Prosperity Consulting Group LLC lowered its holdings in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 1.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 31,560 shares of the cell phone carrier’s stock after selling 368 shares during the quarter. Verizon Communications accounts for about 1.2% of Prosperity Consulting Group LLC’s holdings, making the stock its 24th biggest position. Prosperity Consulting Group LLC’s holdings in Verizon Communications were worth $1,608,000 as of its most recent filing with the SEC.
Other institutional investors have also added to or reduced their stakes in the company. Rinkey Investments acquired a new stake in Verizon Communications in the fourth quarter valued at $27,000. Econ Financial Services Corp acquired a new position in shares of Verizon Communications during the 4th quarter worth $32,000. Gibson Wealth Advisors LLC acquired a new position in shares of Verizon Communications during the 4th quarter worth $37,000. Rather & Kittrell Inc. acquired a new position in shares of Verizon Communications during the 4th quarter worth $43,000. Finally, Bivin & Associates Inc. acquired a new position in shares of Verizon Communications during the 4th quarter worth $46,000. 63.78% of the stock is owned by institutional investors.
Several research analysts have recently issued reports on the company. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Thursday, May 12th. Wolfe Research cut their price target on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating for the company in a research note on Thursday, June 2nd. JPMorgan Chase & Co. It was reiterated a “hold” rating and set a $57.00 price objective on shares of Verizon Communications in a research report on Friday, June 24th. The Goldman Sachs Group cut Verizon Communications from a “buy” rating to a “neutral” rating and dropped their objective price for the stock from $61.00 to $55.00 in a research report on Monday, April 25th. Finally, Credit Suisse Group dropped their objective price on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a research report on Tuesday, June 21st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Verizon Communications has an average rating of “Hold” and an average price target of $57.14.
VZ opened at $51.64 on Friday. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.76 and a quick ratio of 0.69. The stock has a market capitalization of $216.87 billion, a price-to-earnings ratio of 10.03, a price-to-earnings-growth ratio of 2.63 and a beta of 0.41. The business has a 50-day moving average of $49.75 and a two-hundred day moving average of $51.85. Verizon Communications Inc. has a 12 month low of $45.55 and a 12 month high of $56.85.
Verizon Communications (NYSE:VZ – Get Rating) last posted its quarterly earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 EPS for the quarter, meeting the consensus estimate of $1.35. The company had revenue of $33.61 billion during the quarter, compared to analysts’ expectations of $33.61 billion. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.31 EPS. Equities research analysts anticipate that Verizon Communications Inc. will post 5.39 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 8th will be issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annual basis and a dividend yield of 4.96%. The ex-dividend date of this dividend is Thursday, July 7th. Verizon Communications’s payout ratio is currently 49.71%.
In related news, CEO Tami A. Erwin sold 23,647 shares of the business’s stock in a transaction that occurred on Tuesday, April 26th. The stock was sold at an average price of $49.77, for a total transaction of $1,176,911.19. Following the transaction, the chief executive officer now directly owns 21,817 shares of the company’s stock, valued at approximately $1,085,832.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $52.00, for a total value of $81,016.00. Following the transaction, the executive vice president now directly owns 38,077 shares in the company, valued at $1,980,004. The disclosure for this sale can be found here. Insiders have sold a total of 28,321 shares of company stock valued at $1,415,192 in the last quarter. Company insiders own 0.02% of the company’s stock.
About Verizon Communications (Get Rating)
Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.
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