Traders Sell Shares of Verizon Communications Inc. (VZ) on Strength After Insider Selling
Investors sold shares of Verizon Communications Inc. (NYSE:VZ) on strength during trading hours on Monday following insider selling activity. $93.18 million flowed into the stock on the tick-up and $220.39 million flowed out of the stock on the tick-down, for a money net flow of $127.21 million out of the stock. Of all stocks tracked, Verizon Communications had the 0th highest net out-flow for the day. Verizon Communications traded up $0.45 for the day and closed at $51.12Specifically, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction that occurred on Wednesday, October 26th. The shares were sold at an average price of $47.76, for a total value of $32,094.72. Following the completion of the transaction, the executive vice president now owns 9,182 shares of the company’s stock, valued at $438,532.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Craig L. Silliman sold 668 shares of the business’s stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $49.29, for a total transaction of $32,925.72. Following the completion of the transaction, the executive vice president now directly owns 6,047 shares of the company’s stock, valued at approximately $298,056.63. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by corporate insiders.
A number of equities analysts have recently issued reports on the company. Pacific Crest reaffirmed an “equal weight” rating on shares of Verizon Communications in a research report on Sunday, October 23rd. Drexel Hamilton raised Verizon Communications from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research report on Monday, October 24th. Vetr downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price target on the stock. in a research report on Thursday, September 1st. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $51.00 price target on shares of Verizon Communications in a research report on Sunday, October 23rd. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price target (down from $55.00) on shares of Verizon Communications in a research report on Sunday, October 23rd. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $54.61.
The stock has a market capitalization of $207.75 billion, a price-to-earnings ratio of 14.85 and a beta of 0.38. The stock has a 50 day moving average price of $48.52 and a 200 day moving average price of $51.89.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, October 20th. The cell phone carrier reported $1.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.02. The business had revenue of $30.90 billion for the quarter, compared to the consensus estimate of $31.08 billion. Verizon Communications had a net margin of 10.97% and a return on equity of 78.75%. The business’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.04 earnings per share. Analysts forecast that Verizon Communications Inc. will post $3.90 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Friday, October 7th were issued a dividend of $0.0125 per share. This represents a $0.05 dividend on an annualized basis and a yield of 0.10%. The ex-dividend date of this dividend was Wednesday, October 5th. Verizon Communications’s dividend payout ratio is currently 67.15%.
Hedge funds have recently added to or reduced their stakes in the company. Guidant Wealth Advisors bought a new stake in Verizon Communications during the third quarter worth approximately $107,000. Taylor Wealth Management Partners increased its stake in Verizon Communications by 15.2% in the second quarter. Taylor Wealth Management Partners now owns 2,275 shares of the cell phone carrier’s stock worth $127,000 after buying an additional 300 shares in the last quarter. Lowe fs LLC increased its stake in Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock worth $132,000 after buying an additional 19 shares in the last quarter. Solaris Asset Management LLC bought a new stake in Verizon Communications during the third quarter worth approximately $125,000. Finally, Ruggie Capital Group increased its stake in Verizon Communications by 0.3% in the third quarter. Ruggie Capital Group now owns 2,649 shares of the cell phone carrier’s stock worth $137,000 after buying an additional 9 shares in the last quarter. 62.41% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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