Verizon Communications Inc. (NYSE:VZ) was upgraded by research analysts at HSBC Holdings plc from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm presently has a $61.00 price objective on the cell phone carrier’s stock. HSBC Holdings plc’s target price suggests a potential upside of 15.71% from the company’s previous close.
Several other research analysts have also weighed in on VZ. Vetr lowered Verizon Communications from a “buy” rating to a “hold” rating and set a $52.38 price target on the stock. in a research report on Monday, January 2nd. Drexel Hamilton lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, January 6th. BTIG Research reaffirmed a “neutral” rating on shares of Verizon Communications in a research report on Thursday, January 12th. Jefferies Group reissued a “hold” rating and set a $53.00 target price on shares of Verizon Communications in a report on Friday, December 16th. Finally, Wells Fargo & Co. reissued an “outperform” rating on shares of Verizon Communications in a report on Sunday, October 23rd. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $54.48.
Verizon Communications (NYSE:VZ) opened at 52.72 on Thursday. The company has a market capitalization of $214.92 billion, a PE ratio of 15.37 and a beta of 0.40. The company has a 50-day moving average price of $52.26 and a 200 day moving average price of $52.01. Verizon Communications has a 12 month low of $43.79 and a 12 month high of $56.95.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, October 20th. The cell phone carrier reported $1.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.02. The firm had revenue of $30.90 billion for the quarter, compared to analyst estimates of $31.08 billion. Verizon Communications had a return on equity of 78.75% and a net margin of 10.97%. The business’s quarterly revenue was down 6.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.04 EPS. On average, equities research analysts forecast that Verizon Communications will post $3.89 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 1st. Stockholders of record on Tuesday, January 10th will be paid a $0.5775 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Friday, January 6th. This represents a $2.31 annualized dividend and a dividend yield of 4.38%. Verizon Communications’s dividend payout ratio is presently 67.15%.
In other news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction dated Wednesday, October 26th. The stock was sold at an average price of $47.76, for a total value of $32,094.72. Following the completion of the sale, the executive vice president now owns 9,182 shares of the company’s stock, valued at $438,532.32. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Craig L. Silliman sold 668 shares of the stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $49.29, for a total value of $32,925.72. Following the completion of the sale, the executive vice president now directly owns 6,047 shares of the company’s stock, valued at approximately $298,056.63. The disclosure for this sale can be found here. Corporate insiders own 0.10% of the company’s stock.
Several large investors have recently modified their holdings of VZ. Guidant Wealth Advisors acquired a new stake in shares of Verizon Communications during the third quarter valued at approximately $107,000. Taylor Wealth Management Partners raised its stake in shares of Verizon Communications by 15.2% in the second quarter. Taylor Wealth Management Partners now owns 2,275 shares of the cell phone carrier’s stock valued at $127,000 after buying an additional 300 shares during the last quarter. Lowe fs LLC raised its stake in shares of Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock valued at $132,000 after buying an additional 19 shares during the last quarter. Solaris Asset Management LLC acquired a new stake in shares of Verizon Communications during the third quarter valued at approximately $125,000. Finally, Ruggie Capital Group raised its stake in shares of Verizon Communications by 0.3% in the third quarter. Ruggie Capital Group now owns 2,649 shares of the cell phone carrier’s stock valued at $137,000 after buying an additional 9 shares during the last quarter. 62.28% of the stock is owned by institutional investors.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.