Investors Buy Verizon Communications Inc. (VZ) on Weakness
Investors bought shares of Verizon Communications Inc. (NYSE:VZ) on weakness during trading on Thursday. $155.33 million flowed into the stock on the tick-up and $107.27 million flowed out of the stock on the tick-down, for a money net flow of $48.06 million into the stock. Of all equities tracked, Verizon Communications had the 7th highest net in-flow for the day. Verizon Communications traded down ($0.71) for the day and closed at $46.20
Several equities research analysts recently weighed in on VZ shares. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating on shares of Verizon Communications in a research report on Wednesday, June 28th. Vetr raised shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective for the company in a research report on Wednesday, July 5th. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. BidaskClub raised shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Cowen and Company reaffirmed a “hold” rating and set a $49.00 price objective on shares of Verizon Communications in a research report on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have given 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 $52.73.
The company has a market cap of $188.47 billion, a price-to-earnings ratio of 11.88 and a beta of 0.57. The company’s 50 day moving average is $47.51 and its 200 day moving average is $47.24.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.96. The business had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 EPS. On average, equities analysts predict that Verizon Communications Inc. will post $3.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be paid a $0.59 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a yield of 5.11%. Verizon Communications’s payout ratio is 59.23%.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $48.65, for a total transaction of $29,676.50. Following the transaction, the executive vice president now directly owns 7,209 shares of the company’s stock, valued at $350,717.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 1,830 shares of company stock worth $86,248 over the last three months. Insiders own 0.13% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Vantage Financial Partners Ltd. Inc. purchased a new position in shares of Verizon Communications during the second quarter valued at approximately $623,000. Franklin Parlapiano Turner & Welch LLC purchased a new position in shares of Verizon Communications during the first quarter valued at approximately $136,000. American Beacon Advisors Inc. purchased a new position in shares of Verizon Communications during the first quarter valued at approximately $140,000. Proficio Capital Partners LLC increased its stake in shares of Verizon Communications by 139.8% during the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after buying an additional 1,841 shares during the period. Finally, Mountain Capital Investment Advisors Inc purchased a new position in shares of Verizon Communications during the second quarter valued at approximately $156,000. 62.33% of the stock is currently owned by hedge funds and other institutional investors.
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About Verizon Communications
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.