Verizon Communications (NYSE:VZ) Trading 0.8% Higher After Analyst Upgrade

Verizon Communications Inc. (NYSE:VZ) shares traded up 0.8% during trading on Wednesday after TD Cowen raised their price target on the stock from $48.00 to $51.00. TD Cowen currently has a buy rating on the stock. Verizon Communications traded as high as $39.40 and last traded at $39.22. 4,886,979 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 18,827,939 shares. The stock had previously closed at $38.89.

A number of other research analysts have also recently commented on the company. JPMorgan Chase & Co. decreased their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday. Oppenheimer reiterated an “outperform” rating and issued a $48.00 price objective on shares of Verizon Communications in a report on Tuesday, April 23rd. The Goldman Sachs Group started coverage on Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. Scotiabank upped their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company decreased their price target on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 23rd. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus price target of $45.68.

Institutional Trading of Verizon Communications

Large investors have recently modified their holdings of the stock. LFA Lugano Financial Advisors SA increased its holdings in Verizon Communications by 627.8% in the fourth 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 during the last quarter. Criterion Capital Advisors LLC purchased a new position in Verizon Communications in the fourth quarter valued at $25,000. Koesten Hirschmann & Crabtree INC. purchased a new position in Verizon Communications in the first quarter valued at $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in Verizon Communications in the fourth quarter valued at $29,000. Finally, Morton Brown Family Wealth LLC increased 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 buying an additional 488 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Up 1.6 %

The stock has a market cap of $166.31 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 3.56 and a beta of 0.41. The firm has a fifty day moving average of $40.60 and a 200 day moving average of $40.44. The company has a quick ratio of 0.67, a current ratio of 0.63 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. Verizon Communications’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.21 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be paid a dividend of $0.665 per share. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $2.66 annualized dividend and a dividend yield of 6.73%. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

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).