Verizon Communications (NYSE:VZ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $56.00 price target on the cell phone carrier’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.67% from the company’s current price.
According to Zacks, “Verizon posted mixed fourth-quarter 2017 results with a massive gain of 1.174 million postpaid customers but lost 0.184 million prepaid customers. Verizon plans to launch 5G wireless residential broadband services in several U.S. markets in 2018. Verizon is planning to launch a theme-based online streaming TV service in 2018, backed by the digital streaming deal with the National Football League (NFL). Verizon is targeting the SMB segment with Fios Current TV video services. The company is boosting its fiber network assets with new buyouts. Verizon expects positive growth in 2018 on the back of the expected savings from tax reform. Over the past three months, the stock price grew 13.4% as against the industry’s gain of 6.1%. However, Verizon continues to struggle in a highly competitive and saturated wireless market. Losses in wireline access lines, marketing costs of promotional plans, competitive video market are other major risks.”
Several other equities research analysts have also recently weighed in on VZ. Vetr raised Verizon Communications from a “hold” rating to a “buy” rating and set a $54.80 price target for the company in a research note on Monday, February 5th. Macquarie restated a “hold” rating and set a $54.00 target price on shares of Verizon Communications in a research report on Wednesday, January 24th. SunTrust Banks upped their target price on Verizon Communications to $58.00 and gave the company a “hold” rating in a research report on Wednesday, January 24th. JPMorgan Chase & Co. upped their target price on Verizon Communications from $52.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, January 24th. Finally, Bank of America upped their target price on Verizon Communications from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and ten have assigned a buy rating to the stock. Verizon Communications currently has an average rating of “Hold” and an average target price of $53.51.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.02). The company had revenue of $33.96 billion during the quarter, compared to analyst estimates of $33.20 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 EPS. equities analysts forecast that Verizon Communications will post 4.54 earnings per share for the current year.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $47.41, for a total value of $28,920.10. Following the transaction, the executive vice president now owns 3,269 shares in the company, valued at $154,983.29. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.13% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the business. Whitnell & Co. lifted its holdings in shares of Verizon Communications by 1.2% in the second quarter. Whitnell & Co. now owns 10,316 shares of the cell phone carrier’s stock valued at $461,000 after purchasing an additional 125 shares in the last quarter. Caxton Associates LP bought a new position in shares of Verizon Communications in the second quarter valued at approximately $607,000. DekaBank Deutsche Girozentrale lifted its holdings in shares of Verizon Communications by 4.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,673,761 shares of the cell phone carrier’s stock valued at $74,961,000 after purchasing an additional 72,980 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Verizon Communications by 1.3% in the second quarter. Canada Pension Plan Investment Board now owns 10,704,239 shares of the cell phone carrier’s stock valued at $478,051,000 after purchasing an additional 136,700 shares in the last quarter. Finally, Alps Advisors Inc. lifted its holdings in shares of Verizon Communications by 5.2% in the second quarter. Alps Advisors Inc. now owns 1,018,021 shares of the cell phone carrier’s stock valued at $45,465,000 after purchasing an additional 50,602 shares in the last quarter. Institutional investors and hedge funds own 63.31% 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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