objective on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research note on Wednesday, July 10th. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price target for the company. KeyCorp reduced their price objective on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, September 6th. JPMorgan Chase & Co. cut their price target 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, TD Cowen boosted their price target on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $45.66.

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).