Verizon Communications (NYSE:VZ) Price Target Raised to $46.00 at Royal Bank of Canada

Verizon Communications (NYSE:VZ) had its target price increased by stock analysts at Royal Bank of Canada from $42.00 to $46.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “sector perform” rating on the cell phone carrier’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 4.21% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. KeyCorp lowered their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Friday, September 6th. JPMorgan Chase & Co. dropped their price objective on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Scotiabank increased their target price on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research report on Wednesday, July 10th. TD Cowen lifted their price objective on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, The Goldman Sachs Group began coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.91.

Verizon Communications Trading Down 0.4 %

Shares of VZ stock traded down $0.19 during trading hours on Monday, reaching $44.14. 1,145,088 shares of the stock were exchanged, compared to its average volume of 18,836,191. Verizon Communications has a 12-month low of $30.14 and a 12-month high of $45.05. The company’s 50-day moving average price is $41.46 and its 200-day moving average price is $40.79. The firm has a market capitalization of $185.80 billion, a price-to-earnings ratio of 16.47, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last announced its quarterly 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%. The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the firm posted $1.21 earnings per share. As a group, equities analysts anticipate that Verizon Communications will post 4.58 earnings per share for the current year.

Institutional Investors Weigh In On Verizon Communications

A number of institutional investors and hedge funds have recently made changes to their positions in VZ. Koesten Hirschmann & Crabtree INC. purchased a new position in Verizon Communications during the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in Verizon Communications during the 4th quarter worth approximately $29,000. Mizuho Securities Co. Ltd. acquired a new stake in Verizon Communications during the 2nd quarter worth approximately $32,000. MFA Wealth Advisors LLC purchased a new position in Verizon Communications in the 2nd quarter valued at approximately $33,000. Finally, Vima LLC acquired a new position in shares of Verizon Communications in the fourth quarter worth $36,000. 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).