Verizon Communications (VZ) Price Target Raised to $63.00

Verizon Communications (NYSE:VZ) had its price target hoisted by analysts at Nomura from $61.00 to $63.00 in a report released on Wednesday. The firm presently has a “buy” rating on the cell phone carrier’s stock. Nomura’s price objective indicates a potential upside of 16.19% from the stock’s current price.

A number of other equities research analysts also recently weighed in on VZ. JPMorgan Chase & Co. raised their price objective on Verizon Communications from $52.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday. Macquarie reaffirmed a “hold” rating and set a $54.00 price objective on shares of Verizon Communications in a research report on Wednesday. SunTrust Banks increased their price target on Verizon Communications to $58.00 and gave the company a “hold” rating in a research note on Wednesday. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. Finally, Bank of America increased their price target on Verizon Communications from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $52.98.

Shares of Verizon Communications (NYSE VZ) traded up $0.99 during mid-day trading on Wednesday, reaching $54.22. The company had a trading volume of 20,182,201 shares, compared to its average volume of 16,350,000. Verizon Communications has a 12 month low of $42.80 and a 12 month high of $54.60. The company has a market capitalization of $221,190.00, a P/E ratio of 7.37, a P/E/G ratio of 2.98 and a beta of 0.57. The company has a debt-to-equity ratio of 4.05, a quick ratio of 1.02 and a current ratio of 1.07.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The company had revenue of $33.96 billion for the quarter, compared to the consensus estimate of $33.20 billion. During the same period in the previous year, the business earned $0.86 EPS. Verizon Communications’s revenue for the quarter was up 2.2% compared to the same quarter last year. sell-side analysts predict that Verizon Communications will post 3.77 EPS for the current fiscal year.

In other news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.41, for a total value of $28,920.10. Following the completion of the transaction, the executive vice president now directly owns 3,269 shares in the company, valued at $154,983.29. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.13% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Capital Research Global Investors raised its position in Verizon Communications by 15.1% during the second quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock valued at $6,851,202,000 after acquiring an additional 20,070,391 shares in the last quarter. FMR LLC raised its position in Verizon Communications by 15.0% during the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock valued at $2,761,466,000 after acquiring an additional 8,077,275 shares in the last quarter. Vanguard Group Inc. raised its position in Verizon Communications by 2.1% during the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock valued at $12,634,070,000 after acquiring an additional 5,837,702 shares in the last quarter. Stifel Financial Corp raised its position in Verizon Communications by 7,639.8% during the third quarter. Stifel Financial Corp now owns 3,877,541 shares of the cell phone carrier’s stock valued at $191,847,000 after acquiring an additional 3,827,442 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in Verizon Communications by 19.9% during the second quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock valued at $974,515,000 after acquiring an additional 3,623,182 shares in the last quarter. Hedge funds and other institutional investors own 63.14% 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.