Investors Buy Verizon Communications Inc. (VZ) on Weakness
Traders bought 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 stocks 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 equities analysts have recently issued reports on VZ shares. Drexel Hamilton reiterated an “in-line” rating on shares of Verizon Communications in a research note on Wednesday, July 27th. Oppenheimer Holdings Inc. downgraded Verizon Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 20th. They noted that the move was a valuation call. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, April 19th. Imperial Capital downgraded Verizon Communications from an “outperform” rating to an “in-line” rating and raised their price objective for the company from $50.00 to $60.00 in a report on Tuesday, August 2nd. Finally, Vetr raised Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $56.89 price objective on the stock in a report on Wednesday, May 18th. Twenty-three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $54.38.
The company has a market capitalization of $218.65 billion and a PE ratio of 15.15. The company has a 50 day moving average price of $55.13 and a 200 day moving average price of $52.17.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.02. During the same quarter in the prior year, the firm posted $1.04 EPS. The company earned $30.53 billion during the quarter, compared to analysts’ expectations of $30.95 billion. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post $3.91 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 8th were issued 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 4.21%.
In other news, EVP Craig L. Silliman sold 672 shares of Verizon Communications 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 transaction, the executive vice president now owns 11,870 shares in the company, valued at $647,627.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Several hedge funds and institutional investors recently added to or reduced their stakes in VZ. First Heartland Consultants Inc. increased its position in 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 in the last quarter. Hillsdale Investment Management Inc. increased its position in 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 in the last quarter. SignalPoint Asset Management LLC increased its position in Verizon Communications by 11.0% in the fourth quarter. SignalPoint Asset Management LLC now owns 29,459 shares of the cell phone carrier’s stock valued at $1,362,000 after buying an additional 2,910 shares in the last quarter. Investment Partners Ltd. OH ADV increased its position in Verizon Communications by 31.6% in the fourth quarter. Investment Partners Ltd. OH ADV now owns 30,352 shares of the cell phone carrier’s stock valued at $1,408,000 after buying an additional 7,283 shares in the last quarter. Finally, Jennison Associates LLC increased its position in 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 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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