Envestnet Asset Management Inc. Has $455.67 Million Stake in Verizon Communications Inc. (NYSE:VZ)

Envestnet Asset Management Inc. reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 0.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,394,590 shares of the cell phone carrier’s stock after selling 53,039 shares during the period. Envestnet Asset Management Inc.’s holdings in Verizon Communications were worth $455,670,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Mainstream Capital Management LLC bought a new position in Verizon Communications in the fourth quarter valued at about $28,000. Legend Financial Advisors Inc. increased its stake 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 valued at $31,000 after buying an additional 320 shares during the period. Graney & King LLC bought a new position in Verizon Communications in the 4th quarter valued at approximately $32,000. Compass Financial Services Inc acquired a new stake in Verizon Communications during the 4th quarter worth approximately $33,000. Finally, Hager Investment Management Services LLC bought a new stake in Verizon Communications during the 4th quarter worth approximately $38,000. 62.06% of the stock is owned by institutional investors.

Insider Buying and Selling at Verizon Communications

In other news, EVP Vandana Venkatesh sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total value of $437,900.00. Following the transaction, the executive vice president now owns 14,459 shares in the company, valued at $633,159.61. This trade represents a 40.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kyle Malady sold 11,085 shares of the company’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $40.88, for a total value of $453,154.80. Following the sale, the chief executive officer now owns 14,590 shares of the company’s stock, valued at $596,439.20. This trade represents a 43.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,085 shares of company stock worth $2,020,895. 0.03% of the stock is owned by corporate insiders.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $43.11 on Friday. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The firm’s 50-day moving average price is $42.68 and its 200-day moving average price is $42.10. The firm has a market capitalization of $181.47 billion, a P/E ratio of 10.41, a P/E/G ratio of 4.45 and a beta of 0.41. Verizon Communications Inc. has a 1-year low of $37.59 and a 1-year high of $47.36.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results 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 return on equity of 19.80% and a net margin of 12.99%. During the same period last year, the company earned $1.08 EPS. Equities research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently declared 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. This represents a $2.71 annualized dividend and a yield of 6.29%. The ex-dividend date of this dividend is Thursday, April 10th. Verizon Communications’s payout ratio is currently 65.46%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. UBS Group raised their price target on shares of Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, December 20th. StockNews.com lowered Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th. Royal Bank of Canada restated a “sector perform” rating and set a $45.00 price objective (up from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Argus upgraded Verizon Communications to a “strong-buy” rating in a report on Monday, January 27th. Finally, DZ Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Wednesday, January 29th. 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.82.

Verizon Communications 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).