TheStreet Upgrades Verizon Communications Inc. (NYSE:VZ) to B-
Verizon Communications Inc. (NYSE:VZ) was upgraded by research analysts at TheStreet from a “c+” rating to a “b-” rating in a note issued to investors on Tuesday.
Several other brokerages also recently issued reports on VZ. Vetr upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 price objective on the stock in a research note on Wednesday, June 21st. Cowen and Company restated a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a research note on Wednesday, July 19th. ValuEngine downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Friday, April 21st. Two analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $52.73.
Verizon Communications (VZ) opened at 48.22 on Tuesday. The firm’s 50-day moving average is $45.41 and its 200-day moving average is $47.36. Verizon Communications has a 1-year low of $42.80 and a 1-year high of $54.83. The company has a market capitalization of $196.69 billion, a P/E ratio of 12.40 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.96. The business had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. Verizon Communications’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the company posted $0.94 earnings per share. Equities research analysts predict that Verizon Communications will post $3.79 EPS for the current year.
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In related news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $47.74, for a total value of $29,121.40. Following the completion of the transaction, the executive vice president now directly owns 7,819 shares of the company’s stock, valued at $373,279.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 1,830 shares of company stock valued at $84,229 over the last ninety days. 0.13% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in VZ. Norges Bank purchased a new stake in shares of Verizon Communications during the fourth quarter valued at $1,712,958,000. Principal Financial Group Inc. boosted its stake in shares of Verizon Communications by 52.6% in the second quarter. Principal Financial Group Inc. now owns 9,014,846 shares of the cell phone carrier’s stock valued at $402,604,000 after buying an additional 3,107,054 shares in the last quarter. I.G. Investment Management LTD. boosted its stake in shares of Verizon Communications by 65.9% in the fourth quarter. I.G. Investment Management LTD. now owns 5,237,863 shares of the cell phone carrier’s stock valued at $279,597,000 after buying an additional 2,080,548 shares in the last quarter. State Street Corp boosted its stake in shares of Verizon Communications by 1.2% in the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock valued at $8,195,661,000 after buying an additional 2,066,816 shares in the last quarter. Finally, Harbour Capital Advisors LLC boosted its stake in shares of Verizon Communications by 3,914.3% in the second quarter. Harbour Capital Advisors LLC now owns 1,310,548 shares of the cell phone carrier’s stock valued at $29,345,000 after buying an additional 1,277,901 shares in the last quarter. 62.35% of the stock is owned by institutional investors and hedge funds.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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