Verizon Communications Inc. (NYSE:VZ) had its target price lowered by Barclays PLC from $49.00 to $47.00 in a research report released on Friday morning, Marketbeat.com reports. The brokerage currently has an equal weight rating on the cell phone carrier’s stock.
Other research analysts have also recently issued reports about the company. Bank of America Corporation reaffirmed a buy rating on shares of Verizon Communications in a research report on Saturday, June 17th. Zacks Investment Research cut Verizon Communications from a hold rating to a sell rating in a research report on Tuesday, April 25th. Moffett Nathanson raised Verizon Communications from a sell rating to a neutral rating in a research report on Tuesday, May 30th. Vetr raised Verizon Communications from a hold rating to a buy rating and set a $52.26 price objective for the company in a research report on Monday, March 27th. Finally, Royal Bank Of Canada reaffirmed a hold rating and set a $48.00 price objective on shares of Verizon Communications in a research report on Thursday, May 25th. One investment analyst has rated the stock with a sell rating, twenty-six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Verizon Communications currently has a consensus rating of Hold and a consensus target price of $53.23.
Shares of Verizon Communications (NYSE VZ) traded down 0.69% during midday trading on Friday, reaching $43.36. The company had a trading volume of 15,416,283 shares. The firm has a market cap of $176.88 billion, a P/E ratio of 14.50 and a beta of 0.54. The company’s 50-day moving average is $45.84 and its 200-day moving average is $48.85. Verizon Communications has a 52-week low of $42.80 and a 52-week high of $56.25.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by $0.03. Verizon Communications had a net margin of 9.92% and a return on equity of 66.99%. The business had revenue of $29.81 billion during the quarter, compared to analyst estimates of $30.41 billion. During the same period in the previous year, the firm posted $1.06 earnings per share. The firm’s revenue was down 7.3% on a year-over-year basis. Equities research analysts expect that Verizon Communications will post $3.75 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be given a dividend of $0.5775 per share. This represents a $2.31 dividend on an annualized basis and a yield of 5.33%. The ex-dividend date is Thursday, July 6th. Verizon Communications’s dividend payout ratio is currently 77.00%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $47.36, for a total value of $28,889.60. Following the sale, the executive vice president now owns 9,649 shares of the company’s stock, valued at approximately $456,976.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Marni M. Walden sold 16,362 shares of the firm’s stock in a transaction on 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 sale, the executive vice president now directly owns 11,797 shares in the company, valued at approximately $543,605.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,192 shares of company stock worth $837,958. Company insiders own 0.13% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Sunbelt Securities Inc. purchased a new position in shares of Verizon Communications during the fourth quarter worth approximately $115,000. Franklin Parlapiano Turner & Welch LLC purchased a new position in shares of Verizon Communications during the first quarter worth approximately $136,000. Tortoise Investment Management LLC boosted its position in shares of Verizon Communications by 35.3% in the fourth quarter. Tortoise Investment Management LLC now owns 2,609 shares of the cell phone carrier’s stock worth $139,000 after buying an additional 680 shares during the last quarter. American Beacon Advisors Inc. purchased a new position in shares of Verizon Communications during the first quarter worth approximately $140,000. Finally, Proficio Capital Partners LLC boosted its position in shares of Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after buying an additional 1,841 shares during the last quarter. 62.55% of the stock is currently owned by hedge funds and other institutional investors.
About Verizon Communications
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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