Investors Buy Shares of Verizon Communications (VZ) on Weakness
Traders purchased shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading on Tuesday. $225.71 million flowed into the stock on the tick-up and $96.15 million flowed out of the stock on the tick-down, for a money net flow of $129.56 million into the stock. Of all companies tracked, Verizon Communications had the 6th highest net in-flow for the day. Verizon Communications traded down ($0.42) for the day and closed at $52.83
Several analysts recently issued reports on VZ shares. Instinet lifted their target price on Verizon Communications from $47.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, December 12th. Nomura raised Verizon Communications from a “neutral” rating to a “buy” rating and lifted their target price for the company from $47.00 to $61.00 in a research note on Tuesday, December 12th. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Moffett Nathanson reissued a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. Finally, Bank of America set a $52.00 target price on Verizon Communications and gave the company a “buy” rating in a research note on Friday, October 20th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $51.99.
The company has a market capitalization of $215,516.88, a price-to-earnings ratio of 14.09, a P/E/G ratio of 4.96 and a beta of 0.57. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.47%. The ex-dividend date is Tuesday, January 9th. Verizon Communications’s dividend payout ratio (DPR) is 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $47.41, for a total value of $28,920.10. Following the completion of the transaction, the executive vice president now owns 3,269 shares in the company, valued at approximately $154,983.29. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders sold 1,830 shares of company stock valued at $88,609. Company insiders own 0.13% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Capital Research Global Investors raised its position in shares of Verizon Communications by 15.1% in the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after acquiring an additional 20,070,391 shares in the last quarter. FMR LLC raised its position in shares of Verizon Communications by 15.0% in the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after acquiring an additional 8,077,275 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Verizon Communications by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after acquiring an additional 5,837,702 shares in the last quarter. Stifel Financial Corp raised its position in shares of Verizon Communications by 7,639.8% in the 3rd quarter. Stifel Financial Corp now owns 3,877,541 shares of the cell phone carrier’s stock worth $191,847,000 after acquiring an additional 3,827,442 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Verizon Communications by 19.9% in the 2nd quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after acquiring an additional 3,623,182 shares in the last quarter. 63.23% of the stock is owned by hedge funds and other 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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