Verizon Communications (NYSE:VZ) had its price target raised by Morgan Stanley from $56.00 to $58.00 in a research note released on Monday, MarketBeat.com reports. They currently have an overweight rating on the cell phone carrier’s stock.
VZ has been the topic of a number of other research reports. Credit Suisse Group began coverage on Verizon Communications in a research report on Tuesday, July 10th. They set an outperform rating and a $58.00 target price on the stock. ValuEngine upgraded Verizon Communications from a hold rating to a buy rating in a research report on Wednesday, October 24th. Moffett Nathanson reiterated a neutral rating and set a $56.00 target price on shares of Verizon Communications in a research report on Tuesday, September 4th. Zacks Investment Research cut Verizon Communications from a buy rating to a hold rating in a research report on Monday, July 30th. Finally, Bank of America reiterated a buy rating and set a $58.00 target price on shares of Verizon Communications in a research report on Monday, October 22nd. Seven research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $55.93.
VZ opened at $57.09 on Monday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.93 and a current ratio of 0.97. Verizon Communications has a one year low of $43.97 and a one year high of $58.80. The stock has a market cap of $229.14 billion, a PE ratio of 15.26, a PEG ratio of 2.46 and a beta of 0.71.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be given a $0.6025 dividend. This represents a $2.41 annualized dividend and a yield of 4.22%. The ex-dividend date is Tuesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s payout ratio is 64.44%.
A number of hedge funds have recently modified their holdings of VZ. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Verizon Communications in the 3rd quarter valued at approximately $107,000. Catalyst Capital Advisors LLC purchased a new stake in Verizon Communications in the 2nd quarter valued at approximately $103,000. Financial Gravity Wealth Inc. purchased a new stake in Verizon Communications in the 1st quarter valued at approximately $128,000. Rainier Group Investment Advisory LLC purchased a new stake in Verizon Communications in the 1st quarter valued at approximately $134,000. Finally, Elmwood Wealth Management Inc. purchased a new stake in Verizon Communications in the 1st quarter valued at approximately $146,000. Hedge funds and other institutional investors own 64.25% of the company’s stock.
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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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