Verizon Communications (NYSE:VZ) Price Target Raised to $51.00

Verizon Communications (NYSE:VZ) had its target price hoisted by TD Cowen from $48.00 to $51.00 in a research report report published on Tuesday, Benzinga reports. TD Cowen currently has a buy rating on the cell phone carrier’s stock.

Other equities research analysts have also recently issued reports about the stock. StockNews.com raised shares of Verizon Communications from a hold rating to a buy rating in a research report on Saturday, May 4th. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a buy rating and a $50.00 price objective for the company. Oppenheimer reaffirmed an outperform rating and set a $48.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Royal Bank of Canada reissued a sector perform rating and issued a $42.00 price target on shares of Verizon Communications in a research report on Tuesday. Finally, Tigress Financial boosted their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the company a buy rating in a research report on Friday, May 17th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $45.68.

Verizon Communications Stock Performance

Shares of VZ stock opened at $40.11 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. Verizon Communications has a 52 week low of $30.14 and a 52 week high of $43.42. The stock has a market capitalization of $168.83 billion, a PE ratio of 14.97, a P/E/G ratio of 3.62 and a beta of 0.41. The firm has a 50 day moving average of $40.58 and a two-hundred day moving average of $40.43.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results 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 net margin of 8.38% and a return on equity of 20.10%. The company had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter last year, the company posted $1.21 EPS. The firm’s revenue was up .6% compared to the same quarter last year. On average, research analysts predict that Verizon Communications will post 4.58 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 6.63%. The ex-dividend date is Wednesday, July 10th. Verizon Communications’s dividend payout ratio is currently 99.25%.

Institutional Trading of Verizon Communications

Several institutional investors and hedge funds have recently modified their holdings of VZ. LFA Lugano Financial Advisors SA lifted its stake in shares of Verizon Communications by 627.8% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock valued at $25,000 after buying an additional 565 shares during the period. Criterion Capital Advisors LLC purchased a new position in shares of Verizon Communications during the fourth quarter valued at approximately $25,000. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of Verizon Communications during the first quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Verizon Communications during the fourth quarter valued at approximately $29,000. Finally, Morton Brown Family Wealth LLC lifted its stake in shares of Verizon Communications by 130.1% during the fourth quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock valued at $33,000 after buying an additional 488 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

About Verizon Communications

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).