Lord Abbett & CO. LLC trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 0.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,952,106 shares of the cell phone carrier’s stock after selling 2,628 shares during the period. Verizon Communications comprises approximately 0.6% of Lord Abbett & CO. LLC’s portfolio, making the stock its 22nd largest holding. Lord Abbett & CO. LLC’s holdings in Verizon Communications were worth $232,186,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in VZ. Harbor Investment Advisory LLC increased its position in Verizon Communications by 5.6% in the third quarter. Harbor Investment Advisory LLC now owns 40,251 shares of the cell phone carrier’s stock worth $2,395,000 after purchasing an additional 2,124 shares during the period. Boyd Watterson Asset Management LLC OH grew its position in shares of Verizon Communications by 38.5% during the 3rd quarter. Boyd Watterson Asset Management LLC OH now owns 19,819 shares of the cell phone carrier’s stock worth $1,179,000 after buying an additional 5,511 shares during the period. Bouchey Financial Group Ltd grew its position in shares of Verizon Communications by 20.8% during the 3rd quarter. Bouchey Financial Group Ltd now owns 6,668 shares of the cell phone carrier’s stock worth $397,000 after buying an additional 1,146 shares during the period. Patriot Investment Management Inc. grew its position in shares of Verizon Communications by 3.6% during the 3rd quarter. Patriot Investment Management Inc. now owns 33,776 shares of the cell phone carrier’s stock worth $2,009,000 after buying an additional 1,189 shares during the period. Finally, LFA Lugano Financial Advisors SA grew its position in shares of Verizon Communications by 759.5% during the 3rd quarter. LFA Lugano Financial Advisors SA now owns 4,220 shares of the cell phone carrier’s stock worth $250,000 after buying an additional 3,729 shares during the period. Hedge funds and other institutional investors own 64.85% of the company’s stock.

VZ has been the subject of several analyst reports. Wells Fargo & Company initiated coverage on Verizon Communications in a research report on Monday, November 16th. They set an “equal weight” rating and a $60.00 target price for the company. Tigress Financial restated a “hold” rating on shares of Verizon Communications in a research report on Sunday, November 1st. JPMorgan Chase & Co. upgraded Verizon Communications from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $61.00 to $65.00 in a research report on Thursday, November 5th. Moffett Nathanson upgraded Verizon Communications from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $59.00 to $66.00 in a research report on Wednesday, December 2nd. Finally, Credit Suisse Group cut their price objective on Verizon Communications from $61.00 to $59.00 and set a “neutral” rating on the stock in a report on Tuesday, January 19th. Eleven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Verizon Communications has an average rating of “Buy” and a consensus price target of $61.84.

NYSE VZ traded up $0.88 during trading on Tuesday, hitting $57.33. The stock had a trading volume of 183,971 shares, compared to its average volume of 20,626,359. The company has a market capitalization of $237.24 billion, a PE ratio of 12.25, a P/E/G ratio of 3.54 and a beta of 0.44. The company’s 50-day moving average price is $56.33 and its two-hundred day moving average price is $58.66. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 0.96. Verizon Communications Inc. has a 12 month low of $48.84 and a 12 month high of $61.95.

Verizon Communications (NYSE:VZ) last released its earnings results on Monday, January 25th. The cell phone carrier reported $1.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.04. The firm had revenue of $34.70 billion for the quarter, compared to analysts’ expectations of $34.47 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The business’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.13 EPS. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.77 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, February 1st. Shareholders of record on Friday, January 8th were paid a $0.6275 dividend. This represents a $2.51 annualized dividend and a yield of 4.38%. The ex-dividend date was Thursday, January 7th. Verizon Communications’s payout ratio is 52.18%.

Verizon Communications Profile

Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.

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

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