Traders Buy Shares of Verizon Communications Inc. (VZ) on Weakness
Traders bought shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading on Tuesday. $171.66 million flowed into the stock on the tick-up and $116.51 million flowed out of the stock on the tick-down, for a money net flow of $55.15 million into the stock. Of all equities tracked, Verizon Communications had the 3rd highest net in-flow for the day. Verizon Communications traded down ($0.46) for the day and closed at $55.47
Several research analysts have recently weighed in on the company. Argus reissued a “buy” rating on shares of Verizon Communications in a research report on Saturday, April 9th. Moffett Nathanson lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Saturday, April 2nd. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $55.28 target price for the company in a research note on Thursday, April 7th. FBR & Co restated a “buy” rating and issued a $54.00 target price on shares of Verizon Communications in a research note on Saturday, April 23rd. Finally, Jefferies Group restated a “hold” rating on shares of Verizon Communications in a research note on Saturday, May 14th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications has a consensus rating of “Hold” and an average target price of $53.42.
The stock has a 50-day moving average of $53.25 and a 200 day moving average of $51.10. The company has a market capitalization of $226.11 billion and a P/E ratio of 12.58.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, April 21st. The cell phone carrier reported $1.06 EPS for the quarter, hitting analysts’ consensus estimates of $1.06. The firm had revenue of $32.20 billion for the quarter, compared to analysts’ expectations of $32.49 billion. During the same period in the prior year, the firm posted $1.02 earnings per share. Verizon Communications’s revenue for the quarter was up .6% on a year-over-year basis. Equities research analysts predict that Verizon Communications Inc. will post $3.90 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 8th will be given a $0.565 dividend. The ex-dividend date is Wednesday, July 6th. This represents a $2.26 annualized dividend and a yield of 4.07%.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the business’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 completion of the sale, the executive vice president now directly 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 through this link.
A number of large investors recently added to or reduced their stakes in the stock. Agran Libbie boosted its stake in Verizon Communications by 9,922.0% in the fourth quarter. Agran Libbie now owns 16,100,284 shares of the cell phone carrier’s stock valued at $7,442,000 after buying an additional 15,939,635 shares during the period. Boston Partners boosted its stake in Verizon Communications by 35.7% in the fourth quarter. Boston Partners now owns 13,662,183 shares of the cell phone carrier’s stock valued at $631,466,000 after buying an additional 3,590,873 shares during the period. LSV Asset Management boosted its stake in Verizon Communications by 1.2% in the fourth quarter. LSV Asset Management now owns 12,882,775 shares of the cell phone carrier’s stock valued at $595,441,000 after buying an additional 153,085 shares during the period. Dimensional Fund Advisors LP boosted its stake in Verizon Communications by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,155,993 shares of the cell phone carrier’s stock valued at $561,919,000 after buying an additional 922,163 shares during the period. Finally, Swiss National Bank boosted its stake 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 valued at $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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