Traders Buy Shares of Verizon Communications Inc. (VZ) on Weakness
Traders purchased shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading on Tuesday. $171.14 million flowed into the stock on the tick-up and $113.66 million flowed out of the stock on the tick-down, for a money net flow of $57.48 million into the stock. Of all equities tracked, Verizon Communications had the 3rd highest net in-flow for the day. Verizon Communications traded down ($0.85) for the day and closed at $52.76
A number of equities analysts have recently weighed in on VZ shares. Vetr raised Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $57.23 price target for the company in a report on Monday, May 2nd. Citigroup Inc. cut Verizon Communications to a “market perform” rating in a report on Wednesday, July 20th. Drexel Hamilton reissued a “hold” rating on shares of Verizon Communications in a report on Tuesday, May 24th. Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, July 26th. Finally, RBC Capital Markets reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Monday, July 25th. Twenty-three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $54.38.
The company has a market cap of $215.07 billion and a price-to-earnings ratio of 14.90. The firm has a 50 day moving average price of $55.00 and a 200 day moving average price of $52.56.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.02. During the same period in the prior year, the business posted $1.04 earnings per share. The business earned $30.53 billion during the quarter, compared to analyst estimates of $30.95 billion. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, equities analysts predict that Verizon Communications Inc. will post $3.90 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 8th were given a $0.565 dividend. This represents a $2.26 annualized dividend and a dividend yield of 4.28%. The ex-dividend date of this dividend was Wednesday, July 6th.
In other news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction dated Friday, June 24th. The stock was sold at an average price of $54.56, for a total value 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Other large investors have recently added to or reduced their stakes in the company. Teachers Insurance & Annuity Association of America increased its stake in Verizon Communications by 23.2% in the fourth quarter. Teachers Insurance & Annuity Association of America now owns 494,600 shares of the cell phone carrier’s stock worth $22,860,000 after buying an additional 93,000 shares during the period. Farr Miller & Washington LLC DC increased its stake in Verizon Communications by 2.3% in the fourth quarter. Farr Miller & Washington LLC DC now owns 50,376 shares of the cell phone carrier’s stock worth $2,328,000 after buying an additional 1,142 shares during the period. Autus Asset Management LLC increased its stake in Verizon Communications by 27.6% in the fourth quarter. Autus Asset Management LLC now owns 123,575 shares of the cell phone carrier’s stock worth $5,711,000 after buying an additional 26,703 shares during the period. Calvert Investment Management Inc. increased its stake in Verizon Communications by 1,086.6% in the fourth quarter. Calvert Investment Management Inc. now owns 986,324 shares of the cell phone carrier’s stock worth $45,588,000 after buying an additional 903,201 shares during the period. Finally, Bernzott Capital Advisors increased its stake in Verizon Communications by 0.8% in the fourth quarter. Bernzott Capital Advisors now owns 116,217 shares of the cell phone carrier’s stock worth $5,372,000 after buying an additional 903 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.