Verizon Communications (NYSE:VZ - Get Free Report) had its target price increased by equities researchers at JPMorgan Chase & Co. from $47.00 to $49.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the cell phone carrier's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 14.34% from the stock's previous close.
Other analysts have also recently issued reports about the company. Evercore ISI upgraded Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price target on the stock in a research note on Friday, April 11th. Oppenheimer raised their price target on Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Tuesday, April 1st. Wells Fargo & Company raised their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Bank of America initiated coverage on Verizon Communications in a research note on Monday, July 7th. They issued a "neutral" rating and a $45.00 price target on the stock. Finally, Morgan Stanley started coverage on Verizon Communications in a research note on Thursday, July 10th. They issued an "equal weight" rating and a $47.00 price target on the stock. Eleven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $47.35.
Check Out Our Latest Research Report on VZ
Verizon Communications Stock Down 0.5%
Shares of NYSE VZ traded down $0.23 during mid-day trading on Tuesday, hitting $42.86. The company had a trading volume of 4,720,742 shares, compared to its average volume of 22,093,891. The company has a market capitalization of $180.69 billion, a PE ratio of 9.99, a price-to-earnings-growth ratio of 3.31 and a beta of 0.37. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.58. Verizon Communications has a 1-year low of $37.58 and a 1-year high of $47.35. The business's 50-day simple moving average is $42.88 and its 200 day simple moving average is $42.48.
Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.03. The business had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the firm earned $1.15 earnings per share. On average, analysts predict that Verizon Communications will post 4.69 earnings per share for the current year.
Insider Activity
In related news, CEO Kyle Malady sold 9,000 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following the transaction, the chief executive officer owned 10,008 shares of the company's stock, valued at $441,352.80. This trade represents a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.10% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Verizon Communications
A number of hedge funds and other institutional investors have recently made changes to their positions in VZ. Bernard Wealth Management Corp. boosted its holdings 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 in the last quarter. Bulwark Capital Corp purchased a new stake in Verizon Communications in the 2nd quarter valued at approximately $25,000. Cherry Tree Wealth Management LLC boosted its holdings in Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 244 shares in the last quarter. Garde Capital Inc. purchased a new stake in Verizon Communications in the 1st quarter valued at approximately $26,000. Finally, 1 North Wealth Services LLC purchased a new stake in Verizon Communications in the 1st quarter valued at approximately $29,000. Hedge funds and other institutional investors own 62.06% of the company's stock.
Verizon Communications Company Profile
(
Get Free Report)
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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