Verizon Communications (NYSE:VZ) Stock Price Down 1.2% - What's Next?

Verizon Communications Inc. (NYSE:VZ - Get Free Report) shares fell 1.2% during trading on Wednesday . The stock traded as low as $41.94 and last traded at $42.13. 3,921,615 shares were traded during mid-day trading, a decline of 80% from the average session volume of 20,071,418 shares. The stock had previously closed at $42.63.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Royal Bank Of Canada restated a "sector perform" rating and set a $45.00 price objective (up from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Wall Street Zen lowered Verizon Communications from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 13th. Scotiabank upped their price objective on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 23rd. Evercore ISI upgraded Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective on the stock in a research report on Friday, April 11th. Finally, Wolfe Research cut Verizon Communications from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, March 12th. Nine 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, Verizon Communications presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.41.

Verizon Communications Price Performance

The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 1.19. The firm has a market cap of $178.41 billion, a P/E ratio of 10.08, a PEG ratio of 3.12 and a beta of 0.38. The firm has a 50-day simple moving average of $43.15 and a 200-day simple moving average of $42.21.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.04. The business had revenue of $33.50 billion for the quarter, compared to analysts' expectations of $33.31 billion. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. As a group, analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be given a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.40%. The ex-dividend date is Thursday, July 10th. Verizon Communications's dividend payout ratio is presently 64.52%.

Insider Activity at Verizon Communications

In related news, CEO Kyle Malady sold 9,000 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total value of $396,900.00. Following the sale, the chief executive officer now owns 10,008 shares in the company, valued at $441,352.80. This represents a 47.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 21,500 shares of company stock valued at $938,400 in the last ninety days. Company insiders own 0.10% of the company's stock.

Hedge Funds Weigh In On Verizon Communications

A number of institutional investors have recently modified their holdings of VZ. Sargent Investment Group LLC grew its position in shares of Verizon Communications by 3.3% during the 1st quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock valued at $323,000 after acquiring an additional 230 shares during the period. Crescent Sterling Ltd. boosted its holdings in shares of Verizon Communications by 0.8% during the 1st quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock worth $1,402,000 after purchasing an additional 235 shares during the last quarter. Providence Capital Advisors LLC boosted its holdings in shares of Verizon Communications by 0.3% during the 1st quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier's stock worth $3,637,000 after purchasing an additional 240 shares during the last quarter. Bernard Wealth Management Corp. lifted its holdings in Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after acquiring an additional 243 shares during the last quarter. Finally, Cherry Tree Wealth Management LLC lifted its holdings in Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after acquiring an additional 244 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

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).