Bank of America Corp DE Has $2.41 Million Stock Position in Telefonica Brasil S.A. $VIV

Key Points

• Bank of America cut its Telefonica Brasil stake by 84% in the first quarter, selling 795,330 shares and retaining 151,605 shares valued at approximately $2.41 million. Institutional investors collectively own 5.16% of the company.
• Telefonica Brasil reported quarterly earnings of $0.19 per share, missing estimates of $0.23, while revenue matched expectations at $3.04 billion. The company paid a $0.4562-per-share dividend, representing a 53.85% payout ratio.
• The stock opened at $11.58, near its one-year low of $11.18 and below its 50-day and 200-day moving averages. Analysts have a consensus “Reduce” rating and an average price target of $14.66.

Bank of America Corp DE lessened its stake in Telefonica Brasil S.A. (NYSE:VIV - Free Report) by 84.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 151,605 shares of the Wireless communications provider's stock after selling 795,330 shares during the quarter. Bank of America Corp DE's holdings in Telefonica Brasil were worth $2,412,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rhumbline Advisers grew its holdings in Telefonica Brasil by 337.7% during the first quarter. Rhumbline Advisers now owns 4,233 shares of the Wireless communications provider's stock valued at $37,000 after purchasing an additional 3,266 shares during the period. Arax Advisory Partners increased its holdings in shares of Telefonica Brasil by 54.4% in the fourth quarter. Arax Advisory Partners now owns 3,773 shares of the Wireless communications provider's stock worth $45,000 after acquiring an additional 1,330 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of Telefonica Brasil during the first quarter worth about $52,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Telefonica Brasil by 214.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,766 shares of the Wireless communications provider's stock valued at $54,000 after purchasing an additional 3,248 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Telefonica Brasil during the 1st quarter valued at about $121,000. Institutional investors own 5.16% of the company's stock.

Telefonica Brasil Stock Up 0.3%

VIV opened at $11.58 on Wednesday. The stock's fifty day simple moving average is $12.70 and its 200 day simple moving average is $14.25. Telefonica Brasil S.A. has a 1-year low of $11.18 and a 1-year high of $17.25. The stock has a market cap of $18.84 billion, a PE ratio of 14.85, a price-to-earnings-growth ratio of 0.65 and a beta of 0.55. The company has a current ratio of 0.95, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22.

Telefonica Brasil (NYSE:VIV - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The Wireless communications provider reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.04). The company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.04 billion. Telefonica Brasil had a net margin of 10.64% and a return on equity of 9.72%. As a group, research analysts expect that Telefonica Brasil S.A. will post 0.94 earnings per share for the current year.

Telefonica Brasil Announces Dividend

The company also recently declared a dividend, which was paid on Tuesday, July 21st. Investors of record on Friday, May 22nd were issued a dividend of $0.4562 per share. The ex-dividend date of this dividend was Friday, May 22nd. Telefonica Brasil's dividend payout ratio (DPR) is presently 53.85%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Zacks Research lowered shares of Telefonica Brasil from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 13th. Wall Street Zen downgraded Telefonica Brasil from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 16th. Weiss Ratings downgraded shares of Telefonica Brasil from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 7th. The Goldman Sachs Group initiated coverage on shares of Telefonica Brasil in a research report on Monday, May 18th. They issued a "sell" rating and a $13.90 price objective on the stock. Finally, Scotiabank reduced their target price on shares of Telefonica Brasil from $15.70 to $15.40 and set a "sector perform" rating for the company in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $14.66.

About Telefonica Brasil

Telefônica Brasil SA, commonly marketed under the Vivo brand, is one of Brazil's largest telecommunications providers, offering a broad range of consumer and enterprise communications services. The company's core activities include mobile voice and data services, fixed-line telephony, broadband internet (including fiber-to-the-home), and pay-TV solutions. It also provides ICT and managed services for business customers, such as cloud, data center, connectivity, Internet of Things (IoT) and security solutions.

Vivo operates a nationwide network across Brazil and serves both individual consumers and corporate clients.

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