Thrive Wealth Management LLC Sells 597 Shares of Verizon Communications Inc. (NYSE:VZ)

Thrive Wealth Management LLC decreased its position in Verizon Communications Inc. (NYSE:VZ) by 3.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,896 shares of the cell phone carrier’s stock after selling 597 shares during the period. Thrive Wealth Management LLC’s holdings in Verizon Communications were worth $857,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of VZ. Mainstream Capital Management LLC purchased a new stake in Verizon Communications in the 4th quarter worth about $28,000. Mattson Financial Services LLC boosted its position in 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 purchasing an additional 415 shares during the period. Graney & King LLC purchased a new position in shares of Verizon Communications in the fourth quarter worth about $32,000. Capital A Wealth Management LLC purchased a new position in shares of Verizon Communications in the fourth quarter worth about $32,000. Finally, Compass Financial Services Inc bought a new stake in shares of Verizon Communications in the fourth quarter valued at approximately $33,000. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Down 1.1%

VZ opened at $43.33 on Thursday. Verizon Communications Inc. has a 12 month low of $37.59 and a 12 month high of $47.36. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The business’s 50-day moving average price is $43.51 and its 200-day moving average price is $42.26. The company has a market cap of $182.69 billion, a P/E ratio of 10.47, a P/E/G ratio of 4.45 and a beta of 0.39.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.04. The business had revenue of $33.50 billion for the quarter, compared to analysts’ expectations of $33.31 billion. Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. On average, equities analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Analysts Set New Price Targets

VZ has been the subject of several analyst reports. Tigress Financial raised their price objective on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, April 28th. Evercore ISI raised Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 price target for the company in a report on Friday, April 11th. Oppenheimer lifted their price target on Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, April 1st. Wolfe Research cut Verizon Communications from an “outperform” rating to a “peer perform” rating in a report on Wednesday, March 12th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $45.00 target price (up previously from $42.00) on shares of Verizon Communications in a research note on Tuesday, March 25th. Nine analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.41.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 7,500 shares of the company’s 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 completion of the transaction, the chief executive officer now owns 19,008 shares of the company’s stock, valued at $834,071.04. This represents a 28.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 21,500 shares of company stock valued at $938,400 in the last quarter. Company insiders own 0.10% of the company’s stock.

Verizon Communications 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).