Verizon Communications (VZ) PT Raised to $61.00
Verizon Communications (NYSE:VZ) had its target price increased by Instinet from $47.00 to $61.00 in a report published on Tuesday. Instinet currently has a buy rating on the cell phone carrier’s stock.
Several other equities research analysts have also commented on the stock. Nomura upgraded shares of Verizon Communications from a neutral rating to a buy rating and lifted their price target for the stock from $47.00 to $61.00 in a research note on Tuesday. ValuEngine upgraded shares of Verizon Communications from a hold rating to a buy rating in a research note on Friday, December 1st. Wells Fargo & Company upgraded shares of Verizon Communications from a market perform rating to an outperform rating and set a $50.00 price target on the stock in a research note on Monday, November 20th. Macquarie reiterated a hold rating and set a $52.00 price target on shares of Verizon Communications in a research note on Sunday, October 22nd. Finally, KeyCorp reiterated a hold rating on shares of Verizon Communications in a research note on Saturday, October 21st. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Hold and a consensus target price of $51.99.
Shares of Verizon Communications (NYSE VZ) opened at $52.67 on Tuesday. Verizon Communications has a one year low of $42.80 and a one year high of $54.83. The company has a debt-to-equity ratio of 4.05, a quick ratio of 1.02 and a current ratio of 1.07. The company has a market cap of $214,860.00, a price-to-earnings ratio of 14.10, a P/E/G ratio of 4.97 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The firm had revenue of $31.70 billion for the quarter, compared to analyst estimates of $31.45 billion. During the same period last year, the business earned $1.01 EPS. Verizon Communications’s revenue for the quarter was up 2.5% compared to the same quarter last year. analysts predict that Verizon Communications will post 3.77 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.36 dividend on an annualized basis and a yield of 4.48%. Verizon Communications’s dividend payout ratio is presently 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $48.62, for a total value of $29,658.20. Following the sale, the executive vice president now owns 5,989 shares of the company’s stock, valued at $291,185.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 1,830 shares of company stock worth $88,609. 0.13% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of VZ. Legacy Advisors LLC purchased a new stake in Verizon Communications during the third quarter worth about $132,000. Shine Investment Advisory Services Inc. boosted its holdings in Verizon Communications by 190.9% during the third quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock worth $134,000 after buying an additional 1,775 shares in the last quarter. Franklin Parlapiano Turner & Welch LLC purchased a new stake in Verizon Communications during the first quarter worth about $136,000. American Beacon Advisors Inc. purchased a new stake in Verizon Communications during the first quarter worth about $140,000. Finally, Proficio Capital Partners LLC boosted its holdings in Verizon Communications by 139.8% during 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 in the last quarter. 63.37% of the stock is currently owned by institutional investors and hedge funds.
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About Verizon Communications
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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