Foundation Resource Management Inc. Sells 2,568 Shares of Verizon Communications Inc. (NYSE:VZ)

Foundation Resource Management Inc. decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 632,111 shares of the cell phone carrier’s stock after selling 2,568 shares during the quarter. Verizon Communications accounts for approximately 4.2% of Foundation Resource Management Inc.’s investment portfolio, making the stock its 8th largest holding. Foundation Resource Management Inc.’s holdings in Verizon Communications were worth $25,278,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new position in shares of Verizon Communications in the 3rd quarter valued at about $31,000. Legend Financial Advisors Inc. raised its position in Verizon Communications by 69.6% during the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after acquiring an additional 320 shares in the last quarter. Accordant Advisory Group Inc lifted its holdings in Verizon Communications by 137.6% in the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after acquiring an additional 450 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in Verizon Communications in the 3rd quarter worth approximately $44,000. Finally, McClarren Financial Advisors Inc. grew its stake in shares of Verizon Communications by 762.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 1,061 shares of the cell phone carrier’s stock worth $48,000 after purchasing an additional 938 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $38.33 on Wednesday. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The firm has a 50-day simple moving average of $41.17 and a 200-day simple moving average of $41.76. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $45.36. The stock has a market capitalization of $161.35 billion, a price-to-earnings ratio of 16.52, a price-to-earnings-growth ratio of 3.05 and a beta of 0.46.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. The business had revenue of $33.30 billion during the quarter, compared to analyst estimates of $33.42 billion. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The business’s revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.22 earnings per share. On average, equities analysts predict that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be issued a dividend of $0.6775 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $2.71 annualized dividend and a dividend yield of 7.07%. Verizon Communications’s dividend payout ratio is presently 116.81%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. UBS Group boosted their target price 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. Sanford C. Bernstein began coverage on shares of Verizon Communications in a research report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price objective for the company. StockNews.com cut Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Scotiabank increased their price target on Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a research report on Friday, October 18th. Finally, Citigroup raised their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Verizon Communications presently has an average rating of “Hold” and a consensus target price of $46.54.

About Verizon Communications

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).