Verizon Communications (NYSE:VZ) Shares Down 0.5%

Verizon Communications Inc. (NYSE:VZ) shares dropped 0.5% during mid-day trading on Monday . The stock traded as low as $39.78 and last traded at $39.90. Approximately 1,967,523 shares traded hands during trading, a decline of 90% from the average daily volume of 18,821,949 shares. The stock had previously closed at $40.09.

Wall Street Analyst Weigh In

VZ has been the topic of several recent analyst reports. 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. Wells Fargo & Company decreased their target price on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 23rd. TD Cowen lifted their price objective on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Scotiabank lifted their price objective on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. Finally, The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.68.

Verizon Communications Stock Down 0.5 %

The firm has a market capitalization of $167.96 billion, a PE ratio of 14.89, a PEG ratio of 3.65 and a beta of 0.41. The company has a fifty day simple moving average of $40.58 and a two-hundred day simple moving average of $40.45. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting the consensus estimate of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same period in the prior year, the business earned $1.21 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts forecast that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be paid a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.67%. The ex-dividend date is Wednesday, July 10th. Verizon Communications’s dividend payout ratio (DPR) is currently 99.25%.

Institutional Investors Weigh In On Verizon Communications

Hedge funds have recently made changes to their positions in the stock. Koesten Hirschmann & Crabtree INC. acquired a new position in Verizon Communications during the 1st quarter valued at about $25,000. LFA Lugano Financial Advisors SA increased its position in Verizon Communications by 627.8% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock valued at $25,000 after buying an additional 565 shares in the last quarter. Criterion Capital Advisors LLC acquired a new position in Verizon Communications during the 4th quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications during the 4th quarter valued at about $29,000. Finally, MFA Wealth Advisors LLC acquired a new position in Verizon Communications during the 2nd quarter valued at about $33,000. 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).