Citigroup set a $62.00 target price on Verizon Communications (NYSE:VZ) in a research note issued to investors on Tuesday, TipRanks reports. The brokerage currently has a hold rating on the cell phone carrier’s stock.
Other research analysts have also recently issued research reports about the company. UBS Group cut Verizon Communications from a buy rating to a neutral rating and set a $57.70 target price for the company. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Zacks Investment Research raised Verizon Communications from a hold rating to a buy rating and set a $62.00 target price on the stock in a report on Monday, September 2nd. Finally, Oppenheimer upgraded shares of Verizon Communications from a market perform rating to an outperform rating and set a $70.00 price target on the stock in a research report on Tuesday, August 27th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has a consensus rating of Hold and an average price target of $60.96.
VZ traded up $0.42 during trading on Tuesday, reaching $60.13. The stock had a trading volume of 11,653,905 shares, compared to its average volume of 13,682,183. The stock has a 50 day moving average of $56.86 and a two-hundred day moving average of $57.44. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 2.12. The firm has a market capitalization of $242.60 billion, a price-to-earnings ratio of 12.77, a price-to-earnings-growth ratio of 2.81 and a beta of 0.52. Verizon Communications has a 1-year low of $52.28 and a 1-year high of $61.58.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.615 per share. The ex-dividend date is Wednesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a dividend yield of 4.09%. Verizon Communications’s dividend payout ratio (DPR) is currently 51.17%.
In other Verizon Communications news, CEO Tami A. Erwin sold 17,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the sale, the chief executive officer now owns 853 shares in the company, valued at approximately $49,260.75. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $56.55, for a total transaction of $76,285.95. Following the sale, the executive vice president now directly owns 24,030 shares of the company’s stock, valued at $1,358,896.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,047 shares of company stock valued at $1,212,038. Corporate insiders own 0.03% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Nuveen Asset Management LLC boosted its position in shares of Verizon Communications by 6,712.8% in the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock worth $1,691,184,000 after buying an additional 29,167,876 shares during the period. Invesco Ltd. lifted its stake in Verizon Communications by 61.6% in the 2nd quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock worth $1,327,750,000 after acquiring an additional 8,858,448 shares in the last quarter. APG Asset Management N.V. boosted its position in Verizon Communications by 64.8% during the 4th quarter. APG Asset Management N.V. now owns 15,572,858 shares of the cell phone carrier’s stock worth $765,872,000 after acquiring an additional 6,120,966 shares during the period. BlackRock Inc. boosted its position in Verizon Communications by 1.7% during the 2nd quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after acquiring an additional 5,319,802 shares during the period. Finally, Beutel Goodman & Co Ltd. boosted its position in Verizon Communications by 95.6% during the 2nd quarter. Beutel Goodman & Co Ltd. now owns 10,096,656 shares of the cell phone carrier’s stock worth $443,674,000 after acquiring an additional 4,936,074 shares during the period. 65.92% of the stock is currently owned by institutional investors and hedge funds.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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