Vetr downgraded shares of Verizon Communications Inc. (NYSE:VZ) from a strong-buy rating to a buy rating in a report released on Monday morning. Vetr currently has $57.60 price objective on the cell phone carrier’s stock.
Several other analysts have also weighed in on the stock. Jefferies Group reiterated a hold rating on shares of Verizon Communications in a research report on Monday, September 19th. Drexel Hamilton reiterated an in-line rating on shares of Verizon Communications in a research report on Wednesday, July 27th. Oppenheimer Holdings Inc. lowered shares of Verizon Communications from an outperform rating to a market perform rating in a research report on Wednesday, July 20th. They noted that the move was a valuation call. Imperial Capital lowered shares of Verizon Communications from an outperform rating to an in-line rating and lifted their target price for the company from $50.00 to $60.00 in a research report on Tuesday, August 2nd. Finally, Morgan Stanley downgraded shares of Verizon Communications from an overweight rating to an equal weight rating in a report on Tuesday, July 26th. Twenty-four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $54.44.
Verizon Communications (NYSE:VZ) opened at 51.88 on Monday. The stock has a 50 day moving average of $52.40 and a 200 day moving average of $52.81. Verizon Communications has a 12-month low of $43.46 and a 12-month high of $56.95. The company has a market capitalization of $211.48 billion, a PE ratio of 14.66 and a beta of 0.30.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The business had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. During the same period in the previous year, the business earned $1.04 EPS. The firm’s revenue was down 5.3% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications will post $3.89 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be given a dividend of $0.0125 per share. This represents a $0.05 annualized dividend and a yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s dividend payout ratio (DPR) is currently 63.84%.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $52.76, for a total transaction of $35,454.72. Following the sale, the executive vice president now directly owns 10,526 shares of the company’s stock, valued at $555,351.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.10% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Verizon Communications by 2.7% in the second quarter. Vanguard Group Inc. now owns 256,735,733 shares of the cell phone carrier’s stock valued at $14,336,123,000 after buying an additional 6,630,874 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in shares of Verizon Communications during the second quarter valued at $297,331,000. BlackRock Fund Advisors raised its position in shares of Verizon Communications by 6.4% in the second quarter. BlackRock Fund Advisors now owns 60,876,683 shares of the cell phone carrier’s stock valued at $3,399,354,000 after buying an additional 3,662,102 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of Verizon Communications by 102.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,912,820 shares of the cell phone carrier’s stock valued at $319,765,000 after buying an additional 2,985,510 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of Verizon Communications by 77.6% in the second quarter. First Trust Advisors LP now owns 4,649,457 shares of the cell phone carrier’s stock valued at $259,626,000 after buying an additional 2,031,427 shares during the last quarter. 63.47% of the stock is currently owned by hedge funds and other institutional investors.
About Verizon Communications
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
To view Vetr’s full report, visit Vetr’s official website.
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