Wells Fargo & Company Cuts Verizon Communications (NYSE:VZ) Price Target to $41.00

Verizon Communications (NYSE:VZ) had its price target cut by Wells Fargo & Company from $43.00 to $41.00 in a research report report published on Monday,Benzinga reports. They currently have an equal weight rating on the cell phone carrier’s stock.

Other research analysts also recently issued reports about the company. Barclays assumed coverage on Verizon Communications in a report on Thursday, January 22nd. They issued an “equal weight” rating and a $43.00 price target for the company. Sanford C. Bernstein cut their target price on shares of Verizon Communications from $46.00 to $44.00 and set a “market perform” rating for the company in a report on Friday, January 16th. KeyCorp reissued a “sector weight” rating on shares of Verizon Communications in a report on Monday. Scotiabank raised their price target on shares of Verizon Communications from $50.50 to $51.00 and gave the company a “sector perform” rating in a research report on Thursday, October 30th. Finally, TD Cowen decreased their price objective on shares of Verizon Communications from $56.00 to $51.00 and set a “buy” rating for the company in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $47.43.

Verizon Communications Price Performance

Shares of VZ opened at $39.42 on Monday. The business’s 50-day moving average is $40.27 and its two-hundred day moving average is $41.57. The company has a market capitalization of $166.19 billion, a P/E ratio of 8.42, a P/E/G ratio of 3.75 and a beta of 0.34. Verizon Communications has a fifty-two week low of $38.39 and a fifty-two week high of $47.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.69 and a current ratio of 0.74.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.02. The business had revenue of $33.82 billion during the quarter, compared to analysts’ expectations of $34.19 billion. Verizon Communications had a return on equity of 19.31% and a net margin of 14.43%.The company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.19 EPS. Research analysts predict that Verizon Communications will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 12th will be given a $0.69 dividend. The ex-dividend date is Monday, January 12th. This represents a $2.76 annualized dividend and a dividend yield of 7.0%. Verizon Communications’s dividend payout ratio (DPR) is 58.97%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Hudock Inc. raised its holdings in shares of Verizon Communications by 0.6% during the second quarter. Hudock Inc. now owns 39,842 shares of the cell phone carrier’s stock valued at $1,724,000 after acquiring an additional 238 shares during the last quarter. McLean Asset Management Corp increased its position in shares of Verizon Communications by 2.9% during the third quarter. McLean Asset Management Corp now owns 8,571 shares of the cell phone carrier’s stock worth $355,000 after purchasing an additional 243 shares in the last quarter. Red Spruce Capital LLC raised its stake in Verizon Communications by 0.3% in the 3rd quarter. Red Spruce Capital LLC now owns 71,541 shares of the cell phone carrier’s stock valued at $3,144,000 after purchasing an additional 246 shares during the last quarter. Camden National Bank lifted its holdings in Verizon Communications by 4.6% in the 2nd quarter. Camden National Bank now owns 5,666 shares of the cell phone carrier’s stock valued at $245,000 after purchasing an additional 248 shares in the last quarter. Finally, Lazari Capital Management Inc. lifted its holdings in Verizon Communications by 0.4% in the 2nd quarter. Lazari Capital Management Inc. now owns 67,101 shares of the cell phone carrier’s stock valued at $2,903,000 after purchasing an additional 250 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Company Profile

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.