Wolfe Research Issues Positive Forecast for Verizon Communications (NYSE:VZ) Stock Price

Verizon Communications (NYSE:VZ) had its price objective increased by equities research analysts at Wolfe Research from $50.00 to $51.00 in a research report issued to clients and investors on Friday. The firm currently has an “overweight” rating on the cell phone carrier’s stock. Wolfe Research’s price objective indicates a potential upside of 28.54% from the company’s current price.

Several other brokerages have also issued reports on VZ. Bank of America lifted their price target on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Tigress Financial increased their target price on Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. KeyCorp downgraded shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. StockNews.com lowered Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Finally, Sanford C. Bernstein began coverage on Verizon Communications in a report on Tuesday, December 10th. They set a “market perform” rating and a $48.00 target price for the company. Eleven analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.33.

Verizon Communications Trading Up 1.3 %

Verizon Communications stock traded up $0.50 during trading hours on Friday, reaching $39.68. 17,049,790 shares of the company’s stock were exchanged, compared to its average volume of 23,784,742. The firm has a market capitalization of $167.03 billion, a PE ratio of 17.10, a PEG ratio of 3.27 and a beta of 0.46. The firm’s 50 day simple moving average is $40.89 and its 200 day simple moving average is $41.63. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. Verizon Communications has a twelve month low of $37.58 and a twelve month high of $45.36.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.01). Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. During the same period in the previous year, the firm posted $1.08 earnings per share. Research analysts predict that Verizon Communications will post 4.59 earnings per share for the current year.

Institutional Investors Weigh In On Verizon Communications

A number of institutional investors have recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new stake in Verizon Communications during the 3rd quarter valued at $3,376,000. Cyndeo Wealth Partners LLC raised its holdings in shares of Verizon Communications by 9.7% in the third quarter. Cyndeo Wealth Partners LLC now owns 202,521 shares of the cell phone carrier’s stock valued at $9,095,000 after purchasing an additional 17,855 shares during the last quarter. Benjamin Edwards Inc. raised its holdings in Verizon Communications by 1,934.5% during the third quarter. Benjamin Edwards Inc. now owns 1,080,015 shares of the cell phone carrier’s stock worth $48,503,000 after acquiring an additional 1,026,930 shares in the last quarter. Burney Co. grew its position in shares of Verizon Communications by 30.4% in the 4th quarter. Burney Co. now owns 186,621 shares of the cell phone carrier’s stock valued at $7,463,000 after acquiring an additional 43,472 shares during the period. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Verizon Communications by 2.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 2,058,443 shares of the cell phone carrier’s stock worth $92,445,000 after acquiring an additional 57,583 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

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).