Meiji Yasuda Life Insurance Co increased its holdings in Verizon Communications Inc. (NYSE:VZ) by 20.9% during the fourth quarter, as revealed in the company’s latest SEC filing. The insurance firm owned 42,505 shares of Verizon’s stock after purchasing an additional 7,350 shares during the quarter, bringing its total investment to $1.7 million.
Other institutional investors have also modified their Verizon holdings. Kirtland Hills Capital Management LLC increased its stake by 2.4%, now owning 10,968 shares valued at $439,000. JB Capital LLC boosted its holdings by 1.3% to 20,816 shares worth $832,000. Curbstone Financial Management Corp increased its stake by 0.8% to 34,786 shares valued at $1.39 million. Capital Advisors Ltd. LLC and Tower Wealth Partners Inc. also increased their holdings by 9.9% and 2.6%, respectively.
Analyst Ratings and Price Targets
Several research analysts have recently rated Verizon Communications. Argus and TD Cowen upgraded the stock to a “strong-buy” rating in January. Evercore ISI upgraded the stock to an “outperform” rating with a $48.00 price target in April. Deutsche Bank Aktiengesellschaft maintained a “hold” rating but increased the price target from $40.00 to $42.00.
Nine analysts have given Verizon a “hold” rating, eight have issued a “buy” rating, and two have given a “strong buy” rating. The stock currently has an average rating of “Moderate Buy” and an average price target of $47.41.
Recent Trading Activity and Financials
Verizon Communications’ stock opened at $43.31 on Friday, with a 1-year low of $37.59 and a 1-year high of $47.36. The company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.15. Verizon announced a quarterly dividend of $0.6775 per share, representing a 6.26% yield on an annualized basis.
Insiders have sold 30,500 shares valued at $1.3 million over the last 90 days. EVP Vandana Venkatesh sold 10,000 shares in February, and CEO Kyle Malady sold 8,000 shares in the same month. The company has a market capitalization of $185.81 billion and a debt-to-equity ratio of 1.21.
