Mengis Capital Management Inc. Sells 9,900 Shares of Verizon Communications Inc. (NYSE:VZ)

Mengis Capital Management Inc. decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 19.0% in the 4th quarter, Holdings Channel reports. The fund owned 42,131 shares of the cell phone carrier’s stock after selling 9,900 shares during the quarter. Mengis Capital Management Inc.’s holdings in Verizon Communications were worth $1,685,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in VZ. Capital Performance Advisors LLP bought a new position in Verizon Communications in the 3rd quarter worth about $31,000. Legend Financial Advisors Inc. boosted its stake in Verizon Communications by 69.6% in the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after purchasing an additional 320 shares during the period. Compass Financial Services Inc bought a new position in Verizon Communications in the 4th quarter worth about $33,000. Hager Investment Management Services LLC bought a new position in Verizon Communications in the 4th quarter worth about $38,000. Finally, Cedar Mountain Advisors LLC boosted its stake in Verizon Communications by 655.5% in the 4th quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier’s stock worth $39,000 after purchasing an additional 839 shares during the period. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of NYSE VZ opened at $43.31 on Tuesday. The stock has a market cap of $182.31 billion, a price-to-earnings ratio of 10.46, a P/E/G ratio of 4.45 and a beta of 0.45. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $45.36. The stock’s 50-day moving average is $39.95 and its 200 day moving average is $41.65.

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

Verizon Communications Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 10th were paid a $0.6775 dividend. The ex-dividend date was Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.26%. Verizon Communications’s dividend payout ratio (DPR) is currently 65.46%.

Analyst Upgrades and Downgrades

VZ has been the subject of several analyst reports. TD Cowen upgraded Verizon Communications to a “strong-buy” rating in a research note on Wednesday, January 15th. Royal Bank of Canada cut their target price on Verizon Communications from $46.00 to $42.00 in a research note on Friday, January 24th. UBS Group raised their price target on Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Friday, December 20th. Tigress Financial reaffirmed a “buy” rating and issued a $55.00 price target on shares of Verizon Communications in a report on Thursday, January 30th. Finally, Sanford C. Bernstein began coverage on Verizon Communications in a report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price target on the stock. Ten analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.08.

Insiders Place Their Bets

In other Verizon Communications news, CEO Kyle Malady sold 20,000 shares of Verizon Communications stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $40.54, for a total value of $810,800.00. Following the transaction, the chief executive officer now directly owns 45,675 shares of the company’s stock, valued at $1,851,664.50. The trade was a 30.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 39,085 shares of company stock valued at $1,582,995 in the last ninety days. Company insiders own 0.02% of the company’s stock.

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).