TD Asset Management Inc Sells 86,816 Shares of Verizon Communications Inc. (NYSE:VZ)

TD Asset Management Inc trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,556,163 shares of the cell phone carrier’s stock after selling 86,816 shares during the period. TD Asset Management Inc’s holdings in Verizon Communications were worth $187,896,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in VZ. Alliance Wealth Advisors LLC lifted its stake in Verizon Communications by 1.4% in the 2nd quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock worth $732,000 after purchasing an additional 241 shares in the last quarter. Sawgrass Asset Management LLC lifted its stake in Verizon Communications by 1.2% in the 2nd quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock worth $889,000 after purchasing an additional 250 shares in the last quarter. Fermata Advisors LLC lifted its stake in Verizon Communications by 5.0% in the 2nd quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier’s stock worth $222,000 after purchasing an additional 254 shares in the last quarter. Private Portfolio Partners LLC lifted its stake in Verizon Communications by 0.9% in the 4th quarter. Private Portfolio Partners LLC now owns 27,457 shares of the cell phone carrier’s stock worth $1,035,000 after purchasing an additional 255 shares in the last quarter. Finally, BKM Wealth Management LLC lifted its stake in Verizon Communications by 7.4% in the 1st quarter. BKM Wealth Management LLC now owns 3,715 shares of the cell phone carrier’s stock worth $156,000 after purchasing an additional 257 shares in the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $41.31 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The company has a market cap of $173.88 billion, a P/E ratio of 15.41, a PEG ratio of 3.81 and a beta of 0.41. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $43.42. The company has a 50-day moving average price of $40.93 and a 200 day moving average price of $40.52.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.21 earnings per share. Research analysts predict that Verizon Communications Inc. will post 4.57 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. TD Cowen raised their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Tigress Financial upped their price objective on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 17th. The Goldman Sachs Group assumed coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price objective on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $42.00 price objective on shares of Verizon Communications in a research report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. dropped their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.78.

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).