Verizon Communications (NYSE:VZ – Get Free Report) had its price target raised by analysts at Scotiabank from $45.50 to $46.50 in a report released on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the cell phone carrier’s stock. Scotiabank’s target price suggests a potential upside of 13.64% from the company’s previous close.
A number of other research firms have also issued reports on VZ. Royal Bank of Canada lifted their target price on Verizon Communications from $36.00 to $40.00 and gave the company a “sector perform” rating in a report on Tuesday, April 2nd. Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $33.00 to $39.00 in a report on Friday, March 22nd. Wells Fargo & Company reduced their target price on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a report on Tuesday, April 23rd. Oppenheimer reissued an “outperform” rating and issued a $48.00 target price on shares of Verizon Communications in a report on Tuesday, April 23rd. Finally, Tigress Financial boosted their price target on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Verizon Communications has a consensus rating of “Moderate Buy” and a consensus target price of $45.23.
Verizon Communications Trading Up 0.7 %
Verizon Communications (NYSE:VZ – Get Free Report) last issued its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The business had revenue of $33 billion during the quarter, compared to analysts’ expectations of $33.23 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. The company’s revenue was up .3% on a year-over-year basis. On average, sell-side analysts predict that Verizon Communications will post 4.58 EPS for the current fiscal year.
Institutional Investors Weigh In On Verizon Communications
A number of institutional investors and hedge funds have recently modified their holdings of VZ. LFA Lugano Financial Advisors SA lifted its stake in Verizon Communications by 627.8% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock valued at $25,000 after buying an additional 565 shares in the last quarter. Criterion Capital Advisors LLC purchased a new position in shares of Verizon Communications during the 4th quarter worth $25,000. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of Verizon Communications during the 1st quarter worth $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications in the fourth quarter valued at $29,000. Finally, Morton Brown Family Wealth LLC boosted its holdings in Verizon Communications by 130.1% in the fourth quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock valued at $33,000 after acquiring an additional 488 shares during the last quarter. 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).
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