Verizon Communications (NYSE:VZ) PT Lowered to $54.00 at Credit Suisse Group

Verizon Communications (NYSE:VZGet Rating) had its price objective decreased by Credit Suisse Group from $58.00 to $54.00 in a research report report published on Tuesday morning, The Fly reports. Credit Suisse Group currently has a neutral rating on the cell phone carrier’s stock.

A number of other brokerages also recently issued reports on VZ. William Blair restated a market perform rating on shares of Verizon Communications in a report on Monday, April 25th. StockNews.com upgraded shares of Verizon Communications from a hold rating to a buy rating in a report on Thursday, May 12th. The Goldman Sachs Group downgraded shares of Verizon Communications from a buy rating to a neutral rating and dropped their target price for the company from $61.00 to $55.00 in a report on Monday, April 25th. Wolfe Research dropped their target price on shares of Verizon Communications from $60.00 to $51.00 and set a peer perform rating for the company in a report on Thursday, June 2nd. Finally, DZ Bank downgraded shares of Verizon Communications from a hold rating to a sell rating and set a $44.00 target price for the company. in a report on Friday, April 29th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Verizon Communications has a consensus rating of Hold and an average price target of $56.60.

VZ opened at $52.09 on Tuesday. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.76 and a quick ratio of 0.69. The company’s 50 day simple moving average is $50.08 and its two-hundred day simple moving average is $51.83. Verizon Communications has a 1-year low of $45.55 and a 1-year high of $56.85. The firm has a market capitalization of $218.76 billion, a price-to-earnings ratio of 10.11, a price-to-earnings-growth ratio of 2.61 and a beta of 0.41.

Verizon Communications (NYSE:VZGet Rating) last announced its quarterly earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.35. The business had revenue of $33.60 billion during the quarter, compared to the consensus estimate of $33.61 billion. Verizon Communications had a net margin of 15.93% and a return on equity of 28.15%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.31 EPS. On average, equities analysts anticipate that Verizon Communications will post 5.4 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 8th will be paid a $0.64 dividend. The ex-dividend date of this dividend is Thursday, July 7th. This represents a $2.56 annualized dividend and a dividend yield of 4.91%. Verizon Communications’s dividend payout ratio (DPR) is 49.71%.

In other news, CEO Tami A. Erwin sold 23,647 shares of Verizon Communications stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total transaction of $1,176,911.19. Following the completion of the sale, the chief executive officer now directly owns 21,817 shares of the company’s stock, valued at approximately $1,085,832.09. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $50.00, for a total transaction of $77,900.00. Following the sale, the executive vice president now directly owns 36,519 shares of the company’s stock, valued at $1,825,950. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,321 shares of company stock valued at $1,415,192. Corporate insiders own 0.10% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in VZ. Rinkey Investments purchased a new stake in Verizon Communications in the fourth quarter valued at $27,000. Cordant Inc. acquired a new position in Verizon Communications in the first quarter valued at $30,000. Econ Financial Services Corp acquired a new position in Verizon Communications in the fourth quarter valued at $32,000. Lansing Street Advisors acquired a new position in Verizon Communications in the first quarter valued at $35,000. Finally, Conrad Siegel Investment Advisors Inc. acquired a new position in Verizon Communications in the first quarter valued at $36,000. 63.78% of the stock is owned by hedge funds and other institutional investors.

About Verizon Communications (Get Rating)

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.

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