Verizon Communications Inc. (NYSE:VZ) was upgraded by analysts at Vetr from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $58.40 price target on the cell phone carrier’s stock. Vetr‘s price target suggests a potential upside of 12.18% from the company’s previous close.
A number of other research analysts have also commented on the company. Jefferies Group reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Monday, September 19th. Drexel Hamilton reaffirmed an “in-line” rating on shares of Verizon Communications in a research report on Wednesday, July 27th. Oppenheimer Holdings Inc. lowered Verizon Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 20th. They noted that the move was a valuation call. Imperial Capital downgraded Verizon Communications from an “outperform” rating to an “in-line” rating and upped their target price for the stock from $50.00 to $60.00 in a report on Tuesday, August 2nd. Finally, Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a report on Tuesday, July 26th. Twenty-four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $54.48.
Shares of Verizon Communications (NYSE:VZ) traded down 0.82% during mid-day trading on Wednesday, reaching $52.06. The company had a trading volume of 13,279,093 shares. The company has a 50 day moving average price of $52.55 and a 200 day moving average price of $52.84. Verizon Communications has a one year low of $42.20 and a one year high of $56.95. The company has a market capitalization of $212.21 billion, a price-to-earnings ratio of 14.71 and a beta of 0.26.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.02. The business earned $30.53 billion during the quarter, compared to analyst estimates of $30.95 billion. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. Verizon Communications’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.04 EPS. On average, analysts anticipate that Verizon Communications will post $3.89 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be given a dividend of $0.0125 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. Verizon Communications’s payout ratio is 63.84%.
In other news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $52.76, for a total transaction of $35,454.72. Following the completion of the transaction, the executive vice president now owns 10,526 shares in the company, valued at $555,351.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.10% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of VZ. Vanguard Group Inc. raised its position in Verizon Communications by 2.7% in the second quarter. Vanguard Group Inc. now owns 256,735,733 shares of the cell phone carrier’s stock valued at $14,336,123,000 after buying an additional 6,630,874 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in Verizon Communications during the second quarter valued at approximately $297,331,000. BlackRock Fund Advisors raised its position in Verizon Communications by 6.4% in the second quarter. BlackRock Fund Advisors now owns 60,876,683 shares of the cell phone carrier’s stock valued at $3,399,354,000 after buying an additional 3,662,102 shares in the last quarter. Canada Pension Plan Investment Board raised its position in Verizon Communications by 102.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,912,820 shares of the cell phone carrier’s stock valued at $319,765,000 after buying an additional 2,985,510 shares in the last quarter. Finally, First Trust Advisors LP raised its position in Verizon Communications by 77.6% in the second quarter. First Trust Advisors LP now owns 4,649,457 shares of the cell phone carrier’s stock valued at $259,626,000 after buying an additional 2,031,427 shares in the last quarter. Hedge funds and other institutional investors own 63.47% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
To view Vetr’s full report, visit Vetr’s official website.
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