Barclays PLC Lowers Verizon Communications Inc. (VZ) Price Target to $47.00

Verizon Communications Inc. (NYSE:VZ) had its price objective lowered by investment analysts at Barclays PLC from $49.00 to $47.00 in a research note issued to investors on Friday, July 14th, MarketBeat.com reports. The brokerage currently has an “equal weight” rating on the cell phone carrier’s stock. Barclays PLC’s target price suggests a potential downside of 2.21% from the stock’s current price.

A number of other research firms have also commented on VZ. Vetr lowered shares of Verizon Communications from a “buy” rating to a “hold” rating and set a $51.51 target price for the company. in a report on Monday, March 20th. SunTrust Banks, Inc. started coverage on shares of Verizon Communications in a report on Tuesday, April 18th. They set a “hold” rating and a $50.00 target price for the company. Zacks Investment Research lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, April 4th. Royal Bank Of Canada reissued a “hold” rating and issued a $51.00 price target on shares of Verizon Communications in a report on Friday, April 7th. Finally, Argus lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Two equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $52.73.

Shares of Verizon Communications (NYSE VZ) opened at 48.06 on Friday. The stock’s 50 day moving average price is $45.56 and its 200-day moving average price is $47.34. The firm has a market capitalization of $196.06 billion, a PE ratio of 12.35 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 released its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, hitting analysts’ consensus estimates 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 analyst estimates of $29.84 billion. During the same quarter in the previous year, the business earned $0.94 EPS. The business’s quarterly revenue was up .1% compared to the same quarter last year. On average, equities analysts anticipate that Verizon Communications will post $3.79 earnings per share for the current fiscal year.

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In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $45.34, for a total value of $27,657.40. Following the sale, the executive vice president now directly owns 9,039 shares of the company’s stock, valued at approximately $409,828.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 1,830 shares of company stock worth $84,229. 0.13% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. bought a new position in Verizon Communications during the fourth quarter valued at $115,000. Franklin Parlapiano Turner & Welch LLC bought a new position in Verizon Communications during the first quarter valued at $136,000. Tortoise Investment Management LLC boosted its position 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. bought a new position in Verizon Communications during the first quarter valued at $140,000. Finally, Proficio Capital Partners LLC boosted its position 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. 62.35% 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.