Verizon Communications (NYSE:VZ) Price Target Raised to $43.00 at Wells Fargo & Company

Verizon Communications (NYSE:VZ - Get Free Report) had its price target boosted by stock analysts at Wells Fargo & Company from $42.00 to $43.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the cell phone carrier's stock. Wells Fargo & Company's price target would suggest a potential upside of 2.32% from the company's previous close.

Other research analysts have also issued reports about the company. Morgan Stanley started coverage on Verizon Communications in a report on Thursday. They set an "equal weight" rating and a $47.00 target price on the stock. Wolfe Research lowered Verizon Communications from an "outperform" rating to a "peer perform" rating in a report on Wednesday, March 12th. Tigress Financial increased their price target on Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research report on Monday, April 28th. Oppenheimer increased their price target on Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Tuesday, April 1st. Finally, Scotiabank increased their price target on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 23rd. Eleven analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Verizon Communications currently has an average rating of "Moderate Buy" and an average target price of $47.00.

Verizon Communications Stock Performance

Shares of VZ stock traded up $0.09 on Thursday, hitting $42.02. 7,850,090 shares of the stock traded hands, compared to its average volume of 20,108,857. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.61 and a quick ratio of 0.58. The company has a market capitalization of $177.18 billion, a PE ratio of 10.01, a PEG ratio of 3.45 and a beta of 0.37. Verizon Communications has a 1-year low of $37.59 and a 1-year high of $47.36. The company's fifty day moving average is $43.21 and its 200 day moving average is $42.33.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.04. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. The firm had revenue of $33.50 billion for the quarter, compared to analyst estimates of $33.31 billion. On average, equities research analysts predict that Verizon Communications will post 4.69 earnings per share for the current fiscal year.

Insider Activity at Verizon Communications

In related news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total value of $396,900.00. Following the sale, the chief executive officer owned 10,008 shares of the company's stock, valued at approximately $441,352.80. This trade represents a 47.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 21,500 shares of company stock worth $938,400 over the last quarter. Company insiders own 0.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in VZ. Bernard Wealth Management Corp. boosted its stake in Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after purchasing an additional 243 shares during the period. Bulwark Capital Corp acquired a new position in shares of Verizon Communications during the 2nd quarter worth $25,000. Cherry Tree Wealth Management LLC grew its position in Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after acquiring an additional 244 shares during the last quarter. Garde Capital Inc. bought a new stake in Verizon Communications during the 1st quarter worth $26,000. Finally, 1 North Wealth Services LLC bought a new stake in Verizon Communications during the 1st quarter worth $29,000. Institutional investors and hedge funds own 62.06% of the company's stock.

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).

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