Verizon Communications (NYSE:VZ) Price Target Raised to $65.00

Verizon Communications (NYSE:VZ) had its target price increased by analysts at JPMorgan Chase & Co. from $64.00 to $65.00 in a research note issued on Thursday, Briefing.com reports. The firm presently has an “overweight” rating on the cell phone carrier’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 16.51% from the stock’s previous close.

A number of other analysts have also commented on the company. Credit Suisse Group lifted their price objective on Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday. Moffett Nathanson reiterated a “neutral” rating on shares of Verizon Communications in a research report on Monday, May 3rd. Cowen raised their target price on Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a report on Thursday. Redburn Partners initiated coverage on Verizon Communications in a report on Friday, June 25th. They set a “sell” rating and a $50.00 target price on the stock. Finally, Tigress Financial restated a “buy” rating and set a $67.00 target price on shares of Verizon Communications in a report on Wednesday, July 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $62.38.

VZ stock traded down $0.16 during midday trading on Thursday, hitting $55.79. The stock had a trading volume of 196,555 shares, compared to its average volume of 14,047,290. The firm has a market capitalization of $230.97 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 3.52 and a beta of 0.48. Verizon Communications has a 52 week low of $53.83 and a 52 week high of $61.95. The stock’s 50-day simple moving average is $56.63. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 2.06.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.07. Verizon Communications had a return on equity of 30.10% and a net margin of 14.58%. The firm had revenue of $33.76 billion during the quarter, compared to analyst estimates of $32.73 billion. During the same period in the prior year, the company posted $1.18 earnings per share. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. Equities analysts forecast that Verizon Communications will post 5.12 earnings per share for the current fiscal year.

In related news, CEO Kumara Guru Gowrappan sold 43,238 shares of the business’s stock in a transaction on Monday, May 10th. The stock was sold at an average price of $59.42, for a total value of $2,569,201.96. Following the completion of the sale, the chief executive officer now directly owns 14,077 shares in the company, valued at approximately $836,455.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tami A. Erwin sold 35,000 shares of the business’s stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $58.26, for a total value of $2,039,100.00. Following the completion of the sale, the chief executive officer now owns 23,647 shares of the company’s stock, valued at $1,377,674.22. The disclosure for this sale can be found here. Insiders have sold a total of 82,903 shares of company stock worth $4,874,720 over the last three months. 0.10% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Verizon Communications during the fourth quarter worth approximately $2,373,000,000. Berkshire Hathaway Inc increased its position in shares of Verizon Communications by 8.3% during the first quarter. Berkshire Hathaway Inc now owns 158,824,575 shares of the cell phone carrier’s stock valued at $9,235,649,000 after acquiring an additional 12,108,079 shares during the last quarter. BlackRock Inc. increased its position in shares of Verizon Communications by 2.2% during the first quarter. BlackRock Inc. now owns 305,370,449 shares of the cell phone carrier’s stock valued at $17,757,293,000 after acquiring an additional 6,619,930 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Verizon Communications during the first quarter valued at approximately $241,988,000. Finally, Factorial Partners LLC grew its position in shares of Verizon Communications by 16,166.3% in the first quarter. Factorial Partners LLC now owns 3,611,115 shares of the cell phone carrier’s stock valued at $62,100,000 after purchasing an additional 3,588,915 shares in the last quarter. Institutional investors and hedge funds own 64.15% of the company’s stock.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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