Traders Buy Verizon Communications Inc. (VZ) on Weakness
Traders purchased shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading hours on Tuesday. $114.13 million flowed into the stock on the tick-up and $76.90 million flowed out of the stock on the tick-down, for a money net flow of $37.23 million into the stock. Of all equities tracked, Verizon Communications had the 20th highest net in-flow for the day. Verizon Communications traded down ($0.56) for the day and closed at $47.36
Several research analysts have issued reports on VZ shares. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 price objective for the company in a research report on Wednesday, June 21st. Cowen and Company reiterated a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a research report on Wednesday, July 19th. ValuEngine cut Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research cut Verizon Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $50.00 price objective on shares of Verizon Communications in a research report on Monday, July 3rd. Two equities research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $52.73.
The firm’s 50-day moving average is $47.41 and its 200-day moving average is $47.24. The stock has a market cap of $193.20 billion, a price-to-earnings ratio of 12.17 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting analysts’ consensus estimates of $0.96. Verizon Communications had a return on equity of 71.88% and a net margin of 14.66%. The firm had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. During the same quarter in the previous year, the company posted $0.94 earnings per share. The business’s quarterly revenue was up .1% compared to the same quarter last year. On average, equities research analysts anticipate that Verizon Communications Inc. will post $3.78 earnings per share for the current fiscal year.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total value of $27,450.00. Following the transaction, the executive vice president now owns 8,429 shares in the company, valued at $379,305. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 1,830 shares of company stock worth $86,248 in the last 90 days. Corporate insiders own 0.13% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ronna Sue Cohen boosted its stake in shares of Verizon Communications by 0.4% during the 2nd quarter. Ronna Sue Cohen now owns 4,832 shares of the cell phone carrier’s stock worth $216,000 after acquiring an additional 19 shares in the last quarter. Oakmont Partners LLC boosted its stake in shares of Verizon Communications by 0.3% during the 2nd quarter. Oakmont Partners LLC now owns 6,391 shares of the cell phone carrier’s stock worth $285,000 after acquiring an additional 22 shares in the last quarter. Conservest Capital Advisors Inc. boosted its stake in shares of Verizon Communications by 0.5% during the 2nd quarter. Conservest Capital Advisors Inc. now owns 5,024 shares of the cell phone carrier’s stock worth $224,000 after acquiring an additional 23 shares in the last quarter. Regal Wealth Group Inc. boosted its stake in shares of Verizon Communications by 0.7% during the 2nd quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after acquiring an additional 24 shares in the last quarter. Finally, Glassman Wealth Services boosted its stake in shares of Verizon Communications by 0.4% during the 2nd quarter. Glassman Wealth Services now owns 7,719 shares of the cell phone carrier’s stock worth $345,000 after acquiring an additional 31 shares in the last quarter. Institutional investors own 62.33% of the company’s stock.
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Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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