Verizon Communications (NYSE:VZ) PT Raised to $49.00

Verizon Communications (NYSE:VZ) had its price target lifted by Citigroup from $47.00 to $49.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the cell phone carrier’s stock. Citigroup’s target price would indicate a potential upside of 9.84% from the company’s current price.

A number of other research firms have also weighed in on VZ. TD Cowen lifted their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Scotiabank lifted their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 price target for the company. Royal Bank of Canada lifted their price objective on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday. Finally, KeyCorp cut their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, September 6th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus price target of $46.09.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $44.61 on Wednesday. Verizon Communications has a one year low of $30.14 and a one year high of $45.05. The stock has a market capitalization of $187.77 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 4.03 and a beta of 0.42. The company has a 50-day simple moving average of $41.65 and a 200-day simple moving average of $40.88. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. During the same period in the prior year, the business earned $1.21 EPS. The firm’s revenue was up .6% compared to the same quarter last year. On average, analysts predict that Verizon Communications will post 4.58 EPS for the current year.

Institutional Investors Weigh In On Verizon Communications

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Koesten Hirschmann & Crabtree INC. purchased a new position in Verizon Communications in the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Verizon Communications in the fourth quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Verizon Communications during the second quarter valued at approximately $32,000. MFA Wealth Advisors LLC acquired a new stake in Verizon Communications during the second quarter worth approximately $33,000. Finally, Vima LLC purchased a new stake in Verizon Communications in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).