Verizon Communications (NYSE:VZ) Shares Down 0.3% – Should You Sell?

Verizon Communications Inc. (NYSE:VZ)’s stock price dropped 0.3% on Wednesday . The stock traded as low as $38.13 and last traded at $38.16. Approximately 6,701,411 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 20,872,266 shares. The stock had previously closed at $38.28.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. TD Cowen raised shares of Verizon Communications to a “strong-buy” rating in a research note on Wednesday. Royal Bank of Canada increased their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Monday, September 23rd. Tigress Financial boosted their target price on Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. UBS Group increased their price target on Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, December 20th. Finally, Bank of America boosted their price objective on Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Ten analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications has a consensus rating of “Moderate Buy” and an average price target of $46.54.

Verizon Communications Stock Performance

The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.62. The company’s fifty day moving average price is $41.06 and its 200 day moving average price is $41.71. The company has a market cap of $163.58 billion, a PE ratio of 16.75, a P/E/G ratio of 3.17 and a beta of 0.46.

Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. The firm had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.22 EPS. On average, equities research analysts predict that Verizon Communications Inc. will post 4.6 earnings per share for the current year.

Verizon Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be given a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.97%. The ex-dividend date of this dividend is Friday, January 10th. Verizon Communications’s dividend payout ratio is presently 116.81%.

Hedge Funds Weigh In On Verizon Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in VZ. Kestra Investment Management LLC bought a new stake in Verizon Communications in the third quarter worth about $3,376,000. Cyndeo Wealth Partners LLC raised its holdings in shares of Verizon Communications by 9.7% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 202,521 shares of the cell phone carrier’s stock worth $9,095,000 after purchasing an additional 17,855 shares during the period. Benjamin Edwards Inc. raised its stake in Verizon Communications by 1,934.5% in the 3rd quarter. Benjamin Edwards Inc. now owns 1,080,015 shares of the cell phone carrier’s stock valued at $48,503,000 after acquiring an additional 1,026,930 shares during the period. Burney Co. lifted its holdings in Verizon Communications by 30.4% during the fourth quarter. Burney Co. now owns 186,621 shares of the cell phone carrier’s stock valued at $7,463,000 after purchasing an additional 43,472 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in Verizon Communications by 2.9% during the third quarter. Janney Montgomery Scott LLC now owns 2,058,443 shares of the cell phone carrier’s stock worth $92,445,000 after purchasing an additional 57,583 shares during the period. 62.06% of the stock is owned by hedge funds and other institutional investors.

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).