Credit Suisse Group Trims Verizon Communications (NYSE:VZ) Target Price to $54.00

Verizon Communications (NYSE:VZGet Rating) had its target price cut by stock analysts at Credit Suisse Group from $58.00 to $54.00 in a note issued to investors on Tuesday, The Fly reports. Credit Suisse Group’s price target would indicate a potential upside of 10.14% from the stock’s current price.

A number of other analysts have also recently commented on the company. The Goldman Sachs Group cut Verizon Communications from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $61.00 to $55.00 in a research report on Monday, April 25th. DZ Bank cut Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 price objective for the company. in a research report on Friday, April 29th. Wolfe Research reduced their price objective on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating for the company in a research report on Thursday, June 2nd. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Thursday, May 12th. Finally, William Blair reissued a “market perform” rating on shares of Verizon Communications in a report on Monday, April 25th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $56.80.

VZ stock opened at $49.03 on Tuesday. Verizon Communications has a 1-year low of $45.55 and a 1-year high of $56.85. The business has a fifty day moving average price of $50.24 and a 200-day moving average price of $51.84. 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 stock has a market capitalization of $205.91 billion, a P/E ratio of 9.52, a P/E/G ratio of 2.52 and a beta of 0.41.

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

In other news, CEO Tami A. Erwin sold 23,647 shares of the stock in a transaction that occurred on Tuesday, April 26th. The stock was sold at an average price of $49.77, for a total value of $1,176,911.19. Following the sale, the chief executive officer now directly owns 21,817 shares in the company, valued at $1,085,832.09. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $52.00, for a total value of $81,016.00. Following the completion of the sale, the executive vice president now owns 38,077 shares in the company, valued at $1,980,004. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,321 shares of company stock worth $1,415,192. Company insiders own 0.02% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of VZ. Everett Harris & Co. CA increased its holdings in Verizon Communications by 6.2% during the 4th quarter. Everett Harris & Co. CA now owns 491,456 shares of the cell phone carrier’s stock worth $25,536,000 after purchasing an additional 28,710 shares during the period. Qtron Investments LLC increased its holdings in Verizon Communications by 4.9% during the 4th quarter. Qtron Investments LLC now owns 14,495 shares of the cell phone carrier’s stock worth $753,000 after purchasing an additional 682 shares during the period. Autumn Glory Partners LLC purchased a new position in Verizon Communications during the 4th quarter worth $938,000. Psagot Value Holdings Ltd. Israel bought a new stake in Verizon Communications during the 4th quarter valued at $284,000. Finally, Maltin Wealth Management Inc. boosted its position in Verizon Communications by 45.0% during the 4th quarter. Maltin Wealth Management Inc. now owns 27,054 shares of the cell phone carrier’s stock valued at $1,406,000 after acquiring an additional 8,393 shares in the last quarter. Hedge funds and other institutional investors own 63.78% of the company’s stock.

Verizon Communications Company Profile (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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