Verizon Communications Inc. (NYSE:VZ) Shares Sold by Prosperity Consulting Group LLC

Key Points

• Prosperity Consulting Group LLC has reduced its stake in Verizon Communications by 12.5%, owning 102,739 shares valued at approximately $4.66 million after selling 14,718 shares in Q1.
• Verizon's CEO, Kyle Malady, sold 9,000 shares at an average price of $44.10, marking a 47.35% decrease in his ownership.
• Several analysts have recently upgraded their price targets for Verizon, with an average target price of $47.35 and an overall rating of "Moderate Buy."

Prosperity Consulting Group LLC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 12.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 102,739 shares of the cell phone carrier's stock after selling 14,718 shares during the quarter. Prosperity Consulting Group LLC's holdings in Verizon Communications were worth $4,660,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. grew its position in shares of Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after purchasing an additional 243 shares during the last quarter. Cherry Tree Wealth Management LLC grew its position in shares of Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 244 shares during the last quarter. Garde Capital Inc. acquired a new stake in shares of Verizon Communications in the first quarter valued at approximately $26,000. Mattson Financial Services LLC grew its position in shares of Verizon Communications by 114.6% in the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after purchasing an additional 415 shares during the last quarter. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Verizon Communications in the fourth quarter valued at approximately $32,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Kyle Malady sold 9,000 shares of the stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total value of $396,900.00. Following the completion of the sale, the chief executive officer owned 10,008 shares of the company's stock, valued at $441,352.80. This represents a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently commented on VZ shares. Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Wells Fargo & Company increased their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Oppenheimer upped their price objective on shares of Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Tuesday, April 1st. JPMorgan Chase & Co. upped their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Royal Bank Of Canada upped their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 22nd. Eleven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.35.

Verizon Communications Stock Performance

NYSE:VZ opened at $43.10 on Monday. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The company has a market cap of $181.70 billion, a P/E ratio of 10.05, a P/E/G ratio of 3.33 and a beta of 0.37. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The firm's 50 day moving average is $42.86 and its two-hundred day moving average is $42.56.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. The company had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. Verizon Communications's revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.15 earnings per share. Analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be given a $0.6775 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.29%. The ex-dividend date of this dividend is Thursday, July 10th. Verizon Communications's payout ratio is currently 63.17%.

Verizon Communications Company Profile

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).

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