Corundum Group Inc. cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,024 shares of the cell phone carrier’s stock after selling 184 shares during the quarter. Corundum Group Inc.’s holdings in Verizon Communications were worth $270,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp boosted its position in shares of Verizon Communications by 0.9% during the fourth quarter. State Street Corp now owns 164,278,821 shares of the cell phone carrier’s stock valued at $10,086,720,000 after purchasing an additional 1,424,504 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Verizon Communications by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 62,486,079 shares of the cell phone carrier’s stock worth $3,829,119,000 after acquiring an additional 2,548,889 shares in the last quarter. Capital World Investors boosted its holdings in Verizon Communications by 1.7% in the fourth quarter. Capital World Investors now owns 51,341,129 shares of the cell phone carrier’s stock worth $3,152,345,000 after acquiring an additional 833,751 shares in the last quarter. Norges Bank bought a new stake in Verizon Communications in the fourth quarter worth $2,775,411,000. Finally, FMR LLC boosted its holdings in Verizon Communications by 4.0% in the fourth quarter. FMR LLC now owns 44,620,912 shares of the cell phone carrier’s stock worth $2,739,725,000 after acquiring an additional 1,704,351 shares in the last quarter. Institutional investors own 66.77% of the company’s stock.

Shares of Verizon Communications stock opened at $54.71 on Friday. The stock has a 50 day moving average of $56.24 and a 200 day moving average of $58.30. Verizon Communications Inc. has a 12 month low of $48.84 and a 12 month high of $62.22. The firm has a market cap of $235.87 billion, a PE ratio of 12.35, a PEG ratio of 3.82 and a beta of 0.48. The company has a current ratio of 0.99, a quick ratio of 0.95 and a debt-to-equity ratio of 2.02.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Friday, April 24th. The cell phone carrier reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.04. The company had revenue of $31.81 billion during the quarter, compared to analyst estimates of $32.37 billion. Verizon Communications had a return on equity of 33.26% and a net margin of 14.00%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 earnings per share. As a group, equities research analysts forecast that Verizon Communications Inc. will post 4.77 earnings per share for the current fiscal year.

Verizon Communications announced that its Board of Directors has authorized a stock repurchase program on Thursday, February 6th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the cell phone carrier to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Monday, April 13th were paid a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 4.50%. The ex-dividend date of this dividend was Thursday, April 9th. Verizon Communications’s payout ratio is 51.14%.

In other news, SVP Anthony T. Skiadas sold 10,744 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $57.10, for a total value of $613,482.40. Following the completion of the sale, the senior vice president now directly owns 27,501 shares of the company’s stock, valued at approximately $1,570,307.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.07% of the stock is owned by company insiders.

Several equities research analysts have commented on VZ shares. Raymond James boosted their target price on Verizon Communications from $58.00 to $61.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Goldman Sachs Group raised Verizon Communications from a “buy” rating to a “conviction-buy” rating in a report on Wednesday, April 1st. Nomura Securities dropped their target price on Verizon Communications from $65.00 to $61.00 and set a “neutral” rating on the stock in a report on Monday, March 30th. Barclays reaffirmed a “hold” rating and set a $54.00 price target on shares of Verizon Communications in a report on Friday, April 17th. Finally, Moffett Nathanson reaffirmed a “hold” rating and set a $58.00 price target on shares of Verizon Communications in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $61.44.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

Featured Story: Why do companies engage in swaps?

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.