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

Verizon Communications (NYSE:VZ) had its price objective upped by research analysts at Royal Bank of Canada from $42.00 to $46.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “sector perform” rating on the cell phone carrier’s stock. Royal Bank of Canada’s price target suggests a potential upside of 2.95% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. KeyCorp decreased their price objective on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. TD Cowen increased their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. cut their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Finally, Scotiabank boosted their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Verizon Communications presently has an average rating of “Moderate Buy” and an average price target of $46.03.

Verizon Communications Trading Up 0.9 %

Shares of Verizon Communications stock opened at $44.68 on Monday. The firm has a market cap of $188.07 billion, a price-to-earnings ratio of 16.67, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42. Verizon Communications has a 52-week low of $30.14 and a 52-week high of $45.05. The company’s 50-day simple moving average is $41.59 and its 200-day simple moving average is $40.86. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. During the same quarter in the prior year, the company posted $1.21 earnings per share. Verizon Communications’s quarterly revenue was up .6% on a year-over-year basis. As a group, equities research analysts anticipate that Verizon Communications will post 4.58 earnings per share for the current year.

Institutional Investors Weigh In On Verizon Communications

Large investors have recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Verizon Communications in the 1st quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Verizon Communications in the fourth quarter valued at $29,000. Mizuho Securities Co. Ltd. bought a new position in Verizon Communications during the 2nd quarter valued at $32,000. MFA Wealth Advisors LLC acquired a new position in Verizon Communications during the 2nd quarter worth $33,000. Finally, Vima LLC bought a new stake in shares of Verizon Communications in the 4th quarter worth about $36,000. 62.06% of the stock is owned by institutional investors and hedge funds.

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).