Cowen and Company restated their hold rating on shares of Verizon Communications Inc. (NYSE:VZ) in a research note issued to investors on Tuesday morning. They currently have a $52.00 price objective on the cell phone carrier’s stock.
A number of other equities analysts have also recently weighed in on the stock. TheStreet raised shares of Verizon Communications from a c+ rating to a b- rating in a research report on Tuesday, August 8th. BidaskClub raised shares of Verizon Communications from a strong sell rating to a sell rating in a research report on Monday, July 31st. Royal Bank Of Canada increased their price target on shares of Verizon Communications from $48.00 to $50.00 and gave the stock a sector perform rating in a research report on Monday, July 31st. Barclays PLC reduced their price target on shares of Verizon Communications from $49.00 to $47.00 and set an equal weight rating on the stock in a research report on Friday, July 14th. Finally, Zacks Investment Research cut shares of Verizon Communications from a hold rating to a sell rating in a research report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $53.00.
Shares of Verizon Communications (NYSE:VZ) opened at 49.90 on Tuesday. The stock’s 50 day moving average price is $48.00 and its 200-day moving average price is $47.06. The firm has a market cap of $203.56 billion, a PE ratio of 12.83 and a beta of 0.57. Verizon Communications has a 52-week low of $42.80 and a 52-week high of $54.83.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.96. The company had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the company posted $0.94 EPS. On average, equities research analysts anticipate that Verizon Communications will post $3.78 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date of this dividend is Friday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is currently 59.23%.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $47.74, for a total transaction of $29,121.40. Following the transaction, the executive vice president now owns 7,819 shares in the company, valued at $373,279.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 1,830 shares of company stock worth $86,248 in the last quarter. Company insiders own 0.13% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of VZ. Allegis Investment Advisors LLC boosted its stake in Verizon Communications by 9.0% in the 1st quarter. Allegis Investment Advisors LLC now owns 59,067 shares of the cell phone carrier’s stock worth $2,880,000 after purchasing an additional 4,898 shares during the period. Excalibur Management Corp boosted its stake in shares of Verizon Communications by 5.7% during the 1st quarter. Excalibur Management Corp now owns 123,976 shares of the cell phone carrier’s stock valued at $6,044,000 after buying an additional 6,723 shares during the period. Beutel Goodman & Co Ltd. raised its holdings in shares of Verizon Communications by 6.8% during the 1st quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock valued at $179,129,000 after purchasing an additional 277,129 shares in the last quarter. Edge Wealth Management LLC raised its holdings in shares of Verizon Communications by 1.4% during the 1st quarter. Edge Wealth Management LLC now owns 283,113 shares of the cell phone carrier’s stock valued at $13,824,000 after purchasing an additional 3,887 shares in the last quarter. Finally, Cascade Investment Advisors Inc. raised its holdings in shares of Verizon Communications by 0.4% during the 1st quarter. Cascade Investment Advisors Inc. now owns 33,945 shares of the cell phone carrier’s stock valued at $1,655,000 after purchasing an additional 125 shares in the last quarter. Institutional investors and hedge funds own 62.23% of the company’s stock.
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.
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