Verizon Communications (NYSE:VZ) Shares Up 1.7%

Verizon Communications Inc. (NYSE:VZ)’s stock price rose 1.7% during mid-day trading on Tuesday . The company traded as high as $42.70 and last traded at $42.47. Approximately 4,497,251 shares were traded during trading, a decline of 75% from the average daily volume of 18,269,674 shares. The stock had previously closed at $41.78.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. TD Cowen upped their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a report on Tuesday, July 23rd. Finally, Scotiabank upped their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $45.78.

Verizon Communications Stock Performance

The stock has a market capitalization of $173.88 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 3.81 and a beta of 0.41. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The stock has a fifty day moving average of $40.92 and a 200-day moving average of $40.52.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter last year, the business posted $1.21 EPS. The business’s quarterly revenue was up .6% compared to the same quarter last year. Equities analysts anticipate that Verizon Communications Inc. will post 4.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Verizon Communications

Several institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in Verizon Communications during the 4th quarter worth about $1,882,164,000. Capital World Investors boosted its holdings in Verizon Communications by 127.6% in the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after purchasing an additional 12,220,777 shares in the last quarter. Capital Research Global Investors boosted its holdings in Verizon Communications by 92.9% in the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock valued at $851,989,000 after purchasing an additional 10,882,873 shares in the last quarter. Swedbank AB purchased a new position in Verizon Communications in the first quarter valued at approximately $250,312,000. Finally, Third Point LLC acquired a new stake in Verizon Communications during the fourth quarter worth approximately $173,325,000. 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).