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In a recent transaction reported to the SEC, Vandana Venkatesh, Executive Vice President of Public Policy and Chief Legal Officer at Verizon Communications Inc. (NYSE:VZ), sold a significant portion of her holdings in the company. The sale comes as Verizon, currently valued at $181 billion, trades near its 52-week high with technical indicators suggesting overbought conditions, according to InvestingPro analysis. On February 25, Venkatesh sold a total of 10,000 shares of Verizon common stock, with the sale prices ranging from $43.791 to $43.795 per share. This transaction amounted to a total value of $437,938.
Following these sales, Venkatesh retains direct ownership of 14,459 shares of Verizon stock. Additionally, she holds 6,128 shares indirectly through a 401(k) plan. These transactions are part of the routine financial activities often undertaken by corporate executives as they manage their personal portfolios.
In other recent news, Verizon Communications reported a notable increase in its fourth-quarter performance, driven by a gain of 1 million postpaid mobile phone and broadband customers, marking the largest increase in over a decade. The company’s operating revenue rose by 1.6% year-over-year to $35.7 billion, with wireless service revenue growing by 3.1% to $20.0 billion. In addition, Verizon Consumer revenue increased by 2.2% year-over-year to $27.6 billion. Tigress Financial Partners maintained a Buy rating on Verizon, citing growth in mobile and broadband subscribers and the potential of AI to enhance services. However, Raymond (NSE:RYMD) James adjusted its price target for Verizon to $45, noting the company’s solid performance and long-term fundamentals. Scotiabank (TSX:BNS) raised its price target slightly to $47.50, while Bernstein reduced its target to $46, both maintaining their respective ratings. Meanwhile, Verizon announced that Rodney E. Slater will not seek re-election to its Board of Directors at the 2025 shareholder meeting, as part of a natural board refreshment process. These developments come as Verizon continues to navigate a competitive telecommunications landscape.
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