Verizon Communications (VZ) PT Raised to $61.00 at Instinet
Verizon Communications (NYSE:VZ) had its target price raised by equities research analysts at Instinet from $47.00 to $61.00 in a report released on Tuesday. The brokerage presently has a “buy” rating on the cell phone carrier’s stock. Instinet’s price target indicates a potential upside of 17.67% from the stock’s previous close.
VZ has been the topic of several other reports. Macquarie reiterated a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a research report on Sunday, October 22nd. SunTrust Banks reiterated a “hold” rating and issued a $50.00 price target on shares of Verizon Communications in a research report on Friday, October 20th. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. Wells Fargo & Company upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research report on Monday, November 20th. Finally, Cowen reiterated a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a research report on Tuesday, September 19th. Two analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications presently has an average rating of “Hold” and an average price target of $52.43.
Shares of Verizon Communications (NYSE VZ) traded up $0.75 during midday trading on Tuesday, hitting $51.84. 13,542,500 shares of the stock traded hands, compared to its average volume of 15,614,643. The company has a market capitalization of $216,480.00, a P/E ratio of 13.62, a PEG ratio of 4.80 and a beta of 0.57. Verizon Communications has a 52-week low of $42.80 and a 52-week high of $54.83. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Friday, October 27th. The shares were sold at an average price of $48.62, for a total transaction of $29,658.20. Following the completion of the transaction, the executive vice president now owns 5,989 shares in the company, valued at $291,185.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 1,830 shares of company stock valued at $88,609 in the last quarter. 0.13% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Verizon Communications in the 2nd quarter worth about $623,000. Shine Investment Advisory Services Inc. lifted its holdings in shares of Verizon Communications by 190.9% in the 3rd quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock worth $134,000 after acquiring an additional 1,775 shares during the last quarter. Franklin Parlapiano Turner & Welch LLC bought a new stake in shares of Verizon Communications in the 1st quarter worth about $136,000. American Beacon Advisors Inc. bought a new stake in shares of Verizon Communications in the 1st quarter worth about $140,000. Finally, Legacy Advisors LLC bought a new stake in shares of Verizon Communications in the 3rd quarter worth about $132,000. Institutional investors and hedge funds own 63.37% of the company’s stock.
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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.
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