Investors Buy Verizon Communications Inc. (VZ) on Weakness
Investors bought shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading on Thursday. $130.70 million flowed into the stock on the tick-up and $91.80 million flowed out of the stock on the tick-down, for a money net flow of $38.90 million into the stock. Of all stocks tracked, Verizon Communications had the 8th highest net in-flow for the day. Verizon Communications traded down ($0.30) for the day and closed at $52.87
Several research firms have recently issued reports on VZ. Morgan Stanley reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Monday, June 6th. Royal Bank Of Canada dropped their price target on shares of Verizon Communications from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Tuesday, April 26th. Zacks Investment Research raised shares of Verizon Communications from a “sell” rating to a “hold” rating in a research note on Monday, April 25th. Imperial Capital downgraded shares of Verizon Communications from an “outperform” rating to an “in-line” rating and raised their price target for the company from $50.00 to $60.00 in a research note on Tuesday, August 2nd. Finally, Macquarie reaffirmed a “neutral” rating and set a $55.00 price target on shares of Verizon Communications in a research note on Wednesday, July 6th. Twenty-three research 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 a consensus rating of “Hold” and a consensus price target of $54.42.
The firm has a market capitalization of $215.51 billion and a PE ratio of 14.94. The firm has a 50-day moving average of $54.89 and a 200-day moving average of $52.56.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.02. The business earned $30.53 billion during the quarter, compared to analysts’ expectations of $30.95 billion. During the same period in the prior year, the company earned $1.04 earnings per share. The firm’s quarterly revenue was down 5.3% compared to the same quarter last year. Analysts expect that Verizon Communications Inc. will post $3.90 EPS for the current fiscal year.
The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date was Wednesday, July 6th.
In other news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total value of $36,832.32. Following the sale, the executive vice president now directly owns 11,198 shares of the company’s stock, valued at approximately $613,762.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of hedge funds have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. increased its stake in shares of Verizon Communications by 7.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 15,796,882 shares of the cell phone carrier’s stock valued at $730,132,000 after buying an additional 1,047,588 shares during the period. Teachers Insurance & Annuity Association of America increased its stake in shares of 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 valued at $22,860,000 after buying an additional 93,000 shares during the period. Farr Miller & Washington LLC DC increased its stake in shares of 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 valued at $2,328,000 after buying an additional 1,142 shares during the period. Autus Asset Management LLC increased its stake in shares of 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 valued at $5,711,000 after buying an additional 26,703 shares during the period. Finally, Calvert Investment Management Inc. increased its stake in shares of 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 valued at $45,588,000 after buying an additional 903,201 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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