Verizon Communications (NYSE:VZ) Stock Price Down 0.3%

Verizon Communications Inc. (NYSE:VZ)’s stock price fell 0.3% during trading on Thursday . The company traded as low as $39.41 and last traded at $39.69. 2,137,821 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 19,098,148 shares. The stock had previously closed at $39.79.

Wall Street Analysts Forecast Growth

VZ has been the topic of several analyst reports. StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. Royal Bank of Canada upped their target price on Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Tuesday, April 2nd. Citigroup lifted their target price on shares of Verizon Communications from $45.00 to $47.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. Barclays increased their price target on Verizon Communications from $42.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Friday, January 26th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $48.00 target price on shares of Verizon Communications in a research report on Tuesday, April 23rd. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.36.

Verizon Communications Stock Performance

The firm has a market capitalization of $167.15 billion, a price-to-earnings ratio of 14.82, a PEG ratio of 2.86 and a beta of 0.42. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.71 and a quick ratio of 0.67. The firm has a 50 day moving average price of $40.31 and a 200-day moving average price of $39.44.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The company had revenue of $33 billion for the quarter, compared to analysts’ expectations of $33.23 billion. During the same period last year, the firm earned $1.20 earnings per share. Verizon Communications’s quarterly revenue was up .3% on a year-over-year basis. As a group, sell-side analysts expect that Verizon Communications Inc. will post 4.6 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 6.70%. The ex-dividend date was Tuesday, April 9th. Verizon Communications’s payout ratio is 99.25%.

Hedge Funds Weigh In On Verizon Communications

Several hedge funds have recently made changes to their positions in VZ. Koesten Hirschmann & Crabtree INC. purchased a new stake in Verizon Communications in the 1st quarter valued at approximately $25,000. LFA Lugano Financial Advisors SA boosted its holdings in Verizon Communications by 627.8% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock valued at $25,000 after purchasing an additional 565 shares in the last quarter. Criterion Capital Advisors LLC purchased a new stake in Verizon Communications in the 4th quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in Verizon Communications in the 4th quarter valued at approximately $29,000. Finally, Morton Brown Family Wealth LLC boosted its holdings in Verizon Communications by 130.1% in the 4th quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock valued at $33,000 after purchasing an additional 488 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).