CMG Global Holdings LLC Sells 5,060 Shares of Verizon Communications Inc. (NYSE:VZ)

CMG Global Holdings LLC lessened its stake in Verizon Communications Inc. (NYSE:VZ) by 12.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 34,130 shares of the cell phone carrier’s stock after selling 5,060 shares during the period. CMG Global Holdings LLC’s holdings in Verizon Communications were worth $1,329,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in VZ. Quarry LP increased its stake in Verizon Communications by 57.2% in the second quarter. Quarry LP now owns 2,303 shares of the cell phone carrier’s stock valued at $95,000 after acquiring an additional 838 shares during the period. Greater Midwest Financial Group LLC acquired a new stake in Verizon Communications during the second quarter valued at approximately $207,000. Abacus Planning Group Inc. grew its stake in shares of Verizon Communications by 5.5% in the 3rd quarter. Abacus Planning Group Inc. now owns 15,958 shares of the cell phone carrier’s stock valued at $717,000 after purchasing an additional 832 shares during the period. Massmutual Trust Co. FSB ADV raised its holdings in shares of Verizon Communications by 3.3% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 457,629 shares of the cell phone carrier’s stock worth $20,552,000 after buying an additional 14,518 shares in the last quarter. Finally, AMF Tjanstepension AB lifted its position in shares of Verizon Communications by 58.0% during the 3rd quarter. AMF Tjanstepension AB now owns 1,756,452 shares of the cell phone carrier’s stock worth $78,975,000 after buying an additional 644,761 shares during the period. 62.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 20,000 shares of Verizon Communications stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $40.54, for a total transaction of $810,800.00. Following the transaction, the chief executive officer now directly owns 45,675 shares in the company, valued at approximately $1,851,664.50. The trade was a 30.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.02% of the company’s stock.

Verizon Communications Price Performance

VZ opened at $39.47 on Friday. The company has a fifty day moving average price of $40.75 and a two-hundred day moving average price of $41.60. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. The firm has a market capitalization of $166.13 billion, a PE ratio of 9.53, a P/E/G ratio of 4.21 and a beta of 0.46. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $45.36.

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 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 period in the prior year, the company posted $1.08 earnings per share. As a group, analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be paid a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.87%. The ex-dividend date is Friday, January 10th. Verizon Communications’s payout ratio is 65.46%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on VZ shares. Sanford C. Bernstein initiated coverage on Verizon Communications in a research note on Tuesday, December 10th. They set a “market perform” rating and a $48.00 price objective for the company. Argus upgraded shares of Verizon Communications to a “strong-buy” rating in a research report on Monday. Scotiabank boosted their price target on shares of Verizon Communications from $47.00 to $47.50 and gave the company a “sector perform” rating in a research report on Monday. UBS Group upped their price objective on shares of Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, December 20th. Finally, Royal Bank of Canada reduced their target price on Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. Ten analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.08.

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).