Fisher Funds Management LTD Invests $16.59 Million in Verizon Communications Inc. (NYSE:VZ)

Fisher Funds Management LTD purchased a new stake in shares of Verizon Communications Inc. (NYSE:VZ) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 417,218 shares of the cell phone carrier’s stock, valued at approximately $16,593,000.

Other hedge funds have also made changes to their positions in the company. AMF Tjanstepension AB lifted its stake in Verizon Communications by 58.0% in the 3rd quarter. AMF Tjanstepension AB now owns 1,756,452 shares of the cell phone carrier’s stock worth $78,975,000 after acquiring an additional 644,761 shares in the last quarter. Alpha Financial Partners LLC purchased a new position in Verizon Communications during the 3rd quarter valued at about $224,000. Swedbank AB increased its holdings in shares of Verizon Communications by 0.8% in the 3rd quarter. Swedbank AB now owns 5,174,541 shares of the cell phone carrier’s stock valued at $232,389,000 after purchasing an additional 39,403 shares during the period. Silver Oak Securities Incorporated lifted its position in shares of Verizon Communications by 17.8% in the third quarter. Silver Oak Securities Incorporated now owns 22,340 shares of the cell phone carrier’s stock worth $958,000 after purchasing an additional 3,370 shares in the last quarter. Finally, Heritage Oak Wealth Advisors LLC acquired a new stake in shares of Verizon Communications during the third quarter worth approximately $898,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

NYSE:VZ opened at $42.77 on Friday. The firm has a market capitalization of $180.05 billion, a PE ratio of 10.33, a PEG ratio of 4.45 and a beta of 0.45. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $45.36. 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 fifty day simple moving average is $39.91 and its 200 day simple moving average is $41.62.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate 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 last year, the company earned $1.08 earnings per share. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 10th were given a $0.6775 dividend. This represents a $2.71 annualized dividend and a yield of 6.34%. The ex-dividend date was Friday, January 10th. Verizon Communications’s dividend payout ratio is currently 65.46%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on VZ. TD Cowen upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Wednesday, January 15th. UBS Group upped their price target 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. Wolfe Research lifted their price objective on Verizon Communications from $50.00 to $51.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Argus raised Verizon Communications to a “strong-buy” rating in a research report on Monday, January 27th. Finally, DZ Bank raised Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Wednesday, January 29th. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Verizon Communications has an average rating of “Moderate Buy” and a consensus target price of $46.08.

Insider Transactions at Verizon Communications

In related news, CEO Kyle Malady sold 20,000 shares of the business’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $40.54, for a total transaction of $810,800.00. Following the transaction, the chief executive officer now owns 45,675 shares of the company’s stock, valued at approximately $1,851,664.50. The trade was a 30.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 39,085 shares of company stock worth $1,582,995 over the last three months. 0.02% of the stock is currently owned by insiders.

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).