Verizon Communications (NYSE:VZ) Stock Price Up 0.3%

Verizon Communications Inc. (NYSE:VZ)’s stock price rose 0.3% on Friday . The stock traded as high as $41.48 and last traded at $41.41. Approximately 2,502,325 shares changed hands during trading, a decline of 87% from the average daily volume of 18,605,193 shares. The stock had previously closed at $41.30.

Analysts Set New Price Targets

VZ has been the subject of several recent research reports. Tigress Financial lifted their target price on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 17th. The Goldman Sachs Group started coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price target for the company. Scotiabank boosted their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday. Redburn Atlantic raised shares of Verizon Communications from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $33.00 to $39.00 in a report on Friday, March 22nd. Finally, StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Verizon Communications has a consensus rating of “Moderate Buy” and a consensus target price of $45.23.

Verizon Communications Price Performance

The stock’s 50-day simple moving average is $40.42 and its 200 day simple moving average is $40.26. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 1.42. The company has a market cap of $174.94 billion, a price-to-earnings ratio of 15.45, a PEG ratio of 3.74 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. The company had revenue of $33 billion for the quarter, compared to analyst estimates of $33.23 billion. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 earnings per share. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be issued a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 6.40%. The ex-dividend date of this dividend is Wednesday, July 10th. Verizon Communications’s payout ratio is currently 99.25%.

Institutional Investors Weigh In On Verizon Communications

Hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in Verizon Communications in the fourth quarter valued at $1,882,164,000. Capital World Investors lifted its holdings in Verizon Communications by 127.6% in the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after acquiring an additional 12,220,777 shares during the period. Capital Research Global Investors lifted its holdings in Verizon Communications by 92.9% in the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock valued at $851,989,000 after acquiring an additional 10,882,873 shares during the period. Swedbank AB acquired a new stake in Verizon Communications in the first quarter valued at $250,312,000. Finally, Third Point LLC acquired a new stake in Verizon Communications in the fourth quarter valued at $173,325,000. 62.06% of the stock is owned by institutional investors and hedge funds.

About Verizon Communications

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).