Verizon Communications (VZ) Holdings Cut by Cypress Capital Group
Cypress Capital Group lessened its holdings in Verizon Communications (NYSE:VZ) by 11.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 79,606 shares of the cell phone carrier’s stock after selling 10,035 shares during the period. Cypress Capital Group’s holdings in Verizon Communications were worth $4,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Formidable Asset Management LLC lifted its position in shares of Verizon Communications by 20.9% during the 4th quarter. Formidable Asset Management LLC now owns 16,469 shares of the cell phone carrier’s stock valued at $874,000 after buying an additional 2,852 shares during the last quarter. Delphi Private Advisors LLC purchased a new stake in Verizon Communications during the 4th quarter worth about $141,000. Matrix Asset Advisors Inc. NY lifted its holdings in Verizon Communications by 7.2% during the 4th quarter. Matrix Asset Advisors Inc. NY now owns 186,021 shares of the cell phone carrier’s stock worth $9,846,000 after purchasing an additional 12,448 shares in the last quarter. Capital Investment Advisory Services LLC lifted its holdings in Verizon Communications by 12.1% during the 4th quarter. Capital Investment Advisory Services LLC now owns 23,549 shares of the cell phone carrier’s stock worth $1,246,000 after purchasing an additional 2,550 shares in the last quarter. Finally, Resources Investment Advisors Inc. lifted its holdings in Verizon Communications by 56.0% during the 4th quarter. Resources Investment Advisors Inc. now owns 22,490 shares of the cell phone carrier’s stock worth $1,191,000 after purchasing an additional 8,072 shares in the last quarter. Hedge funds and other institutional investors own 63.81% of the company’s stock.
Shares of Verizon Communications stock opened at $47.67 on Friday. The company has a debt-to-equity ratio of 2.15, a quick ratio of 0.94 and a current ratio of 0.98. The stock has a market cap of $198.97 billion, a PE ratio of 12.75, a PEG ratio of 1.93 and a beta of 0.62. Verizon Communications has a 12 month low of $42.80 and a 12 month high of $54.77.
A number of brokerages recently issued reports on VZ. Vetr cut Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $52.49 price objective on the stock. in a report on Tuesday, April 3rd. William Blair reissued a “market perform” rating on shares of Verizon Communications in a report on Wednesday, April 25th. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating in a report on Monday, March 12th. JPMorgan Chase & Co. raised Verizon Communications from a “neutral” rating to an “overweight” rating and set a $58.00 price objective on the stock in a report on Friday, May 11th. Finally, Guggenheim began coverage on Verizon Communications in a report on Tuesday, March 13th. They set a “buy” rating and a $58.00 price objective on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $54.75.
In other news, SVP Anthony T. Skiadas sold 1,974 shares of the stock in a transaction dated Tuesday, May 1st. The stock was sold at an average price of $49.44, for a total transaction of $97,594.56. Following the transaction, the senior vice president now directly owns 16,060 shares in the company, valued at approximately $794,006.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is currently owned by corporate insiders.
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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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