Verizon Communications Inc. (VZ) Given Hold Rating at Robert W. Baird
Verizon Communications Inc. (NYSE:VZ)‘s stock had its “hold” rating restated by equities researchers at Robert W. Baird in a research report issued to clients and investors on Wednesday. They presently have a $49.00 price objective on the cell phone carrier’s stock. Robert W. Baird’s price target would suggest a potential downside of 1.80% from the company’s previous close.
Several other research firms also recently issued reports on VZ. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 price objective on the stock in a report on Wednesday, June 21st. Cowen and Company reiterated a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a report on Wednesday, July 19th. Barclays PLC cut their price objective on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a report on Friday, July 14th. Jefferies Group LLC reiterated a “hold” rating and issued a $50.00 price objective on shares of Verizon Communications in a report on Monday, July 3rd. Finally, Zacks Investment Research upgraded Verizon Communications from a “sell” rating to a “hold” rating in a report on Friday, July 7th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications currently has an average rating of “Hold” and a consensus target price of $52.86.
Shares of Verizon Communications (NYSE:VZ) traded up 0.10% during midday trading on Wednesday, reaching $49.90. The company had a trading volume of 9,887,485 shares. Verizon Communications has a 52 week low of $42.80 and a 52 week high of $54.83. The company’s 50 day moving average price is $48.33 and its 200-day moving average price is $47.07. The company has a market capitalization of $203.56 billion, a P/E ratio of 12.83 and a beta of 0.56. Verizon Communications also was the recipient of some unusual options trading on Monday. Traders purchased 10,796 put options on the stock. This represents an increase of approximately 102% compared to the average volume of 5,342 put options.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.96. The firm had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 EPS. On average, equities research analysts predict that Verizon Communications will post $3.76 earnings per share for the current fiscal year.
In related news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $47.74, for a total value of $29,121.40. Following the completion of the sale, the executive vice president now directly owns 7,819 shares of the company’s stock, valued at approximately $373,279.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders sold 1,830 shares of company stock valued at $88,828. Insiders own 0.13% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in VZ. Tompkins Financial Corp boosted its position in shares of Verizon Communications by 13.1% in the 1st quarter. Tompkins Financial Corp now owns 81,017 shares of the cell phone carrier’s stock valued at $4,381,000 after purchasing an additional 9,366 shares during the period. Iowa State Bank lifted its position in Verizon Communications by 2.5% during the 1st quarter. Iowa State Bank now owns 100,152 shares of the cell phone carrier’s stock worth $4,882,000 after acquiring an additional 2,475 shares during the period. Viking Fund Management LLC lifted its position in Verizon Communications by 15.2% during the 1st quarter. Viking Fund Management LLC now owns 121,000 shares of the cell phone carrier’s stock worth $5,899,000 after acquiring an additional 16,000 shares during the period. Graybill Bartz & Assoc Ltd. lifted its position in Verizon Communications by 1.5% during the 1st quarter. Graybill Bartz & Assoc Ltd. now owns 72,342 shares of the cell phone carrier’s stock worth $3,527,000 after acquiring an additional 1,052 shares during the period. Finally, Heritage Investors Management Corp lifted its position in Verizon Communications by 4.4% during the 1st quarter. Heritage Investors Management Corp now owns 360,199 shares of the cell phone carrier’s stock worth $17,560,000 after acquiring an additional 15,070 shares during the period. 62.24% of the stock is owned by hedge funds and other institutional investors.
About Verizon Communications
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.
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