Investors Buy Shares of Verizon Communications Inc. (VZ) on Weakness
Traders bought shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading hours on Wednesday. $128.59 million flowed into the stock on the tick-up and $71.64 million flowed out of the stock on the tick-down, for a money net flow of $56.95 million into the stock. Of all equities tracked, Verizon Communications had the 7th highest net in-flow for the day. Verizon Communications traded down ($0.07) for the day and closed at $48.41
Several equities analysts have issued reports on VZ shares. SunTrust Banks, Inc. started coverage on Verizon Communications in a research note on Tuesday, April 18th. They issued a “hold” rating and a $50.00 target price on the stock. Argus lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Royal Bank Of Canada restated a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a research note on Friday, April 21st. Macquarie restated a “neutral” rating and set a $49.00 price target (down previously from $50.00) on shares of Verizon Communications in a research note on Sunday, April 23rd. Finally, Jefferies Group LLC restated a “hold” rating and set a $50.00 price target (down previously from $51.00) on shares of Verizon Communications in a research note on Sunday, April 23rd. Two research analysts have rated the stock with a sell rating, twenty-two have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $52.73.
The company has a market capitalization of $197.48 billion, a P/E ratio of 12.44 and a beta of 0.56. The stock’s 50-day moving average price is $45.73 and its 200 day moving average price is $47.29.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The company had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. During the same period last year, the firm earned $0.94 EPS. The firm’s revenue for the quarter was up .1% on a year-over-year basis. On average, analysts predict that Verizon Communications Inc. will post $3.79 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were given a dividend of $0.5775 per share. The ex-dividend date of this dividend was Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a yield of 4.77%. Verizon Communications’s payout ratio is 59.23%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $27,450.00. Following the completion of the sale, the executive vice president now directly owns 8,429 shares of the company’s stock, valued at approximately $379,305. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 1,830 shares of company stock valued at $84,229 over the last ninety days. 0.13% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the company. Ronna Sue Cohen boosted its stake in Verizon Communications by 0.4% in the second quarter. Ronna Sue Cohen now owns 4,832 shares of the cell phone carrier’s stock worth $216,000 after buying an additional 19 shares during the last quarter. Oakmont Partners LLC boosted its stake in Verizon Communications by 0.3% in the second quarter. Oakmont Partners LLC now owns 6,391 shares of the cell phone carrier’s stock worth $285,000 after buying an additional 22 shares during the last quarter. Conservest Capital Advisors Inc. boosted its stake in Verizon Communications by 0.5% in the second quarter. Conservest Capital Advisors Inc. now owns 5,024 shares of the cell phone carrier’s stock worth $224,000 after buying an additional 23 shares during the last quarter. Regal Wealth Group Inc. boosted its stake in Verizon Communications by 0.7% in the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after buying an additional 24 shares during the last quarter. Finally, Glassman Wealth Services boosted its stake in Verizon Communications by 0.4% in the second quarter. Glassman Wealth Services now owns 7,719 shares of the cell phone carrier’s stock worth $345,000 after buying an additional 31 shares during the last quarter. 62.33% of the stock is owned by institutional investors.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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