Verizon Communications (NYSE:VZ) PT Lowered to $40.00 at Royal Bank of Canada

Verizon Communications (NYSE:VZ – Get Rating) had its price target reduced by equities research analysts at Royal Bank of Canada from $42.00 to $40.00 in a research report issued on Wednesday, The Fly reports. Royal Bank of Canada’s price objective points to a potential downside of 1.04% from the company’s current price.

A number of other analysts have also recently commented on VZ. Tigress Financial reduced their price objective on Verizon Communications from $68.00 to $64.00 in a research report on Friday, December 16th. Morgan Stanley upgraded Verizon Communications from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $41.00 to $44.00 in a research report on Thursday, December 15th. Wells Fargo & Company reduced their price objective on Verizon Communications from $48.00 to $40.00 and set an “equal weight” rating for the company in a research report on Friday, October 7th. Cowen reduced their price objective on Verizon Communications from $64.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, October 24th. Finally, Cowen reduced their price objective on Verizon Communications from $64.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, October 24th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications presently has a consensus rating of “Hold” and an average target price of $48.00.

Verizon Communications Trading Up 2.0 %

Shares of NYSE:VZ opened at $40.42 on Wednesday. The company has a market cap of $169.76 billion, a P/E ratio of 8.77, a PEG ratio of 1.91 and a beta of 0.37. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.75 and a quick ratio of 0.69. Verizon Communications has a 1 year low of $32.76 and a 1 year high of $55.51. The stock’s fifty day moving average price is $39.09 and its 200-day moving average price is $40.72.

Verizon Communications (NYSE:VZ – Get Rating) last announced its quarterly earnings results on Tuesday, January 24th. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.19. The firm had revenue of $35.30 billion for the quarter, compared to the consensus estimate of $35.14 billion. Verizon Communications had a return on equity of 25.80% and a net margin of 14.22%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.31 earnings per share. Sell-side analysts expect that Verizon Communications will post 5.18 earnings per share for the current year.

Hedge Funds Weigh In On Verizon Communications

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VZ. BCK Partners Inc. bought a new position in Verizon Communications during the first quarter valued at approximately $2,101,000. Axiom Financial Strategies LLC lifted its stake in shares of Verizon Communications by 8.9% in the 1st quarter. Axiom Financial Strategies LLC now owns 5,980 shares of the cell phone carrier’s stock valued at $279,000 after purchasing an additional 487 shares during the last quarter. Ergoteles LLC lifted its stake in shares of Verizon Communications by 174.0% in the 1st quarter. Ergoteles LLC now owns 91,776 shares of the cell phone carrier’s stock valued at $4,675,000 after purchasing an additional 58,283 shares during the last quarter. Mackenzie Financial Corp lifted its stake in shares of Verizon Communications by 10.5% in the 1st quarter. Mackenzie Financial Corp now owns 1,194,111 shares of the cell phone carrier’s stock valued at $60,828,000 after purchasing an additional 113,032 shares during the last quarter. Finally, First Western Trust Bank bought a new stake in shares of Verizon Communications in the 1st quarter valued at approximately $567,000. 60.96% of the stock is owned by institutional investors.

Verizon Communications Company Profile

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Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.