Verizon Communications Inc. (VZ) Earns “Hold” Rating from KeyCorp
VZ has been the topic of a number of other reports. Goldman Sachs Group, Inc. (The) reissued a neutral rating on shares of Verizon Communications in a research report on Wednesday, June 28th. Vetr raised Verizon Communications from a buy rating to a strong-buy rating and set a $50.65 price target on the stock in a research report on Wednesday, July 5th. Zacks Investment Research raised Verizon Communications from a sell rating to a hold rating in a research report on Friday, July 7th. BidaskClub raised Verizon Communications from a strong sell rating to a sell rating in a research report on Monday, July 31st. Finally, Cowen and Company reissued a hold rating and issued a $49.00 price target on shares of Verizon Communications in a research report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $52.86.
Verizon Communications (NYSE:VZ) opened at 47.86 on Wednesday. The firm has a 50-day moving average price of $48.47 and a 200 day moving average price of $47.04. Verizon Communications has a one year low of $42.80 and a one year high of $54.83. The company has a market cap of $195.24 billion, a price-to-earnings ratio of 12.30 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last issued 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. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The firm had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. During the same period in the previous year, the firm posted $0.94 EPS. The business’s revenue for the quarter was up .1% compared to the same quarter last year. Equities analysts expect that Verizon Communications will post $3.76 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.93%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, October 6th. Verizon Communications’s dividend payout ratio is 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the sale, the executive vice president now directly owns 7,209 shares in the company, valued at approximately $350,717.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 1,830 shares of company stock valued at $88,828 over the last 90 days. 0.13% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in 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 buying an additional 5,837,702 shares in the last quarter. State Street Corp increased its stake in Verizon Communications by 1.2% in the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after buying an additional 2,066,816 shares in the last quarter. Capital Research Global Investors increased its stake in 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 buying an additional 20,070,391 shares in the last quarter. FMR LLC increased its stake in 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 buying an additional 8,077,275 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in Verizon Communications by 3.7% in the 2nd quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock worth $1,065,488,000 after buying an additional 848,043 shares in the last quarter. Hedge funds and other institutional investors own 62.24% of the company’s stock.
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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