Investors Buy Verizon Communications Inc. (VZ) on Weakness
Traders purchased shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading hours on Friday. $129.68 million flowed into the stock on the tick-up and $85.35 million flowed out of the stock on the tick-down, for a money net flow of $44.33 million into the stock. Of all equities tracked, Verizon Communications had the 14th highest net in-flow for the day. Verizon Communications traded down ($0.42) for the day and closed at $52.45
A number of equities research analysts recently weighed in on the company. FBR & Co reaffirmed a “buy” rating and set a $54.00 price target on shares of Verizon Communications in a report on Saturday, April 23rd. Jefferies Group reissued a “hold” rating on shares of Verizon Communications in a research note on Saturday, May 14th. Argus reissued a “buy” rating on shares of Verizon Communications in a research note on Sunday, June 12th. Deutsche Bank AG reissued a “hold” rating and issued a $52.00 target price (up from $50.00) on shares of Verizon Communications in a research note on Thursday, June 16th. Finally, Morgan Stanley lifted their target price on Verizon Communications from $59.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, July 28th. Twenty-three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $54.42.
The stock has a market cap of $213.80 billion and a P/E ratio of 14.82. The company’s 50-day moving average is $54.79 and its 200-day moving average is $52.58.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.02. The firm earned $30.53 billion during the quarter, compared to analyst estimates of $30.95 billion. The business’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.04 earnings per share. On average, analysts expect that Verizon Communications Inc. will post $3.90 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 8th were paid a $0.565 dividend. The ex-dividend date of this dividend was Wednesday, July 6th. This represents a $2.26 annualized dividend and a dividend yield of 4.31%.
In related news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction dated Thursday, May 26th. The shares were sold at an average price of $49.80, for a total value of $33,465.60. Following the transaction, the executive vice president now owns 12,542 shares of the company’s stock, valued at approximately $624,591.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.
A number of institutional investors have made changes to their positions in the stock. First Heartland Consultants Inc. boosted its position in shares of Verizon Communications by 1.5% in the fourth quarter. First Heartland Consultants Inc. now owns 24,397 shares of the cell phone carrier’s stock valued at $1,128,000 after buying an additional 364 shares during the last quarter. Hillsdale Investment Management Inc. boosted its position in shares of Verizon Communications by 8.3% in the fourth quarter. Hillsdale Investment Management Inc. now owns 24,893 shares of the cell phone carrier’s stock valued at $1,151,000 after buying an additional 1,900 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Verizon Communications by 100.5% in the fourth quarter. Jennison Associates LLC now owns 31,210 shares of the cell phone carrier’s stock valued at $1,443,000 after buying an additional 15,643 shares during the last quarter. Bank Hapoalim BM boosted its position in shares of Verizon Communications by 19.9% in the fourth quarter. Bank Hapoalim BM now owns 31,417 shares of the cell phone carrier’s stock valued at $1,452,000 after buying an additional 5,205 shares during the last quarter. Finally, Baxter Bros Inc. boosted its position in shares of Verizon Communications by 11.2% in the fourth quarter. Baxter Bros Inc. now owns 31,510 shares of the cell phone carrier’s stock valued at $1,456,000 after buying an additional 3,171 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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