Verizon Communications (NYSE:VZ) Stock Price Up 0.2%

Verizon Communications Inc. (NYSE:VZ) shares shot up 0.2% during trading on Tuesday . The stock traded as high as $42.90 and last traded at $42.83. 4,603,048 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 18,480,105 shares. The stock had previously closed at $42.73.

Wall Street Analyst Weigh In

Several brokerages have commented on VZ. TD Cowen boosted their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Scotiabank upped their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price target for the company. Royal Bank of Canada reissued a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a research note on Monday. Finally, JPMorgan Chase & Co. dropped their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $45.66.

Verizon Communications Stock Up 0.2 %

The stock has a market cap of $184.15 billion, a price-to-earnings ratio of 16.32, a P/E/G ratio of 3.75 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. The firm’s 50 day moving average is $41.05 and its two-hundred day moving average is $40.58.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.15. The business had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company’s revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.21 earnings per share. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.57 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.20%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is currently 101.12%.

Hedge Funds Weigh In On Verizon Communications

Large investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Verizon Communications during the 4th quarter valued at $1,882,164,000. Capital World Investors increased its stake in Verizon Communications by 127.6% during the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock worth $821,900,000 after acquiring an additional 12,220,777 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Verizon Communications by 92.9% in the 4th quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after purchasing an additional 10,882,873 shares during the period. Swedbank AB acquired a new position in shares of Verizon Communications in the 1st quarter valued at about $250,312,000. Finally, Third Point LLC purchased a new stake in shares of Verizon Communications during the 4th quarter worth about $173,325,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

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).