Verizon Communications (NYSE:VZ) PT Raised to $49.00

Verizon Communications (NYSE:VZ) had its target price hoisted by equities researchers at Citigroup from $47.00 to $49.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the cell phone carrier’s stock. Citigroup’s price target would suggest a potential upside of 9.84% from the stock’s previous close.

Several other analysts have also issued reports on the stock. KeyCorp reduced their price objective on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday, September 6th. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Royal Bank of Canada lifted their target price on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday. Raymond James upped their price target on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, TD Cowen lifted their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $46.09.

Verizon Communications Stock Performance

Verizon Communications stock opened at $44.61 on Wednesday. The firm has a 50 day simple moving average of $41.65 and a 200-day simple moving average of $40.88. The stock has a market cap of $187.77 billion, a price-to-earnings ratio of 16.70, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. Verizon Communications has a 1-year low of $30.14 and a 1-year high of $45.05.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting the consensus estimate of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. During the same period in the prior year, the business posted $1.21 earnings per share. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. On average, analysts expect that Verizon Communications will post 4.58 EPS for the current year.

Institutional Trading of Verizon Communications

A number of institutional investors have recently bought and sold shares of the business. Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Verizon Communications in the 1st quarter valued at $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Verizon Communications during the fourth quarter worth about $29,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Verizon Communications during the second quarter worth about $32,000. MFA Wealth Advisors LLC purchased a new stake in shares of Verizon Communications in the 2nd quarter valued at about $33,000. Finally, Pittenger & Anderson Inc. boosted its position in shares of Verizon Communications by 50.4% in the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after purchasing an additional 296 shares during the period. 62.06% of the stock is owned by hedge funds and other institutional investors.

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).