Verizon Communications (NYSE:VZ) Shares Down 1.7%

Shares of Verizon Communications Inc. (NYSE:VZ - Get Free Report) were down 1.7% on Tuesday . The stock traded as low as $39.28 and last traded at $39.42. Approximately 4,536,460 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 19,196,338 shares. The stock had previously closed at $40.12.

Analyst Ratings Changes

VZ has been the subject of several analyst reports. Royal Bank of Canada increased their price target on Verizon Communications from $36.00 to $40.00 and gave the stock a "sector perform" rating in a report on Tuesday, April 2nd. Raymond James lifted their target price on shares of Verizon Communications from $42.00 to $46.00 and gave the company an "outperform" rating in a report on Wednesday, January 24th. Wells Fargo & Company cut their price target on shares of Verizon Communications from $44.00 to $40.00 and set an "equal weight" rating for the company in a report on Tuesday, April 23rd. StockNews.com raised Verizon Communications from a "hold" rating to a "buy" rating in a report on Saturday, May 4th. Finally, Oppenheimer reissued an "outperform" rating and set a $48.00 target price on shares of Verizon Communications in a research note on Tuesday, April 23rd. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $44.36.

Verizon Communications Price Performance

The firm has a market capitalization of $166.90 billion, a PE ratio of 14.79, a P/E/G ratio of 2.91 and a beta of 0.42. The company has a 50-day moving average price of $40.33 and a 200-day moving average price of $39.41. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.71 and a quick ratio of 0.67.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.03. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The company had revenue of $33 billion for the quarter, compared to analysts' expectations of $33.23 billion. During the same period last year, the company earned $1.20 EPS. The firm's revenue for the quarter was up .3% compared to the same quarter last year. Sell-side analysts forecast that Verizon Communications Inc. will post 4.6 EPS for the current year.

Verizon Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th were given a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 6.71%. The ex-dividend date of this dividend was Tuesday, April 9th. Verizon Communications's dividend payout ratio (DPR) is 99.25%.

Insider Buying and Selling at Verizon Communications

In related news, CEO Kyle Malady sold 24,000 shares of the firm's stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total value of $979,200.00. Following the transaction, the chief executive officer now owns 35,201 shares in the company, valued at $1,436,200.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.03% of the stock is owned by company insiders.

Institutional Trading of Verizon Communications

Hedge funds have recently made changes to their positions in the company. Atria Investments Inc grew its stake in shares of Verizon Communications by 8.0% during the first quarter. Atria Investments Inc now owns 387,998 shares of the cell phone carrier's stock valued at $16,281,000 after acquiring an additional 28,618 shares in the last quarter. Swedbank AB purchased a new position in Verizon Communications in the first quarter valued at about $250,312,000. LRI Investments LLC acquired a new stake in Verizon Communications during the 1st quarter valued at approximately $615,000. Independent Wealth Network Inc. increased its holdings in Verizon Communications by 22.7% during the 1st quarter. Independent Wealth Network Inc. now owns 13,108 shares of the cell phone carrier's stock worth $550,000 after purchasing an additional 2,428 shares during the last quarter. Finally, Pacific Center for Financial Services raised its position in shares of Verizon Communications by 28.0% in the 1st quarter. Pacific Center for Financial Services now owns 7,686 shares of the cell phone carrier's stock valued at $323,000 after purchasing an additional 1,680 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).