Traders Buy Verizon Communications Inc. (VZ) on Weakness
Traders purchased shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading hours on Wednesday. $124.97 million flowed into the stock on the tick-up and $88.43 million flowed out of the stock on the tick-down, for a money net flow of $36.54 million into the stock. Of all stocks tracked, Verizon Communications had the 22nd highest net in-flow for the day. Verizon Communications traded down ($0.10) for the day and closed at $53.90
A number of research analysts have commented on the company. Imperial Capital cut Verizon Communications from an “outperform” rating to an “in-line” rating and upped their price target for the stock from $50.00 to $60.00 in a research note on Tuesday. Morgan Stanley upped their price target on Verizon Communications from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, July 28th. JPMorgan Chase & Co. upped their price target on Verizon Communications from $50.00 to $56.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 27th. Pacific Crest restated a “hold” rating on shares of Verizon Communications in a research note on Wednesday, July 27th. Finally, Argus restated a “buy” rating and set a $60.00 price target on shares of Verizon Communications in a research note on Wednesday, July 27th. Twenty-three analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Verizon Communications currently has an average rating of “Hold” and an average price target of $54.38.
The stock’s 50 day moving average price is $55.09 and its 200-day moving average price is $52.14. The company has a market capitalization of $219.71 billion and a P/E ratio of 15.23.
Verizon Communications (NYSE:VZ) last announced 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. During the same period in the prior year, the company earned $1.04 EPS. The business had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. Verizon Communications’s quarterly revenue was down 5.3% on a year-over-year basis. Analysts anticipate that Verizon Communications Inc. will post $3.91 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 8th were given a dividend of $0.565 per share. This represents a $2.26 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date was Wednesday, July 6th.
In related news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction dated Friday, June 24th. The shares were sold at an average price of $54.56, for a total transaction of $36,664.32. Following the completion of the sale, the executive vice president now owns 11,870 shares of the company’s stock, valued at approximately $647,627.20. The sale was disclosed in a legal filing with the SEC, which is available through this link.
Other large investors have made changes to their positions in the company. DE Burlo Group Inc. acquired a new stake in shares of Verizon Communications during the fourth quarter worth $2,646,000. Community Bank N.A. increased its stake in shares of Verizon Communications by 4.4% in the fourth quarter. Community Bank N.A. now owns 131,937 shares of the cell phone carrier’s stock worth $6,098,000 after buying an additional 5,526 shares in the last quarter. Swiss National Bank increased its stake in shares of 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 in the last quarter. State of Alaska Department of Revenue increased its stake in shares of Verizon Communications by 120.2% in the fourth quarter. State of Alaska Department of Revenue now owns 280,453 shares of the cell phone carrier’s stock worth $12,962,000 after buying an additional 153,063 shares in the last quarter. Finally, Pictet & Cie Europe SA increased its stake in shares of Verizon Communications by 7.1% in the fourth quarter. Pictet & Cie Europe SA now owns 34,618 shares of the cell phone carrier’s stock worth $1,600,000 after buying an additional 2,293 shares in 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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