SSgA Funds Management, Inc. recently announced the acquisition of new stake in Verizon Communications Inc. (NYSE:VZ). The institutional investor has increased its shareholding in the Communication Services company by 2.19% to 167.71 million shares with purchase of 3.59 million shares. This fresh investment now brings its stake to 4.05% valued currently at $9.64 billion. In addition, Capital Research & Management Co.. raised its holdings by 6.97 million to 61.51 million shares. And Northern Trust Investments, Inc.(.. has lifted its position by 1.37% or 0.72 million shares – to 53.38 million shares.
With over 14.52 million Verizon Communications Inc. (VZ) shares trading Monday and a closing price of $59.27 on the day, the dollar volume was approximately $860.58 million. The shares have shown a negative weekly performance of -0.50% and its price on 08/31/20 gained nearly 0.02%. Currently, there are 4.14B common shares owned by the public and among those 4.14B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 25 analysts who have offered their price forecasts for VZ have a consensus price objective of $61.10. The analysts have set the share’s price value over the next 12 months at a high of $70.00 and a low of $54.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Verizon Communications Inc. stock is 2.60 for the next 12 months. The average price target is 1.54% above its last price level and an upside to the estimated low will see the stock lose -9.76% over that period. But an upside of 15.33% will see the stock hit the forecast high price target while mean target price for the stock is $60.00.
Insiders at the company have transacted a total of 69 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 507,644 shares. Insider sales of the common stock occurred on 39 occasions, with total insider shares sold totaling 331,204 shares.
The top 3 mutual fund holders in Verizon Communications Inc. are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and SPDR S&P 500 ETF. Vanguard Total Stock Market Index owns 117.65 million shares of the company’s stock, all valued at over $6.76 billion. The company sold -0.3 million shares recently to bring their total holdings to about 2.84% of the shares outstanding. Vanguard 500 Index Fund sold -0.52 million shares to see its total holdings shrink to 85.33 million shares valued at over $4.9 billion and representing 2.06% of the shares outstanding. SPDR S&P 500 ETF bought 89748.0 shares to bring its total holdings to over 44.39 million shares at a value of $2.55 billion. SPDR S&P 500 ETF now owns shares totaling to 1.07% of the shares outstanding.
Shares of Verizon Communications Inc. (NYSE: VZ) opened at $59.04, down -$0.22 from a prior closing price of $59.26. However, the script later closed the day at $59.27, up 0.02%. The company’s stock has a 5-day price change of -0.50% and 5.09% over the past three months. VZ shares are trading -3.47% year to date (YTD), with the 12-month market performance up to 1.91% higher. It has a 12-month low price of $48.84 and touched a high of $62.22 over the same period. Currently, 14.52 million shares have been traded, compared to an average intraday trading volume of 14.54 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.92%, 4.35%, and 3.16% respectively.
Institutional ownership of Verizon Communications Inc. (NYSE: VZ) shares accounts for 67.50% of the company’s 4.14B shares outstanding. Mutual fund holders own 32.09%, while other institutional holders and individual stakeholders account for 35.45% and 0.23% respectively.
It has a market capitalization of $255.08B and a beta (3y monthly) value of 0.44. The stock’s trailing 12-month PE ratio is 12.82, while the earnings-per-share (ttm) stands at $4.62. The company has a PEG of 10.46 and a Quick Ratio of 0.90 with the debt-to-equity ratio at 1.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 0.87% over the week and 1.08% over the month.
Analysts forecast that Verizon Communications Inc. (VZ) will achieve an EPS of $1.21 for the current quarter, $1.12 for the next quarter and $4.93 for 2021. The lowest estimate earnings-per-share for the quarter is $1.18 while analysts give the company a high EPS estimate of $1.27. Comparatively, EPS for the current quarter was $1.25 a year ago. Earnings per share for the fiscal year are expected to increase by 23.80%, and 3.37% over the next financial year. EPS should shrink at an annualized rate of 1.23% over the next five years, compared to 14.00% over the past 5-year period.
Looking at the support for the VZ, a number of firms have released research notes about the stock. Raymond James stated their Outperform rating for the stock in a research note on March 16, 2020, with the firm’s price target at. Cowen coverage for the Verizon Communications Inc. (VZ) stock in a research note released on March 02, 2020 offered a Outperform rating with a price target of $61. Credit Suisse was of a view on February 03, 2020 that the stock is Neutral, while Deutsche Bank gave the stock Hold rating on January 22, 2020, issuing a price target of $63. HSBC Securities on their part issued Hold rating on November 14, 2019.