Cibc World Markets Corp Raises Holdings in Verizon Communications Inc. (NYSE:VZ)

Cibc World Markets Corp raised its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 14.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,245,397 shares of the cell phone carrier’s stock after acquiring an additional 154,789 shares during the quarter. Cibc World Markets Corp’s holdings in Verizon Communications were worth $49,803,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Raymond James Financial Inc. purchased a new stake in shares of Verizon Communications during the fourth quarter worth $1,083,337,000. Charles Schwab Investment Management Inc. grew its position in shares of Verizon Communications by 7.3% in the fourth 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 purchasing an additional 7,421,148 shares in the last quarter. Amundi raised its stake in shares of Verizon Communications by 32.3% during the 4th quarter. Amundi now owns 25,227,069 shares of the cell phone carrier’s stock valued at $983,445,000 after purchasing an additional 6,153,408 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Verizon Communications during the 3rd quarter worth about $177,799,000. Finally, Assenagon Asset Management S.A. lifted its holdings in Verizon Communications by 184.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 5,428,540 shares of the cell phone carrier’s stock worth $217,087,000 after purchasing an additional 3,519,258 shares in the last quarter. Institutional investors own 62.06% of the company’s stock.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, EVP Vandana Venkatesh sold 10,000 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total value of $437,900.00. Following the completion of the sale, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. This trade represents a 40.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Kyle Malady sold 11,085 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $40.88, for a total value of $453,154.80. Following the completion of the sale, the chief executive officer now directly owns 14,590 shares of the company’s stock, valued at $596,439.20. The trade was a 43.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,085 shares of company stock valued at $2,020,895 in the last quarter. Company insiders own 0.02% of the company’s stock.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $43.67 on Monday. The stock has a market cap of $183.82 billion, a PE ratio of 10.55, a PEG ratio of 4.45 and a beta of 0.41. The company’s fifty day moving average is $41.01 and its 200 day moving average is $41.93. Verizon Communications Inc. has a 52 week low of $37.59 and a 52 week high of $47.36. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01). Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. During the same period in the previous year, the company posted $1.08 earnings per share. Research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Thursday, April 10th will be paid a $0.6775 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.21%. The ex-dividend date is Thursday, April 10th. Verizon Communications’s payout ratio is 65.46%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on VZ. TD Cowen raised Verizon Communications to a “strong-buy” rating in a report on Wednesday, January 15th. UBS Group increased their price target on shares of Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, December 20th. Scotiabank increased their target price on shares of Verizon Communications from $47.50 to $48.00 and gave the stock a “sector perform” rating in a research note on Monday, March 3rd. Argus upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Friday, January 24th. Eleven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $46.11.

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).