Zacks Reaffirms “Neutral” Rating for Verizon Communications (VZ)
Verizon Communications (NYSE:VZ)‘s stock had its “neutral” rating restated by Zacks in a report released on Friday. They currently have a $52.00 price objective on the stock. Zacks‘s price target suggests a potential upside of 5.24% from the company’s current price.
Shares of Verizon Communications (NYSE:VZ) traded up 0.57% during mid-day trading on Friday, hitting $49.69. 5,319,557 shares of the company’s stock traded hands. Verizon Communications has a 52 week low of $45.08 and a 52 week high of $53.66. The stock’s 50-day moving average is $49.84 and its 200-day moving average is $48.48. The company has a market cap of $206.0 billion and a price-to-earnings ratio of 10.66.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 22nd. The company reported $0.91 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.90 by $0.01. The company had revenue of $31.50 billion for the quarter, compared to the consensus estimate of $31.10 billion. During the same quarter in the prior year, the company posted $0.73 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. On average, analysts predict that Verizon Communications will post $3.55 earnings per share for the current fiscal year.
VZ has been the subject of a number of other recent research reports. Analysts at Morgan Stanley reiterated an “overweight” rating on shares of Verizon Communications in a research note on Tuesday. They now have a $54.00 price target on the stock. Separately, analysts at Macquarie downgraded shares of Verizon Communications from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 30th. They now have a $53.00 price target on the stock, up previously from $52.00. They noted that the move was a valuation call. Finally, analysts at FBR Capital Markets upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating in a research note on Thursday, July 24th. They now have a $57.00 price target on the stock, up previously from $55.00. Seven investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $53.24.
In other Verizon Communications news, EVP Randal S. Milch sold 2,966 shares of Verizon Communications stock on the open market in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $48.92, for a total transaction of $145,096.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Verizon Communications Inc (NYSE:VZ) is a holding company.
To view Zacks’ full report, visit Zacks’ official website.
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