Vetr Inc. Upgrades Verizon Communications Inc. (VZ) to Buy
Verizon Communications Inc. (NYSE:VZ) was upgraded by Vetr from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm presently has a $47.62 target price on the cell phone carrier’s stock. Vetr‘s target price suggests a potential upside of 5.08% from the stock’s current price.
Other research analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, April 25th. Bank of America Corp reaffirmed a “buy” rating and issued a $59.00 target price on shares of Verizon Communications in a report on Friday, April 28th. Barclays PLC decreased their target price on shares of Verizon Communications from $52.00 to $49.00 and set an “equal weight” rating for the company in a report on Thursday, April 13th. Wells Fargo & Co cut shares of Verizon Communications from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $56.95 to $54.00 in a report on Monday, January 23rd. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $51.00 target price on shares of Verizon Communications in a report on Friday, April 7th. Twenty-five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $53.54.
Shares of Verizon Communications (NYSE:VZ) traded up 0.02% during midday trading on Tuesday, reaching $45.32. 5,999,937 shares of the company’s stock were exchanged. Verizon Communications has a 12-month low of $44.46 and a 12-month high of $56.95. The stock has a market capitalization of $184.88 billion, a P/E ratio of 15.16 and a beta of 0.43. The firm has a 50-day moving average of $46.73 and a 200-day moving average of $49.34. Verizon Communications also was the target of unusually large options trading activity on Friday. Stock investors purchased 2,072 call options on the stock. This is an increase of 106% compared to the typical volume of 1,006 call options.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by $0.03. The firm had revenue of $29.81 billion during the quarter, compared to analysts’ expectations of $30.41 billion. Verizon Communications had a return on equity of 72.75% and a net margin of 10.42%. The firm’s quarterly revenue was down 7.3% on a year-over-year basis. During the same period last year, the firm posted $1.06 earnings per share. Analysts anticipate that Verizon Communications will post $3.77 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, May 1st. Stockholders of record on Monday, April 10th were issued a $0.5775 dividend. This represents a $2.31 annualized dividend and a dividend yield of 5.10%. The ex-dividend date of this dividend was Thursday, April 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 71.74%.
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In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction on Monday, March 27th. The shares were sold at an average price of $49.66, for a total value of $30,292.60. Following the transaction, the executive vice president now owns 10,259 shares of the company’s stock, valued at $509,461.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Marni M. Walden sold 32,254 shares of the business’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $49.92, for a total transaction of $1,610,119.68. Following the completion of the transaction, the executive vice president now directly owns 28,159 shares in the company, valued at approximately $1,405,697.28. The disclosure for this sale can be found here. Insiders sold 49,836 shares of company stock worth $2,423,263 in the last three months. Insiders own 0.10% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Ruggie Capital Group increased its position in Verizon Communications by 0.3% in the third quarter. Ruggie Capital Group now owns 2,649 shares of the cell phone carrier’s stock valued at $137,000 after buying an additional 9 shares during the period. Ronna Sue Cohen increased its position in Verizon Communications by 0.4% in the first quarter. Ronna Sue Cohen now owns 4,813 shares of the cell phone carrier’s stock valued at $235,000 after buying an additional 17 shares during the period. Psagot Investment House Ltd. increased its position in Verizon Communications by 0.5% in the fourth quarter. Psagot Investment House Ltd. now owns 6,032 shares of the cell phone carrier’s stock valued at $322,000 after buying an additional 32 shares during the period. Westside Investment Management Inc. increased its position in Verizon Communications by 2.2% in the first quarter. Westside Investment Management Inc. now owns 2,210 shares of the cell phone carrier’s stock valued at $108,000 after buying an additional 48 shares during the period. Finally, Cobblestone Capital Advisors LLC NY increased its position in Verizon Communications by 0.3% in the first quarter. Cobblestone Capital Advisors LLC NY now owns 19,401 shares of the cell phone carrier’s stock valued at $946,000 after buying an additional 50 shares during the period. 63.38% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
To view Vetr’s full report, visit Vetr’s official website.
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