Capital Asset Advisory Services LLC Has $1.72 Million Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Capital Asset Advisory Services LLC decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 11.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,455 shares of the cell phone carrier’s stock after selling 4,778 shares during the period. Capital Asset Advisory Services LLC’s holdings in Verizon Communications were worth $1,720,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in VZ. NCM Capital Management LLC lifted its position in Verizon Communications by 1.4% during the fourth quarter. NCM Capital Management LLC now owns 18,390 shares of the cell phone carrier’s stock valued at $735,000 after purchasing an additional 245 shares during the last quarter. Kirtland Hills Capital Management LLC raised its position in shares of Verizon Communications by 2.4% during the 4th quarter. Kirtland Hills Capital Management LLC now owns 10,968 shares of the cell phone carrier’s stock valued at $439,000 after buying an additional 252 shares in the last quarter. JB Capital LLC lifted its holdings in shares of Verizon Communications by 1.3% during the 4th quarter. JB Capital LLC now owns 20,816 shares of the cell phone carrier’s stock worth $832,000 after acquiring an additional 258 shares during the last quarter. Capital Advisors Ltd. LLC grew its position in Verizon Communications by 9.9% in the fourth quarter. Capital Advisors Ltd. LLC now owns 2,915 shares of the cell phone carrier’s stock worth $117,000 after acquiring an additional 263 shares in the last quarter. Finally, Tower Wealth Partners Inc. increased its stake in Verizon Communications by 2.6% in the fourth quarter. Tower Wealth Partners Inc. now owns 10,483 shares of the cell phone carrier’s stock valued at $419,000 after acquiring an additional 263 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on VZ. Scotiabank upped their price objective on Verizon Communications from $48.50 to $49.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 23rd. Wall Street Zen lowered Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th. Evercore ISI raised shares of Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 price target on the stock in a research note on Friday, April 11th. Oppenheimer boosted their price objective on shares of Verizon Communications from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, April 1st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 target price (up previously from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.41.

Verizon Communications Stock Up 0.3%

NYSE VZ opened at $44.09 on Tuesday. Verizon Communications Inc. has a 1 year low of $37.59 and a 1 year high of $47.36. The stock has a market capitalization of $185.89 billion, a PE ratio of 10.65, a PEG ratio of 4.45 and a beta of 0.39. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59. The business’s 50-day moving average is $43.57 and its 200 day moving average is $42.24.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.04. Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. The business had revenue of $33.50 billion during the quarter, compared to analysts’ expectations of $33.31 billion. Sell-side analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 7,500 shares of Verizon Communications stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $43.88, for a total transaction of $329,100.00. Following the sale, the chief executive officer now directly owns 19,008 shares of the company’s stock, valued at approximately $834,071.04. The trade was a 28.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 21,500 shares of company stock valued at $938,400. 0.10% of the stock is currently owned by company insiders.

About Verizon Communications

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).