Deseret Mutual Benefit Administrators Purchases 2,064 Shares of Verizon Communications Inc. (NYSE:VZ)

Deseret Mutual Benefit Administrators grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 7.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,772 shares of the cell phone carrier’s stock after acquiring an additional 2,064 shares during the quarter. Verizon Communications comprises 0.6% of Deseret Mutual Benefit Administrators’ holdings, making the stock its 28th largest holding. Deseret Mutual Benefit Administrators’ holdings in Verizon Communications were worth $1,269,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Alliance Wealth Advisors LLC increased its holdings in shares of 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 valued at $732,000 after acquiring an additional 241 shares in the last quarter. Sawgrass Asset Management LLC lifted its stake in shares of Verizon Communications by 1.2% in the second quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock worth $889,000 after buying an additional 250 shares in the last quarter. Fermata Advisors LLC grew its holdings in shares of Verizon Communications by 5.0% during the second quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier’s stock valued at $222,000 after buying an additional 254 shares during the last quarter. Private Portfolio Partners LLC grew its holdings in shares of Verizon Communications by 0.9% during the fourth quarter. Private Portfolio Partners LLC now owns 27,457 shares of the cell phone carrier’s stock valued at $1,035,000 after buying an additional 255 shares during the last quarter. Finally, BKM Wealth Management LLC increased its position in shares of Verizon Communications by 7.4% during the first quarter. BKM Wealth Management LLC now owns 3,715 shares of the cell phone carrier’s stock valued at $156,000 after acquiring an additional 257 shares in the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Price Performance

NYSE:VZ traded down $0.47 on Thursday, reaching $41.01. 3,938,477 shares of the company’s stock traded hands, compared to its average volume of 18,371,980. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The stock has a 50-day simple moving average of $40.92 and a 200-day simple moving average of $40.52. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $43.42. The firm has a market cap of $172.62 billion, a PE ratio of 15.46, a P/E/G ratio of 3.81 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting analysts’ consensus estimates of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. During the same period in the prior year, the company earned $1.21 EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year. Equities research analysts forecast that Verizon Communications Inc. will post 4.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Scotiabank increased their target price on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research note on Wednesday, July 10th. Royal Bank of Canada restated a “sector perform” rating and set a $42.00 price objective on shares of Verizon Communications in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. cut their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. Finally, Tigress Financial upped their price objective on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.78.

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).