Verizon Communications’ (NYSE:VZ) Hold Rating Reiterated at Cowen and Company
Cowen and Company reissued their hold rating on shares of Verizon Communications Inc. (NYSE:VZ) in a report released on Friday. Cowen and Company currently has a $52.00 target price on the cell phone carrier’s stock.
Several other research analysts have also weighed in on VZ. Bank of America Corporation reissued a buy rating on shares of Verizon Communications in a report on Saturday, June 17th. Argus lowered shares of Verizon Communications from a buy rating to a hold rating in a report on Friday, April 21st. Royal Bank Of Canada reissued a hold rating and set a $48.00 price objective on shares of Verizon Communications in a report on Friday, April 21st. Zacks Investment Research lowered shares of Verizon Communications from a hold rating to a sell rating in a report on Thursday, July 13th. Finally, BTIG Research reissued a neutral rating on shares of Verizon Communications in a report on Tuesday, May 30th. Two equities research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Hold and an average price target of $53.04.
Shares of Verizon Communications (VZ) opened at 48.40 on Friday. The company has a 50-day moving average of $45.00 and a 200 day moving average of $47.49. The company has a market capitalization of $197.42 billion, a P/E ratio of 12.44 and a beta of 0.54. Verizon Communications has a 12 month low of $42.80 and a 12 month high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.96. The company had revenue of $30.55 billion during the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the business earned $0.94 EPS. Analysts forecast that Verizon Communications will post $3.76 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be given a dividend of $0.5775 per share. The ex-dividend date is Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.77%. Verizon Communications’s dividend payout ratio (DPR) is 59.23%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $27,450.00. Following the sale, the executive vice president now directly owns 8,429 shares in the company, valued at approximately $379,305. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.13% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in VZ. Franklin Parlapiano Turner & Welch LLC acquired a new stake in Verizon Communications during the first quarter worth approximately $136,000. Tortoise Investment Management LLC increased its stake in Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock worth $139,000 after buying an additional 680 shares during the last quarter. American Beacon Advisors Inc. acquired a new stake in Verizon Communications during the first quarter worth approximately $140,000. Proficio Capital Partners LLC increased its stake in Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after buying an additional 1,841 shares during the last quarter. Finally, Northwest Quadrant Wealth Management LLC acquired a new stake in Verizon Communications during the fourth quarter worth approximately $155,000. Institutional investors and hedge funds own 62.52% of the company’s stock.
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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