Pictet Asset Management Holding SA Acquires 267,075 Shares of Verizon Communications Inc. (NYSE:VZ)

Pictet Asset Management Holding SA raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 12.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,482,627 shares of the cell phone carrier’s stock after buying an additional 267,075 shares during the quarter. Pictet Asset Management Holding SA owned about 0.06% of Verizon Communications worth $99,280,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Mainstream Capital Management LLC bought a new stake in Verizon Communications during the 4th quarter worth approximately $28,000. Legend Financial Advisors Inc. increased its holdings in shares of Verizon Communications by 69.6% in the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after purchasing an additional 320 shares during the period. Graney & King LLC bought a new stake in shares of Verizon Communications during the 4th quarter valued at about $32,000. Compass Financial Services Inc bought a new stake in Verizon Communications during the fourth quarter worth about $33,000. Finally, Hager Investment Management Services LLC bought a new position in shares of Verizon Communications during the 4th quarter valued at about $38,000. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Stock Down 0.0 %

VZ stock opened at $44.96 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. The business has a 50 day moving average of $42.11 and a 200 day moving average of $42.09. Verizon Communications Inc. has a twelve month low of $37.59 and a twelve month high of $47.36. The firm has a market cap 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.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data 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 earned $1.08 EPS. On average, research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

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

Insider Buying and Selling at Verizon Communications

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

Analysts Set New Price Targets

A number of research analysts have commented on the stock. TD Cowen upgraded shares of Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Tigress Financial reiterated a “buy” rating and issued a $55.00 target price on shares of Verizon Communications in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Verizon Communications from $40.00 to $42.00 and gave the company a “hold” rating in a research report on Friday, January 24th. StockNews.com downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 13th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $45.00 target price (up from $42.00) on shares of Verizon Communications in a report on Tuesday. Ten 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $46.71.

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).