Nexus Investment Management ULC Reduces Stock Position in Verizon Communications Inc.

Nexus Investment Management ULC has significantly reduced its position in Verizon Communications Inc. (NYSE:VZ) by 63.6% during the fourth quarter, as noted in its recent filing with the Securities and Exchange Commission. After selling 22,850 shares in the period, the fund now holds 13,050 shares of the telecommunications giant.

At the end of the most recent reporting period, Nexus Investment Management ULC's investment in Verizon was valued at approximately $522,000.

Recent Changes by Other Investors

Several other hedge funds have also recently adjusted their stakes in Verizon. For instance, Capital Performance Advisors LLP made a new investment in Verizon Communications during the third quarter, valued at around $31,000. Likewise, Accordant Advisory Group Inc increased its position by 137.6%, now owning 777 shares worth $35,000 after purchasing an additional 450 shares.

Additionally, Legend Financial Advisors Inc. expanded its holdings by 69.6% in the same quarter, owning 780 shares valued at $31,000 after buying an extra 320 shares. MidAtlantic Capital Management Inc. also entered a new position during the third quarter, valued at approximately $44,000. Furthermore, McClarren Financial Advisors Inc. significantly lifted its stake by 762.6% during this quarter, now holding 1,061 shares worth $48,000 after acquiring 938 more shares.

As a whole, hedge funds and institutional investors currently hold 62.06% of Verizon's stock.

Verizon Communications Stock Overview

The stock price of Verizon opened at $38.86 on the last trading day, with a market capitalization of $163.58 billion. The company's price-to-earnings ratio stands at 16.75, while the price-to-earnings-growth ratio is 3.17, with a beta of 0.46. Verizon's debt-to-equity ratio is 1.32, its quick ratio is 0.62, and its current ratio is 0.66. Over the past year, the company's stock has fluctuated between a low of $37.58 and a high of $45.36. Its 50-day moving average is $41.03, while the 200-day moving average is $41.69.

Recent Earnings Report

Verizon Communications recently reported its quarterly earnings on October 22nd, revealing an earnings per share (EPS) of $1.19, surpassing the analysts' consensus estimate of $1.18 by $0.01. The company's revenue for the quarter was $33.30 billion, slightly below the anticipated $33.42 billion. Verizon's net margin stands at 7.30%, with a return on equity of 20.05%. Compared to the previous year, revenues have seen a growth of 0.9%. This quarter last year, the company had an EPS of $1.22. Analysts expect that Verizon will post an EPS of 4.6 for the current fiscal year.

Dividend Update

Recently, the company announced a quarterly dividend to be paid on February 3rd. Shareholders on record as of January 10th will receive a $0.6775 dividend, amounting to an annualized dividend of $2.71, which provides a dividend yield of 6.97%. The ex-dividend date is set for January 10th, and Verizon's current dividend payout ratio sits at 116.81%.

Analyst Ratings and Future Outlook

A variety of research analysts have made recent calls regarding Verizon's stock. StockNews.com downgraded the company from a 'strong-buy' rating to 'buy' on December 16th. UBS Group raised their price target from $44.00 to $45.00, assigning a 'neutral' rating on December 20th. Bank of America increased their target for the stock from $41.00 to $45.00, also maintaining a 'neutral' rating.

Royal Bank of Canada set a new target price range from $42.00 to $46.00 with a 'sector perform' rating assigned. Citigroup raised their forecast from $47.00 to $49.00, indicating a 'buy' rating. Currently, ten analysts have rated Verizon with a hold rating, while seven maintain a buy rating, and one analyst has given a strong buy. According to reports, Verizon holds a consensus rating of 'Moderate Buy' with an average target price of $46.54.

About Verizon Communications

Verizon Communications Inc provides various telecommunications, technology, information, and entertainment services globally, catering to consumers, businesses, and government sectors. The company operates through two segments: Verizon Consumer Group and Verizon Business Group.

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