Wolfe Research Issues Positive Forecast for Verizon Communications (NYSE:VZ) Stock Price

Verizon Communications (NYSE:VZ) had its price objective upped by equities researchers at Wolfe Research from $50.00 to $51.00 in a research report issued to clients and investors on Friday. The brokerage presently has an “overweight” rating on the cell phone carrier’s stock. Wolfe Research’s price objective would suggest a potential upside of 28.54% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Bank of America increased their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. StockNews.com cut shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Tigress Financial increased their price objective on shares of Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. UBS Group boosted their price target on shares of Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, December 20th. Finally, TD Cowen raised shares of Verizon Communications to a “strong-buy” rating in a report on Wednesday, January 15th. Eleven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $46.33.

Verizon Communications Stock Performance

NYSE VZ traded up $0.50 during trading hours on Friday, hitting $39.68. 17,049,790 shares of the company’s stock traded hands, compared to its average volume of 23,784,742. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32. Verizon Communications has a 52 week low of $37.58 and a 52 week high of $45.36. The firm has a market capitalization of $167.03 billion, a P/E ratio of 17.10, a P/E/G ratio of 3.27 and a beta of 0.46. The business’s fifty day moving average price is $40.89 and its two-hundred day moving average price is $41.63.

Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.01). Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. During the same quarter in the previous year, the company posted $1.08 earnings per share. Equities research analysts predict that Verizon Communications will post 4.59 EPS for the current year.

Institutional Trading of Verizon Communications

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VZ. SYM FINANCIAL Corp acquired a new position in Verizon Communications during the 4th quarter worth $266,000. Comprehensive Financial Consultants Institutional Inc. lifted its stake in Verizon Communications by 5.2% in the fourth quarter. Comprehensive Financial Consultants Institutional Inc. now owns 99,845 shares of the cell phone carrier’s stock valued at $3,993,000 after buying an additional 4,922 shares during the period. Yoder Wealth Management Inc. raised its position in shares of Verizon Communications by 10.2% in the 4th quarter. Yoder Wealth Management Inc. now owns 5,617 shares of the cell phone carrier’s stock valued at $225,000 after acquiring an additional 522 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its holdings in Verizon Communications by 2.7% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 119,108 shares of the cell phone carrier’s stock worth $4,763,000 after purchasing an additional 3,103 shares during the period. Finally, Independence Bank of Kentucky grew its holdings in shares of Verizon Communications by 27.6% in the 4th quarter. Independence Bank of Kentucky now owns 41,237 shares of the cell phone carrier’s stock valued at $1,649,000 after buying an additional 8,920 shares during the period. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).