Verizon Communications Inc. (NYSE:VZ) had its target price reduced by equities research analysts at Barclays PLC from $49.00 to $47.00 in a note issued to investors on Friday, July 14th, Marketbeat reports. The firm presently has an “equal weight” rating on the cell phone carrier’s stock. Barclays PLC’s price target indicates a potential downside of 3.91% from the company’s previous close.
VZ has been the subject of a number of other research reports. Vetr upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $52.26 target price for the company in a research report on Monday, March 27th. Bank of America Corporation reiterated a “buy” rating and set a $59.00 price target on shares of Verizon Communications in a report on Friday, April 28th. TheStreet downgraded shares of Verizon Communications from a “b-” rating to a “c” rating in a report on Thursday, April 27th. Royal Bank Of Canada restated a “hold” rating and issued a $48.00 target price on shares of Verizon Communications in a report on Friday, April 21st. Finally, Argus downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Two investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $52.73.
Shares of Verizon Communications (NYSE VZ) traded up 0.62% during midday trading on Friday, reaching $48.91. The company’s stock had a trading volume of 13,841,720 shares. The company’s 50-day moving average price is $45.05 and its 200-day moving average price is $47.46. The company has a market cap of $199.50 billion, a PE ratio of 12.57 and a beta of 0.56. Verizon Communications has a 12 month low of $42.80 and a 12 month high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. During the same quarter last year, the business earned $0.94 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts anticipate that Verizon Communications will post $3.79 EPS for the current fiscal year.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total value of $27,450.00. Following the transaction, the executive vice president now owns 8,429 shares in the company, valued at $379,305. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 1,830 shares of company stock worth $84,229 in the last 90 days. 0.13% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Sunbelt Securities Inc. bought a new position in shares of Verizon Communications during the fourth quarter valued at approximately $115,000. Franklin Parlapiano Turner & Welch LLC acquired a new stake in Verizon Communications during the first quarter valued at $136,000. Tortoise Investment Management LLC boosted its stake in 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 valued at $139,000 after buying an additional 680 shares in the last quarter. American Beacon Advisors Inc. acquired a new stake in Verizon Communications during the first quarter valued at $140,000. Finally, Proficio Capital Partners LLC boosted its stake in 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 valued at $142,000 after buying an additional 1,841 shares in the last quarter. Institutional investors own 62.52% of the company’s stock.
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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