Traders Buy Verizon Communications Inc. (VZ) on Weakness
Traders purchased shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading on Friday. $93.30 million flowed into the stock on the tick-up and $75.48 million flowed out of the stock on the tick-down, for a money net flow of $17.82 million into the stock. Of all equities tracked, Verizon Communications had the 15th highest net in-flow for the day. Verizon Communications traded down ($0.29) for the day and closed at $53.64
Several brokerages have recently weighed in on VZ. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, April 19th. Vetr downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $57.01 target price for the company. in a research report on Monday, May 9th. Barclays PLC upped their target price on Verizon Communications from $51.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Monday, April 18th. Robert W. Baird reaffirmed a “neutral” rating and issued a $54.00 target price on shares of Verizon Communications in a research report on Tuesday, June 28th. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Tuesday, April 19th. Twenty-three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $54.38.
The firm has a 50 day moving average of $55.13 and a 200-day moving average of $52.17. The company has a market capitalization of $218.65 billion and a price-to-earnings ratio of 15.15.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.02. The company had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. The firm’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.04 earnings per share. On average, equities research analysts anticipate that Verizon Communications Inc. will post $3.91 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 8th were issued a dividend of $0.565 per share. This represents a $2.26 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend was Wednesday, July 6th.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction that occurred on Friday, June 24th. The stock was sold at an average price of $54.56, for a total transaction of $36,664.32. Following the sale, the executive vice president now directly owns 11,870 shares of the company’s stock, valued at $647,627.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Several hedge funds and institutional investors have recently bought and sold shares of the stock. Northeast Investment Management boosted its position in Verizon Communications by 0.9% in the fourth quarter. Northeast Investment Management now owns 32,238 shares of the cell phone carrier’s stock worth $1,490,000 after buying an additional 274 shares during the period. Grimes & Company Inc. boosted its position in Verizon Communications by 3.6% in the fourth quarter. Grimes & Company Inc. now owns 98,275 shares of the cell phone carrier’s stock worth $4,542,000 after buying an additional 3,388 shares during the period. Sei Investments Co. boosted its position in Verizon Communications by 26.7% in the fourth quarter. Sei Investments Co. now owns 1,034,946 shares of the cell phone carrier’s stock worth $47,835,000 after buying an additional 218,216 shares during the period. Smith Asset Management Group LP boosted its position in Verizon Communications by 39.0% in the fourth quarter. Smith Asset Management Group LP now owns 498,125 shares of the cell phone carrier’s stock worth $23,023,000 after buying an additional 139,830 shares during the period. Finally, Swiss National Bank boosted its position in Verizon Communications by 0.8% in the fourth quarter. Swiss National Bank now owns 9,275,030 shares of the cell phone carrier’s stock worth $428,692,000 after buying an additional 74,100 shares during the period.
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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