Destination Wealth Management Increases Stock Position in Verizon Communications Inc. (NYSE:VZ)

Destination Wealth Management increased its position in Verizon Communications Inc. (NYSE:VZ) by 0.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 490,299 shares of the cell phone carrier’s stock after acquiring an additional 1,441 shares during the period. Destination Wealth Management’s holdings in Verizon Communications were worth $19,607,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its position in Verizon Communications by 2.9% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 39,366 shares of the cell phone carrier’s stock worth $1,574,000 after purchasing an additional 1,116 shares during the period. Ashton Thomas Private Wealth LLC grew its position in shares of Verizon Communications by 5.6% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 82,594 shares of the cell phone carrier’s stock valued at $3,303,000 after acquiring an additional 4,369 shares during the period. Callan Family Office LLC bought a new stake in shares of Verizon Communications during the 4th quarter valued at $815,000. Chatham Capital Group Inc. grew its position in shares of Verizon Communications by 89.4% during the 4th quarter. Chatham Capital Group Inc. now owns 10,532 shares of the cell phone carrier’s stock valued at $421,000 after acquiring an additional 4,972 shares during the period. Finally, E Fund Management Co. Ltd. grew its position in shares of Verizon Communications by 62.1% during the 4th quarter. E Fund Management Co. Ltd. now owns 45,707 shares of the cell phone carrier’s stock valued at $1,828,000 after acquiring an additional 17,506 shares during the period. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

Shares of VZ stock opened at $44.26 on Friday. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59. The firm’s 50-day moving average is $40.49 and its two-hundred day moving average is $41.79. Verizon Communications Inc. has a 12 month low of $37.59 and a 12 month high of $45.36. The company has a market capitalization of $186.30 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 4.45 and a beta of 0.45.

Verizon Communications (NYSE:VZ) last issued its earnings results 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 return on equity of 19.80% and a net margin of 12.99%. During the same quarter in the previous year, the company earned $1.08 EPS. Analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current 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 issued a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.12%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications’s dividend payout ratio (DPR) is currently 65.46%.

Insider Activity at Verizon Communications

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on VZ shares. StockNews.com raised shares of Verizon Communications from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Tigress Financial reissued a “buy” rating and set a $55.00 price objective on shares of Verizon Communications in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Verizon Communications from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Friday, January 24th. Scotiabank lifted their target price on shares of Verizon Communications from $47.50 to $48.00 and gave the company a “sector perform” rating in a research note on Monday. Finally, Argus upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Monday, January 27th. Ten equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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).