Verizon Communications (NYSE:VZ – Get Free Report) had its price target hoisted by investment analysts at Citigroup from $47.00 to $49.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the cell phone carrier’s stock. Citigroup’s price target suggests a potential upside of 9.57% from the company’s previous close.
A number of other brokerages have also recently commented on VZ. KeyCorp decreased their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. Raymond James boosted their target price on shares of Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday. Royal Bank of Canada lifted their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday. 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 target price for the company. Finally, Scotiabank lifted their price target on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research note on Wednesday, July 10th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $46.16.
Read Our Latest Analysis on Verizon Communications
Verizon Communications Stock Performance
Verizon Communications (NYSE:VZ – Get Free Report) last released 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 business had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. Verizon Communications’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.21 earnings per share. Analysts forecast that Verizon Communications will post 4.58 EPS for the current year.
Institutional Trading of Verizon Communications
Several hedge funds have recently modified their holdings of VZ. Vanguard Group Inc. raised its position in Verizon Communications by 0.3% in the first quarter. Vanguard Group Inc. now owns 351,267,175 shares of the cell phone carrier’s stock worth $14,739,171,000 after acquiring an additional 1,216,963 shares during the period. Legal & General Group Plc lifted its stake in Verizon Communications by 3.0% in the second quarter. Legal & General Group Plc now owns 38,357,031 shares of the cell phone carrier’s stock valued at $1,581,848,000 after purchasing an additional 1,106,887 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Verizon Communications by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 35,561,841 shares of the cell phone carrier’s stock valued at $1,466,446,000 after purchasing an additional 535,322 shares during the period. Capital Research Global Investors increased its position in Verizon Communications by 92.9% in the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after buying an additional 10,882,873 shares during the last quarter. Finally, Capital World Investors raised its stake in shares of Verizon Communications by 127.6% in the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after buying an additional 12,220,777 shares during the period. Institutional investors own 62.06% of the company’s stock.
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).
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