Investors Buy Shares of Verizon Communications Inc. (VZ) on Weakness
Investors purchased shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading hours on Thursday. $142.71 million flowed into the stock on the tick-up and $102.37 million flowed out of the stock on the tick-down, for a money net flow of $40.34 million into the stock. Of all stocks tracked, Verizon Communications had the 8th highest net in-flow for the day. Verizon Communications traded down ($0.16) for the day and closed at $55.84
A number of research firms recently issued reports on VZ. Zacks Investment Research downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, April 19th. Vetr downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $57.01 price target for the company. in a research note on Monday, May 9th. Deutsche Bank AG increased their price target on shares of Verizon Communications from $49.00 to $50.00 and gave the stock a “hold” rating in a research note on Monday, April 4th. Macquarie began coverage on shares of Verizon Communications in a research note on Tuesday, April 5th. They issued a “neutral” rating for the company. Finally, Royal Bank Of Canada increased their price target on shares of Verizon Communications from $50.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 30th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $53.42.
The company has a market cap of $227.62 billion and a P/E ratio of 12.67. The stock’s 50 day moving average price is $53.62 and its 200 day moving average price is $51.17.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, April 21st. The cell phone carrier reported $1.06 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.06. The company had revenue of $32.20 billion for the quarter, compared to analyst estimates of $32.49 billion. The company’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.02 EPS. Analysts predict that Verizon Communications Inc. will post $3.90 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 8th will be paid a dividend of $0.565 per share. This represents a $2.26 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date is Wednesday, July 6th.
In other news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction dated Thursday, May 26th. The shares were sold at an average price of $49.80, for a total transaction of $33,465.60. Following the completion of the transaction, the executive vice president now owns 12,542 shares of the company’s stock, valued at approximately $624,591.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Several hedge funds and institutional investors recently bought and sold shares of VZ. DE Burlo Group Inc. bought a new position in Verizon Communications during the fourth quarter worth approximately $2,646,000. Hosking Partners LLP increased its position in Verizon Communications by 1.3% in the fourth quarter. Hosking Partners LLP now owns 81,031 shares of the cell phone carrier’s stock worth $3,745,000 after buying an additional 1,061 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Verizon Communications by 1.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 782,412 shares of the cell phone carrier’s stock worth $36,163,000 after buying an additional 10,800 shares during the last quarter. Honeywell International Inc. boosted its stake in shares of Verizon Communications by 15.0% in the fourth quarter. Honeywell International Inc. now owns 1,149,100 shares of the cell phone carrier’s stock worth $53,111,000 after buying an additional 150,200 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Verizon Communications by 8.8% in the fourth quarter. American Century Companies Inc. now owns 6,797,988 shares of the cell phone carrier’s stock worth $314,203,000 after buying an additional 551,817 shares during the last quarter.
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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