Chung Wu Investment Group LLC Buys New Shares in Verizon Communications Inc. (NYSE:VZ)

Chung Wu Investment Group LLC purchased a new position in shares of Verizon Communications Inc. (NYSE:VZ) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,680 shares of the cell phone carrier’s stock, valued at approximately $258,000.

Other large investors have also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. boosted its holdings in shares of Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock worth $25,000 after acquiring an additional 243 shares during the period. Cherry Tree Wealth Management LLC increased its stake in shares of Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock worth $26,000 after purchasing an additional 244 shares during the period. Garde Capital Inc. acquired a new position in Verizon Communications in the 1st quarter valued at $26,000. Mainstream Capital Management LLC bought a new position in Verizon Communications during the 4th quarter worth $28,000. Finally, Mattson Financial Services LLC lifted its holdings in shares of Verizon Communications by 114.6% during the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock worth $31,000 after buying an additional 415 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Insider Buying and Selling

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

Verizon Communications Price Performance

Shares of VZ opened at $42.15 on Thursday. The business has a 50-day simple moving average of $43.22 and a two-hundred day simple moving average of $42.21. The stock has a market cap of $177.71 billion, a PE ratio of 10.04, a PEG ratio of 3.16 and a beta of 0.38. Verizon Communications Inc. has a 12-month low of $37.59 and a 12-month high of $47.36. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. The business had revenue of $33.50 billion during the quarter, compared to the consensus estimate of $33.31 billion. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. Analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The business 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 dividend of $0.6775 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.43%. Verizon Communications’s dividend payout ratio (DPR) is 64.52%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on VZ. Royal Bank Of Canada restated a “sector perform” rating and issued a $45.00 price target (up from $42.00) on shares of Verizon Communications in a research note on Tuesday, March 25th. Wolfe Research cut shares of Verizon Communications from an “outperform” rating to a “peer perform” rating in a report on Wednesday, March 12th. Wall Street Zen downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th. Evercore ISI upgraded Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 price objective on the stock in a research note on Friday, April 11th. Finally, Scotiabank upped their target price on Verizon Communications from $48.50 to $49.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 23rd. 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.41.

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).