Verizon Communications (NYSE:VZ) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Verizon Communications (NYSE:VZ - Get Free Report) had its price objective increased by stock analysts at JPMorgan Chase & Co. from $47.00 to $49.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the cell phone carrier's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 14.16% from the company's previous close.

Several other research firms have also recently issued reports on VZ. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Wells Fargo & Company lifted their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $45.00 price target (up previously from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Bank of America started coverage on Verizon Communications in a report on Monday, July 7th. They issued a "neutral" rating and a $45.00 price objective for the company. Finally, Scotiabank boosted their price objective on Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 23rd. Eleven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.56.

Verizon Communications Stock Performance

Shares of NYSE VZ traded up $0.43 during trading on Tuesday, reaching $42.92. 23,443,671 shares of the stock traded hands, compared to its average volume of 20,242,476. Verizon Communications has a 52-week low of $37.59 and a 52-week high of $47.36. 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 50-day moving average of $42.88 and a 200-day moving average of $42.44. The stock has a market capitalization of $180.98 billion, a P/E ratio of 10.01, a price-to-earnings-growth ratio of 3.40 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.03. The firm 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 19.82% and a net margin of 13.28%. The company's revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.15 EPS. Analysts forecast that Verizon Communications will post 4.69 EPS for the current fiscal year.

Insider Activity

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of the company's stock in a transaction on Wednesday, May 7th. The shares were 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 in the company, valued at approximately $441,352.80. This represents a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 21,500 shares of company stock valued at $938,400. 0.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Verizon Communications

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank bought a new position in shares of Verizon Communications in the fourth quarter worth approximately $2,300,846,000. GQG Partners LLC raised its position in shares of Verizon Communications by 303.9% in the 1st quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock worth $2,261,648,000 after purchasing an additional 37,516,167 shares during the last quarter. Nuveen LLC purchased a new position in shares of Verizon Communications in the 1st quarter worth about $661,720,000. Pacer Advisors Inc. raised its position in shares of Verizon Communications by 737.5% in the 1st quarter. Pacer Advisors Inc. now owns 11,697,003 shares of the cell phone carrier's stock worth $530,576,000 after purchasing an additional 10,300,369 shares during the last quarter. Finally, Alyeska Investment Group L.P. raised its position in Verizon Communications by 3,601.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 8,937,180 shares of the cell phone carrier's stock worth $357,398,000 after buying an additional 8,695,736 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other 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).