CAPROCK Group Inc. Buys 6,975 Shares of Verizon Communications Inc. (NYSE:VZ)

CAPROCK Group Inc. boosted its stake in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 19.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,466 shares of the cell phone carrier’s stock after acquiring an additional 6,975 shares during the period. CAPROCK Group Inc.’s holdings in Verizon Communications were worth $2,163,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of VZ. Rinkey Investments bought a new position in Verizon Communications during the 4th quarter worth $27,000. Econ Financial Services Corp bought a new position in Verizon Communications during the 4th quarter worth $32,000. Gibson Wealth Advisors LLC bought a new position in Verizon Communications during the 4th quarter worth $37,000. Rather & Kittrell Inc. bought a new position in Verizon Communications during the 4th quarter worth $43,000. Finally, Bivin & Associates Inc. bought a new position in Verizon Communications during the 4th quarter worth $46,000. Hedge funds and other institutional investors own 63.78% of the company’s stock.

Several brokerages have recently issued reports on VZ. Credit Suisse Group decreased their price target on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating on the stock in a research note on Tuesday. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Thursday, May 12th. The Goldman Sachs Group lowered Verizon Communications from a “buy” rating to a “neutral” rating and decreased their price target for the company from $61.00 to $55.00 in a research note on Monday, April 25th. Royal Bank of Canada decreased their price target on Verizon Communications from $57.00 to $54.00 in a research note on Wednesday. Finally, Wolfe Research decreased their price target on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a research note on Thursday, June 2nd. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $56.60.

Shares of VZ opened at $52.09 on Friday. The company has a market capitalization of $218.76 billion, a PE ratio of 10.11, a PEG ratio of 2.61 and a beta of 0.41. Verizon Communications Inc. has a 12 month low of $45.55 and a 12 month high of $56.85. The stock’s 50-day moving average price is $50.08 and its two-hundred day moving average price is $51.83. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.64.

Verizon Communications (NYSE:VZGet Rating) last announced its earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 EPS for the quarter, hitting the consensus estimate of $1.35. The firm had revenue of $33.60 billion for the quarter, compared to the consensus estimate of $33.61 billion. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.31 EPS. Equities research analysts predict that Verizon Communications Inc. will post 5.4 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 8th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 4.91%. The ex-dividend date is Thursday, July 7th. Verizon Communications’s payout ratio is presently 49.71%.

In other news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $50.00, for a total value of $77,900.00. Following the transaction, the executive vice president now directly owns 36,519 shares of the company’s stock, valued at approximately $1,825,950. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Tami A. Erwin sold 23,647 shares of the business’s stock in a transaction dated Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total value of $1,176,911.19. Following the completion of the transaction, the chief executive officer now directly owns 21,817 shares in the company, valued at $1,085,832.09. The disclosure for this sale can be found here. Insiders have sold a total of 28,321 shares of company stock worth $1,415,192 over the last ninety days. Company insiders own 0.10% of the company’s stock.

Verizon Communications Profile (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.

Further Reading

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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