Meridian Investment Counsel Inc. Sells 8,757 Shares of Verizon Communications Inc. (NYSE:VZ)

Meridian Investment Counsel Inc. cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 16.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,247 shares of the cell phone carrier’s stock after selling 8,757 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in Verizon Communications were worth $1,769,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Verizon Communications by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 363,824,525 shares of the cell phone carrier’s stock valued at $14,549,343,000 after purchasing an additional 5,697,337 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Verizon Communications by 7.3% in 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 buying an additional 7,421,148 shares in the last quarter. Geode Capital Management LLC raised its holdings in Verizon Communications by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 95,824,245 shares of the cell phone carrier’s stock valued at $4,289,054,000 after acquiring an additional 2,081,241 shares during the period. Norges Bank purchased a new stake in shares of Verizon Communications during the fourth quarter worth $2,300,846,000. Finally, Raymond James Financial Inc. bought a new position in shares of Verizon Communications in the fourth quarter worth $1,083,337,000. 62.06% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Kyle Malady sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $40.54, for a total value of $810,800.00. Following the sale, the chief executive officer now owns 45,675 shares in the company, valued at $1,851,664.50. This represents a 30.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Vandana Venkatesh sold 10,000 shares of Verizon Communications stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total value of $437,900.00. Following the transaction, the executive vice president now owns 14,459 shares of the company’s stock, valued at $633,159.61. The trade was a 40.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,085 shares of company stock worth $2,020,895. Corporate insiders own 0.02% of the company’s stock.

Verizon Communications Price Performance

VZ opened at $44.96 on Monday. The stock’s 50 day moving average price is $42.11 and its 200-day moving average price is $42.07. Verizon Communications Inc. has a 52-week low of $37.59 and a 52-week high of $47.36. The stock has a market capitalization of $189.25 billion, a PE ratio of 10.86, a price-to-earnings-growth ratio of 4.45 and a beta of 0.41. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63.

Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same quarter in the prior year, the business posted $1.08 EPS. On average, equities research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be given a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.03%. The ex-dividend date is Thursday, April 10th. Verizon Communications’s dividend payout ratio is currently 65.46%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on VZ. Sanford C. Bernstein initiated coverage on shares of Verizon Communications in a report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price target for the company. StockNews.com lowered Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th. Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 price target (up previously from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Argus upgraded shares of Verizon Communications to a “strong-buy” rating in a research report on Monday, January 27th. Finally, Wolfe Research cut Verizon Communications from an “outperform” rating to a “peer perform” rating in a report on Wednesday, March 12th. Ten investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.71.

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).