JPMorgan Chase & Co. Raises Verizon Communications (NYSE:VZ) Price Target to $49.00

Verizon Communications (NYSE:VZ - Get Free Report) had its target price lifted by equities research analysts at JPMorgan Chase & Co. from $47.00 to $49.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the cell phone carrier's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 13.59% from the stock's previous close.

Several other research firms have also weighed in on VZ. Bank of America initiated coverage on shares of Verizon Communications in a report on Monday, July 7th. They set a "neutral" rating and a $45.00 target price on the stock. Royal Bank Of Canada restated a "sector perform" rating and set a $45.00 price objective (up previously from $42.00) on shares of Verizon Communications in a research note on Tuesday, March 25th. Evercore ISI upgraded Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 target price for the company in a research note on Friday, April 11th. Morgan Stanley started coverage on Verizon Communications in a report on Thursday, July 10th. They set an "equal weight" rating and a $47.00 target price on the stock. Finally, Oppenheimer upped their price target on Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Tuesday, April 1st. Eleven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Verizon Communications has an average rating of "Moderate Buy" and a consensus target price of $47.35.

Verizon Communications Trading Up 0.7%

Shares of NYSE VZ traded up $0.30 on Tuesday, reaching $43.14. 14,835,076 shares of the company traded hands, compared to its average volume of 22,171,668. Verizon Communications has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The company has a 50 day moving average of $42.88 and a 200 day moving average of $42.46. The company has a current ratio of 0.64, a quick ratio of 0.58 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $181.88 billion, a PE ratio of 10.06, a P/E/G ratio of 3.44 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter in the prior year, the company posted $1.15 EPS. The company's quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities research analysts forecast 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 the firm's stock in a transaction on 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 directly owned 10,008 shares in the company, valued at $441,352.80. This trade represents a 47.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.10% of the company's stock.

Hedge Funds Weigh In On Verizon Communications

Several large investors have recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. lifted its stake in Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after buying an additional 243 shares during the last quarter. Garde Capital Inc. acquired a new position in Verizon Communications during the first quarter worth about $26,000. Cherry Tree Wealth Management LLC grew its holdings in Verizon Communications by 71.8% during the first 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 period. Bulwark Capital Corp acquired a new position in Verizon Communications during the second quarter worth about $25,000. Finally, 1 North Wealth Services LLC acquired a new position in Verizon Communications during the first quarter worth about $29,000. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Company Profile

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).