Verizon Communications Inc. (NYSE:VZ) Receives $57.93 Consensus Target Price from Brokerages

Shares of Verizon Communications Inc. (NYSE:VZGet Rating) have been assigned a consensus recommendation of “Hold” from the seventeen brokerages that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $57.93.

A number of equities research analysts recently issued reports on VZ shares. William Blair reissued a “market perform” rating on shares of Verizon Communications in a research report on Monday, April 25th. Tigress Financial lifted their target price on Verizon Communications from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Friday, January 21st. The Goldman Sachs Group lowered Verizon Communications from a “buy” rating to a “neutral” rating and dropped their target price for the company from $61.00 to $55.00 in a research report on Monday, April 25th. JPMorgan Chase & Co. lowered Verizon Communications from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $62.00 to $56.00 in a research report on Wednesday, January 26th. Finally, StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Thursday, May 12th.

Shares of NYSE VZ traded up $0.43 during mid-day trading on Monday, reaching $49.53. 24,181,815 shares of the company’s stock were exchanged, compared to its average volume of 28,090,560. The firm has a market capitalization of $208.01 billion, a price-to-earnings ratio of 9.62, a PEG ratio of 2.53 and a beta of 0.42. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.64. The business has a fifty day simple moving average of $50.82 and a 200 day simple moving average of $52.01. Verizon Communications has a twelve month low of $45.55 and a twelve month high of $57.61.

Verizon Communications (NYSE:VZGet Rating) last released its quarterly earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 EPS for the quarter, hitting analysts’ consensus estimates of $1.35. The company had revenue of $33.60 billion for the quarter, compared to analyst estimates of $33.61 billion. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. Verizon Communications’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.31 earnings per share. Equities research analysts predict that Verizon Communications will post 5.4 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, May 2nd. Shareholders of record on Friday, April 8th were paid a $0.64 dividend. The ex-dividend date of this dividend was Thursday, April 7th. This represents a $2.56 dividend on an annualized basis and a yield of 5.17%. Verizon Communications’s dividend payout ratio is 49.71%.

In other news, CEO Tami A. Erwin sold 23,647 shares of Verizon Communications stock in a transaction that occurred on Tuesday, April 26th. The stock was sold at an average price of $49.77, for a total transaction of $1,176,911.19. Following the completion of the transaction, the chief executive officer now directly owns 21,817 shares in the company, valued at approximately $1,085,832.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction that occurred on Thursday, March 3rd. The stock was sold at an average price of $54.48, for a total value of $84,879.84. The disclosure for this sale can be found here. Insiders have sold a total of 26,763 shares of company stock valued at $1,342,807 over the last quarter. 0.10% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rinkey Investments bought a new stake in Verizon Communications in the 4th quarter valued at $27,000. Cordant Inc. bought a new stake in Verizon Communications in the 1st quarter valued at $30,000. Econ Financial Services Corp bought a new stake in Verizon Communications in the 4th quarter valued at $32,000. Lansing Street Advisors bought a new stake in Verizon Communications in the 1st quarter valued at $35,000. Finally, Conrad Siegel Investment Advisors Inc. acquired a new position in Verizon Communications in the 1st quarter valued at $36,000. Institutional investors and hedge funds own 63.78% of the company’s stock.

Verizon Communications Company Profile (Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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