Verizon Communications (NYSE:VZ) Stock Price Down 1.1% – Here’s Why

by · The Markets Daily

Verizon Communications Inc. (NYSE:VZ – Get Free Report)’s share price dropped 1.1% during trading on Thursday . The company traded as low as $40.65 and last traded at $40.7550. Approximately 31,780,874 shares changed hands during trading, an increase of 41% from the average daily volume of 22,534,889 shares. The stock had previously closed at $41.19.

Wall Street Analyst Weigh In

VZ has been the topic of a number of recent analyst reports. Wall Street Zen downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Weiss Ratings downgraded Verizon Communications from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 24th. JPMorgan Chase & Co. dropped their price target on Verizon Communications from $49.00 to $47.00 and set a “neutral” rating on the stock in a research note on Thursday, October 30th. Royal Bank Of Canada cut their price target on Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating for the company in a report on Thursday, October 30th. Finally, Scotiabank upped their price objective on shares of Verizon Communications from $50.50 to $51.00 and gave the company a “sector perform” rating in a report on Thursday, October 30th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and thirteen have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $47.41.

Get Our Latest Analysis on Verizon Communications

Verizon Communications Stock Up 1.1%

The company has a current ratio of 0.74, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The stock has a market cap of $173.80 billion, a P/E ratio of 8.81, a PEG ratio of 3.03 and a beta of 0.35. The firm has a 50-day simple moving average of $41.27 and a two-hundred day simple moving average of $42.54.

Verizon Communications (NYSE:VZ – Get Free Report) last announced its earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.02. Verizon Communications had a net margin of 14.43% and a return on equity of 19.31%. The company had revenue of $33.82 billion during the quarter, compared to analysts’ expectations of $34.19 billion. During the same quarter in the previous year, the business posted $1.19 earnings per share. Verizon Communications’s quarterly revenue was up 1.5% on a year-over-year basis. Equities research analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Friday, October 10th were given a $0.69 dividend. The ex-dividend date was Friday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.68. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.7%. Verizon Communications’s dividend payout ratio (DPR) is presently 58.97%.

Hedge Funds Weigh In On Verizon Communications

Hedge funds have recently added to or reduced their stakes in the stock. Kestra Investment Management LLC boosted its stake in shares of Verizon Communications by 121.8% in the 1st quarter. Kestra Investment Management LLC now owns 176,531 shares of the cell phone carrier’s stock worth $8,007,000 after buying an additional 96,931 shares during the last quarter. Cadinha & Co. LLC lifted its holdings in Verizon Communications by 2,916.8% in the second quarter. Cadinha & Co. LLC now owns 347,716 shares of the cell phone carrier’s stock valued at $15,046,000 after acquiring an additional 336,190 shares during the period. DekaBank Deutsche Girozentrale boosted its position in Verizon Communications by 11.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 7,297,469 shares of the cell phone carrier’s stock worth $309,551,000 after purchasing an additional 722,559 shares during the last quarter. Element Capital Management LLC purchased a new position in Verizon Communications in the first quarter worth about $2,799,000. Finally, Ritholtz Wealth Management grew its stake in shares of Verizon Communications by 23.8% during the 2nd quarter. Ritholtz Wealth Management now owns 205,416 shares of the cell phone carrier’s stock valued at $8,888,000 after purchasing an additional 39,445 shares during the period. Institutional investors own 62.06% of the company’s stock.

About Verizon Communications

(Get Free Report)

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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