Traders Buy Verizon Communications (VZ) on Weakness
Traders purchased shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading on Thursday. $416.53 million flowed into the stock on the tick-up and $213.01 million flowed out of the stock on the tick-down, for a money net flow of $203.52 million into the stock. Of all companies tracked, Verizon Communications had the 4th highest net in-flow for the day. Verizon Communications traded down ($0.01) for the day and closed at $58.08
Several equities analysts have issued reports on the company. Scotiabank set a $62.00 price target on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, October 24th. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, October 1st. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Bank of America reissued a “buy” rating and issued a $58.00 price target on shares of Verizon Communications in a research note on Monday, October 22nd. Finally, Moffett Nathanson reissued a “neutral” rating and issued a $56.00 price target on shares of Verizon Communications in a research note on Tuesday, September 4th. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $56.22.
The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 1.90. The stock has a market capitalization of $239.79 billion, a price-to-earnings ratio of 15.53, a P/E/G ratio of 2.53 and a beta of 0.49.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Stockholders of record on Thursday, January 10th will be given a dividend of $0.6025 per share. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.15%. Verizon Communications’s payout ratio is 64.44%.
Several large investors have recently modified their holdings of the company. Financial Gravity Wealth Inc. purchased a new stake in Verizon Communications in the 1st quarter valued at $128,000. Edgemoor Investment Advisors Inc. raised its position in Verizon Communications by 0.6% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 224,351 shares of the cell phone carrier’s stock valued at $10,728,000 after buying an additional 1,306 shares during the last quarter. Old Mutual Global Investors UK Ltd. raised its position in Verizon Communications by 62.6% in the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 403,702 shares of the cell phone carrier’s stock valued at $19,305,000 after buying an additional 155,372 shares during the last quarter. BB&T Securities LLC raised its position in Verizon Communications by 3.4% in the 1st quarter. BB&T Securities LLC now owns 1,686,889 shares of the cell phone carrier’s stock valued at $80,666,000 after buying an additional 55,747 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its position in Verizon Communications by 10.7% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 1,023,161 shares of the cell phone carrier’s stock valued at $48,927,000 after buying an additional 98,736 shares during the last quarter. 65.02% of the stock is currently owned by institutional investors.
Verizon Communications Company Profile (NYSE:VZ)
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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