Investors Buy Shares of Verizon Communications Inc. (VZ) on Weakness After Insider Selling
Investors bought shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading on Friday after an insider sold shares in the company. $200.43 million flowed into the stock on the tick-up and $71.94 million flowed out of the stock on the tick-down, for a money net flow of $128.49 million into the stock. Of all companies tracked, Verizon Communications had the 2nd highest net in-flow for the day. Verizon Communications traded down ($0.14) for the day and closed at $51.98Specifically, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $54.81, for a total transaction of $36,832.32. Following the completion of the sale, the executive vice president now owns 11,198 shares of the company’s stock, valued at $613,762.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.10% of the company’s stock.
A number of equities research analysts have issued reports on VZ shares. Citigroup Inc. cut Verizon Communications to a “market perform” rating in a research report on Wednesday, July 20th. Morgan Stanley cut Verizon Communications from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, July 26th. RBC Capital Markets reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Monday, July 25th. JPMorgan Chase & Co. increased their price objective on Verizon Communications from $50.00 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Finally, Vetr cut Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price objective for the company. in a research report on Thursday, September 1st. Twenty-four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $54.48.
The firm has a market cap of $211.89 billion, a price-to-earnings ratio of 14.68 and a beta of 0.26. The firm’s 50-day moving average is $52.45 and its 200-day moving average is $52.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.02. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The business earned $30.53 billion during the quarter, compared to the consensus estimate of $30.95 billion. During the same period in the prior year, the company earned $1.04 EPS. Verizon Communications’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, equities analysts forecast that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be given a dividend of $0.0125 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio is currently 63.84%.
Several hedge funds have recently made changes to their positions in VZ. Financial Consulate Inc. increased its stake in shares of Verizon Communications by 11.7% in the first quarter. Financial Consulate Inc. now owns 10,610 shares of the cell phone carrier’s stock valued at $574,000 after buying an additional 1,108 shares in the last quarter. Independent Portfolio Consultants Inc. boosted its position in shares of Verizon Communications by 32.6% in the first quarter. Independent Portfolio Consultants Inc. now owns 5,026 shares of the cell phone carrier’s stock worth $272,000 after buying an additional 1,235 shares during the last quarter. F&V Capital Management LLC boosted its position in shares of Verizon Communications by 31.6% in the first quarter. F&V Capital Management LLC now owns 151,398 shares of the cell phone carrier’s stock worth $8,187,000 after buying an additional 36,375 shares during the last quarter. Tufton Capital Management boosted its position in shares of Verizon Communications by 0.8% in the first quarter. Tufton Capital Management now owns 133,661 shares of the cell phone carrier’s stock worth $7,228,000 after buying an additional 1,100 shares during the last quarter. Finally, Osborn Rohs Williams & Donohoe Ltd boosted its position in shares of Verizon Communications by 0.7% in the first quarter. Osborn Rohs Williams & Donohoe Ltd now owns 30,126 shares of the cell phone carrier’s stock worth $1,629,000 after buying an additional 222 shares during the last quarter. Institutional investors and hedge funds own 63.47% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
Receive News & Stock Ratings for Verizon Communications Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications Inc. and related stocks with our FREE daily email newsletter.