Analysts at Royal Bank of Canada began coverage on shares of Verizon Communications (NYSE:VZ) in a note issued to investors on Thursday, TipRanks reports. The firm set a "hold" rating and a $57.00 price target on the cell phone carrier's stock. Royal Bank of Canada's price objective would indicate a potential upside of 2.26% from the company's previous close.
Other equities analysts also recently issued reports about the stock. Credit Suisse Group upped their price target on shares of Verizon Communications from $59.00 to $60.00 and gave the company a "neutral" rating in a research note on Thursday. Cowen increased their price objective on shares of Verizon Communications from $66.00 to $68.00 and gave the stock an "outperform" rating in a research note on Thursday. JPMorgan Chase & Co. increased their price objective on shares of Verizon Communications from $64.00 to $65.00 and gave the stock an "overweight" rating in a research note on Thursday. Moffett Nathanson reiterated a "neutral" rating on shares of Verizon Communications in a research note on Monday, May 3rd. Finally, HSBC increased their price objective on shares of Verizon Communications from $58.00 to $62.00 and gave the stock a "hold" rating in a research note on Monday, May 24th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of "Hold" and an average target price of $62.38.
Shares of NYSE:VZ traded down $0.21 on Thursday, hitting $55.74. The company had a trading volume of 280,511 shares, compared to its average volume of 14,047,290. Verizon Communications has a 1-year low of $53.83 and a 1-year high of $61.95. The company has a market cap of $230.77 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 3.52 and a beta of 0.48. The stock's 50 day moving average is $56.63. The company has a current ratio of 1.02, a quick ratio of 0.99 and a debt-to-equity ratio of 2.06.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $1.30 by $0.07. Verizon Communications had a net margin of 14.58% and a return on equity of 30.10%. The business had revenue of $33.76 billion for the quarter, compared to the consensus estimate of $32.73 billion. During the same period in the prior year, the company posted $1.18 earnings per share. Verizon Communications's revenue was up 10.9% compared to the same quarter last year. On average, equities analysts predict that Verizon Communications will post 5.12 EPS for the current year.
In related news, CEO Kumara Guru Gowrappan sold 43,238 shares of the firm's stock in a transaction that occurred on Monday, May 10th. The shares were sold at an average price of $59.42, for a total value of $2,569,201.96. Following the completion of the transaction, the chief executive officer now owns 14,077 shares in the company, valued at approximately $836,455.34. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Craig L. Silliman sold 1,555 shares of the firm's stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $56.45, for a total transaction of $87,779.75. Following the completion of the transaction, the executive vice president now owns 31,577 shares of the company's stock, valued at approximately $1,782,521.65. The disclosure for this sale can be found here. Insiders sold 82,903 shares of company stock valued at $4,874,720 in the last three months. Company insiders own 0.10% of the company's stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Brand Asset Management Group Inc. raised its holdings in Verizon Communications by 151.4% in the 1st quarter. Brand Asset Management Group Inc. now owns 543 shares of the cell phone carrier's stock valued at $32,000 after buying an additional 327 shares during the last quarter. Syverson Strege & Co increased its position in Verizon Communications by 809.5% during the 1st quarter. Syverson Strege & Co now owns 573 shares of the cell phone carrier's stock valued at $33,000 after purchasing an additional 510 shares during the period. Vigilant Capital Management LLC increased its position in Verizon Communications by 313.3% during the 2nd quarter. Vigilant Capital Management LLC now owns 620 shares of the cell phone carrier's stock valued at $35,000 after purchasing an additional 470 shares during the period. Curi Capital acquired a new stake in Verizon Communications during the 4th quarter valued at approximately $40,000. Finally, Alpha DNA Investment Management LLC acquired a new stake in Verizon Communications during the 4th quarter valued at approximately $40,000. Institutional investors and hedge funds own 64.15% of the company's stock.
Verizon Communications Company Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.
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