Carlton Hofferkamp & Jenks Wealth Management LLC Has $1.65 Million Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Carlton Hofferkamp & Jenks Wealth Management LLC reduced its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,137 shares of the cell phone carrier’s stock after selling 570 shares during the period. Carlton Hofferkamp & Jenks Wealth Management LLC’s holdings in Verizon Communications were worth $1,648,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Alliance Wealth Advisors LLC increased its position in Verizon Communications by 1.4% during the second quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock worth $732,000 after buying an additional 241 shares during the last quarter. Fermata Advisors LLC boosted its stake in shares of Verizon Communications by 4.5% during the 3rd quarter. Fermata Advisors LLC now owns 5,626 shares of the cell phone carrier’s stock worth $253,000 after acquiring an additional 243 shares during the period. Austin Private Wealth LLC increased its holdings in shares of Verizon Communications by 3.0% during the 3rd quarter. Austin Private Wealth LLC now owns 8,450 shares of the cell phone carrier’s stock worth $379,000 after acquiring an additional 243 shares during the last quarter. Semmax Financial Advisors Inc. raised its stake in Verizon Communications by 0.4% in the 2nd quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier’s stock valued at $2,240,000 after acquiring an additional 246 shares during the period. Finally, Cary Street Partners Asset Management LLC boosted its position in Verizon Communications by 3.4% during the third quarter. Cary Street Partners Asset Management LLC now owns 7,628 shares of the cell phone carrier’s stock worth $343,000 after purchasing an additional 249 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on VZ shares. Bank of America increased their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. KeyCorp downgraded shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. decreased their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Scotiabank raised their target price on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a report on Friday, October 18th. Finally, TD Cowen increased their price target on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $46.37.

Verizon Communications Price Performance

VZ stock opened at $40.39 on Wednesday. The stock has a market cap of $170.03 billion, a price-to-earnings ratio of 17.41, a P/E/G ratio of 2.94 and a beta of 0.43. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.62. The company has a 50 day simple moving average of $43.03 and a 200 day simple moving average of $41.41. Verizon Communications Inc. has a 1 year low of $35.41 and a 1 year high of $45.36.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.01. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The company had revenue of $33.30 billion during the quarter, compared to the consensus estimate of $33.42 billion. During the same period in the prior year, the business earned $1.22 earnings per share. The company’s revenue for the quarter was up .9% compared to the same quarter last year. Research analysts anticipate that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were issued a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.71%. The ex-dividend date of this dividend was Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is 116.81%.

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).