Verizon Communications Inc. (NYSE:VZ) had its target price dropped by equities researchers at Barclays PLC from $49.00 to $47.00 in a note issued to investors on Friday, MarketBeat reports. The firm currently has an “equal weight” rating on the cell phone carrier’s stock. Barclays PLC’s price objective would suggest a potential upside of 8.39% from the company’s current price.
Several other analysts also recently issued reports on the company. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. Bank of America Corporation reduced their price objective on Verizon Communications from $59.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, July 13th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Sunday, July 9th. Vetr raised Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective on the stock in a research note on Wednesday, July 5th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $50.00 price objective on shares of Verizon Communications in a research note on Monday, July 3rd. One research analyst has rated the stock with a sell rating, twenty-six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Verizon Communications has an average rating of “Hold” and an average target price of $53.23.
Verizon Communications (NYSE VZ) traded down 0.69% on Friday, hitting $43.36. 15,415,270 shares of the company traded hands. The firm has a market capitalization of $176.88 billion, a PE ratio of 14.50 and a beta of 0.54. The firm’s 50 day moving average price is $45.84 and its 200 day moving average price is $48.85. Verizon Communications has a 1-year low of $42.80 and a 1-year high of $56.25.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by $0.03. The business had revenue of $29.81 billion for the quarter, compared to the consensus estimate of $30.41 billion. Verizon Communications had a net margin of 9.92% and a return on equity of 66.99%. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period last year, the business posted $1.06 EPS. Equities research analysts predict that Verizon Communications will post $3.75 EPS for the current fiscal year.
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In other news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $45.34, for a total value of $27,657.40. Following the transaction, the executive vice president now directly owns 9,039 shares of the company’s stock, valued at $409,828.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Marni M. Walden sold 16,362 shares of the stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $46.08, for a total value of $753,960.96. Following the completion of the transaction, the executive vice president now directly owns 11,797 shares in the company, valued at $543,605.76. The disclosure for this sale can be found here. Insiders sold 18,192 shares of company stock worth $837,958 over the last three months. Corporate insiders own 0.13% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC raised its position in shares of Verizon Communications by 17.9% in the fourth quarter. FMR LLC now owns 48,743,437 shares of the cell phone carrier’s stock worth $2,601,925,000 after buying an additional 7,388,078 shares in the last quarter. Federated Investors Inc. PA raised its position in shares of Verizon Communications by 4.1% in the fourth quarter. Federated Investors Inc. PA now owns 21,166,107 shares of the cell phone carrier’s stock worth $1,129,847,000 after buying an additional 825,524 shares in the last quarter. Glenview Trust Co purchased a new position in shares of Verizon Communications during the fourth quarter worth $19,254,000. Barber Financial Group Inc. purchased a new position in shares of Verizon Communications during the fourth quarter worth $261,000. Finally, United Bank purchased a new position in shares of Verizon Communications during the fourth quarter worth $2,296,000. 62.55% of the stock is currently owned by institutional investors and hedge funds.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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