ValuEngine Upgrades Verizon Communications Inc. (NYSE:VZ) to “Buy”

Verizon Communications Inc. (NYSE:VZ) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Monday, October 23rd.

Several other research firms have also issued reports on VZ. Goldman Sachs Group, Inc. (The) restated a “neutral” rating on shares of Verizon Communications in a research report on Wednesday, June 28th. Vetr upgraded Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price target on the stock in a research report on Wednesday, July 5th. Zacks Investment Research upgraded Verizon Communications from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. KeyCorp restated a “hold” rating on shares of Verizon Communications in a research report on Saturday, October 21st. Finally, BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications presently has a consensus rating of “Hold” and an average price target of $52.75.

Shares of Verizon Communications (NYSE:VZ) traded down $0.19 on Monday, reaching $44.88. The company’s stock had a trading volume of 17,074,500 shares, compared to its average volume of 15,400,929. The company has a market cap of $183,860.41, a price-to-earnings ratio of 12.02, a price-to-earnings-growth ratio of 4.24 and a beta of 0.55. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02. Verizon Communications has a 52-week low of $42.80 and a 52-week high of $54.83.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.98. The firm had revenue of $31.70 billion for the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the company earned $1.01 EPS. equities analysts forecast that Verizon Communications will post 3.77 earnings per share for the current fiscal year.

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In related news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $48.62, for a total value of $29,658.20. Following the sale, the executive vice president now owns 5,989 shares of the company’s stock, valued at $291,185.18. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 1,830 shares of company stock worth $89,365. 0.13% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Verizon Communications by 2.1% in the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock valued at $12,634,070,000 after acquiring an additional 5,837,702 shares during the last quarter. State Street Corp increased its position in Verizon Communications by 1.2% during the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after buying an additional 2,066,816 shares during the last quarter. Capital Research Global Investors increased its position in Verizon Communications by 15.1% during the second quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after buying an additional 20,070,391 shares during the last quarter. FMR LLC increased its position in Verizon Communications by 15.0% during the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after buying an additional 8,077,275 shares during the last quarter. Finally, Legal & General Group Plc increased its position in Verizon Communications by 2.7% during the third quarter. Legal & General Group Plc now owns 24,495,234 shares of the cell phone carrier’s stock worth $1,212,227,000 after buying an additional 636,014 shares during the last quarter. 62.05% of the stock is currently owned by institutional investors and hedge funds.

About Verizon Communications

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Verizon Communications (NYSE:VZ)

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