Analysts at The Goldman Sachs Group initiated coverage on shares of Verizon Communications (NYSE:VZ – Get Free Report) in a report issued on Monday, Marketbeat.com reports. The firm set a “buy” rating and a $50.00 price target on the cell phone carrier’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 19.82% from the company’s current price.
Other equities research analysts have also recently issued research reports about the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. Redburn Atlantic raised shares of Verizon Communications from a “sell” rating to a “neutral” rating and upped their price objective for the company from $33.00 to $39.00 in a research note on Friday, March 22nd. Tigress Financial upped their price objective on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Royal Bank of Canada upped their price objective on shares of Verizon Communications from $36.00 to $40.00 and gave the company a “sector perform” rating in a research note on Tuesday, April 2nd. Finally, Wells Fargo & Company dropped their price target on shares of Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 23rd. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications has an average rating of “Moderate Buy” and an average target price of $45.14.
Verizon Communications Price Performance
Shares of NYSE:VZ traded up $0.49 during trading on Monday, reaching $41.73. The company had a trading volume of 16,406,826 shares, compared to its average volume of 18,906,861. The company has a fifty day moving average of $40.07 and a two-hundred day moving average of $40.06. The stock has a market capitalization of $175.65 billion, a P/E ratio of 15.55, a price-to-earnings-growth ratio of 3.75 and a beta of 0.41. Verizon Communications has a 12 month low of $30.14 and a 12 month high of $43.42. The company has a current ratio of 0.71, a quick ratio of 0.67 and a debt-to-equity ratio of 1.42.
Verizon Communications (NYSE:VZ – Get Free Report) last issued its quarterly earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The firm had revenue of $33 billion for the quarter, compared to analyst estimates of $33.23 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. Equities research analysts forecast that Verizon Communications will post 4.59 earnings per share for the current year.
Institutional Investors Weigh In On Verizon Communications
Several institutional investors and hedge funds have recently modified their holdings of the stock. Bright Futures Wealth Management LLC. purchased a new stake in shares of Verizon Communications in the 1st quarter worth about $218,000. Abich Financial Wealth Management LLC lifted its position in shares of Verizon Communications by 47.8% in the 1st quarter. Abich Financial Wealth Management LLC now owns 3,922 shares of the cell phone carrier’s stock worth $165,000 after purchasing an additional 1,268 shares during the period. Cape Investment Advisory Inc. lifted its position in shares of Verizon Communications by 20.0% in the 1st quarter. Cape Investment Advisory Inc. now owns 18,876 shares of the cell phone carrier’s stock worth $792,000 after purchasing an additional 3,151 shares during the period. Keynote Financial Services LLC bought a new position in shares of Verizon Communications in the 1st quarter worth about $1,163,000. Finally, American Trust bought a new position in shares of Verizon Communications in the 1st quarter worth about $213,000. 62.06% of the stock is owned by hedge funds and other institutional investors.
About Verizon Communications
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).
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