Verizon Communications (NYSE:VZ) Trading Down 0.7% - What's Next?

Verizon Communications Inc. (NYSE:VZ - Get Free Report)'s stock price dropped 0.7% on Thursday . The stock traded as low as $43.21 and last traded at $43.44. Approximately 2,459,777 shares traded hands during trading, a decline of 90% from the average daily volume of 23,721,275 shares. The stock had previously closed at $43.75.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on VZ shares. Wall Street Zen downgraded shares of Verizon Communications from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 13th. Scotiabank upped their target price on Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 23rd. Oppenheimer upped their target price on Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 1st. Royal Bank of Canada restated a "sector perform" rating and issued a $45.00 price objective (up previously from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Verizon Communications from $40.00 to $42.00 and gave the stock a "hold" rating in a research note on Friday, January 24th. Nine equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.41.

Verizon Communications Stock Performance

The company has a 50 day simple moving average of $43.63 and a 200-day simple moving average of $42.08. The stock has a market capitalization of $182.67 billion, a price-to-earnings ratio of 10.47, a price-to-earnings-growth ratio of 4.45 and a beta of 0.39. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.04. The company had revenue of $33.50 billion for the quarter, compared to analyst estimates of $33.31 billion. Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. As a group, equities research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Thursday, April 10th were paid a $0.6775 dividend. The ex-dividend date was Thursday, April 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.26%. Verizon Communications's dividend payout ratio is 64.52%.

Insider Activity

In other news, EVP Vandana Venkatesh sold 10,000 shares of the company's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total value of $437,900.00. Following the completion of the transaction, the executive vice president now directly owns 14,459 shares in the company, valued at approximately $633,159.61. This represents a 40.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kyle Malady sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $42.48, for a total value of $212,400.00. Following the completion of the sale, the chief executive officer now directly owns 36,508 shares of the company's stock, valued at approximately $1,550,859.84. This represents a 12.05% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,500 shares of company stock worth $1,376,300. 0.10% of the stock is owned by corporate insiders.

Institutional Trading of Verizon Communications

Several institutional investors have recently added to or reduced their stakes in VZ. Bernard Wealth Management Corp. boosted its holdings in shares of Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after purchasing an additional 243 shares during the period. Cherry Tree Wealth Management LLC lifted its holdings in shares of Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 244 shares during the last quarter. Garde Capital Inc. purchased a new position in shares of Verizon Communications in the 1st quarter worth about $26,000. Mainstream Capital Management LLC purchased a new position in Verizon Communications in the 4th quarter worth approximately $28,000. Finally, 1 North Wealth Services LLC purchased a new position in shares of Verizon Communications during the first quarter valued at approximately $29,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Company Profile

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).

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