Carlton Hofferkamp & Jenks Wealth Management LLC has reduced its stake in Verizon Communications Inc. (NYSE: VZ) by 1.9% during the second quarter of 2023. This adjustment saw the institutional investor sell 748 shares, leaving it with a total of 37,843 shares valued at approximately $1,612,000 at the end of the reporting period, according to HoldingsChannel.com.
A variety of other institutional investors have also made significant changes to their positions in Verizon. Brighton Jones LLC increased its stake by 61.2% in the fourth quarter, acquiring an additional 16,704 shares to bring its total to 43,986 shares, valued at around $1,759,000. Similarly, GAMMA Investing LLC raised its holdings by 14.7% during the first quarter, now owning 68,641 shares worth about $3,114,000. Spire Wealth Management and Pure Financial Advisors LLC also expanded their positions by 3.5% and 50.8%, respectively.
Additionally, KPP Advisory Services LLC entered the market with a new position in Verizon, estimated at about $249,000. Notably, institutional investors now collectively own 62.06% of Verizon’s stock, reflecting a strong institutional interest in the telecommunications company.
Recent Stock Performance and Analyst Ratings
As of the latest trading session, Verizon shares opened at $38.83, showing an increase of 1.1%. The company’s stock has experienced a 12-month low of $37.58 and a high of $47.35. Verizon boasts a market capitalization of $163.70 billion, with a price-to-earnings ratio of 9.05 and a beta of 0.37. The company’s quick ratio stands at 0.60, while its current ratio is 0.64, indicating solid liquidity.
In light of recent trading activities, several analysts have updated their price targets for Verizon. Scotiabank raised its price objective from $50.00 to $50.50 while maintaining a “sector perform” rating. Conversely, BNP Paribas Exane downgraded its rating from “outperform” to “neutral,” setting a price target of $44.00. Royal Bank of Canada increased its target from $45.00 to $46.00, also maintaining a “sector perform” rating.
JPMorgan Chase & Co. adjusted its price objective from $47.00 to $49.00, reflecting a “neutral” stance. Currently, three analysts have rated the stock with a Strong Buy, five with a Buy, and thirteen with a Hold rating, leading to a consensus rating of “Moderate Buy” and a target price averaging $47.41, according to MarketBeat.com.
About Verizon Communications
Verizon Communications Inc., through its subsidiaries, provides a range of communications, technology, information, and entertainment products and services to consumers, businesses, and government entities worldwide. The company operates under two principal segments: Verizon Consumer Group and Verizon Business Group.
The ongoing interest from institutional investors and the adjustments in analyst ratings indicate a dynamic market for Verizon Communications, reflecting both confidence and caution in the telecommunications sector. As the company continues to adapt to industry changes, stakeholders will be keen to monitor its performance in the coming quarters.
