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
A number of equities research analysts have issued reports on the company. Argus downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, April 25th. Instinet reissued a “neutral” rating and set a $46.00 price target (down previously from $47.00) on shares of Verizon Communications in a research report on Sunday, April 23rd. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a research report on Sunday, July 9th. Two research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Verizon Communications has a consensus rating of “Hold” and an average price target of $52.73.
The firm has a market cap of $197.48 billion, a price-to-earnings ratio of 12.44 and a beta of 0.56. The company has a 50-day moving average of $45.73 and a 200-day moving average of $47.29.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, hitting analysts’ consensus estimates of $0.96. The firm had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter last year, the company earned $0.94 earnings per share. On average, equities analysts forecast that Verizon Communications Inc. will post $3.79 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were issued a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a dividend yield of 4.77%. The ex-dividend date was Thursday, July 6th. Verizon Communications’s payout ratio is 59.23%.
In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Tuesday, June 27th. The shares were 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 owns 8,429 shares of the company’s stock, valued at $379,305. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 1,830 shares of company stock valued at $84,229. Company insiders own 0.13% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Franklin Parlapiano Turner & Welch LLC purchased a new stake in Verizon Communications during the first quarter valued at $136,000. Tortoise Investment Management LLC raised its stake in Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock valued at $139,000 after buying an additional 680 shares during the last quarter. American Beacon Advisors Inc. purchased a new stake in Verizon Communications during the first quarter valued at $140,000. Proficio Capital Partners LLC raised its stake in Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after buying an additional 1,841 shares during the last quarter. Finally, Private Vista LLC raised its stake in Verizon Communications by 3,339.1% in the second quarter. Private Vista LLC now owns 389,552 shares of the cell phone carrier’s stock valued at $143,000 after buying an additional 378,225 shares during the last quarter. 62.33% of the stock is owned by institutional investors.
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About Verizon Communications
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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