KeyCorp Cuts Verizon Communications (NYSE:VZ) Price Target to $44.00

Verizon Communications (NYSE:VZ - Get Free Report) had its target price cut by KeyCorp from $46.00 to $44.00 in a research report issued on Friday, Benzinga reports. The firm currently has an "overweight" rating on the cell phone carrier's stock. KeyCorp's target price would suggest a potential upside of 6.90% from the company's previous close.

VZ has been the subject of several other reports. JPMorgan Chase & Co. reduced their price target on Verizon Communications from $46.00 to $45.00 and set a "neutral" rating for the company in a report on Tuesday, July 23rd. Scotiabank raised their price target on Verizon Communications from $45.50 to $46.50 and gave the company a "sector perform" rating in a report on Wednesday, July 10th. The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Monday, July 1st. They issued a "buy" rating and a $50.00 price target for the company. Royal Bank of Canada reissued a "sector perform" rating and issued a $42.00 price target on shares of Verizon Communications in a report on Tuesday, July 23rd. Finally, Tigress Financial raised their price objective on Verizon Communications from $50.00 to $52.00 and gave the company a "buy" rating in a research note on Friday, May 17th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $45.66.

Verizon Communications Stock Performance

Verizon Communications stock traded down $0.15 during mid-day trading on Friday, reaching $41.16. 18,096,476 shares of the company were exchanged, compared to its average volume of 18,511,424. Verizon Communications has a twelve month low of $30.14 and a twelve month high of $43.42. The firm's 50-day simple moving average is $40.93 and its two-hundred day simple moving average is $40.53. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The firm has a market cap of $173.25 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 3.81 and a beta of 0.41.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting analysts' consensus estimates of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company had revenue of $32.80 billion during the quarter, compared to analysts' expectations of $33.05 billion. During the same period last year, the firm earned $1.21 EPS. The firm's revenue for the quarter was up .6% on a year-over-year basis. Equities analysts predict that Verizon Communications will post 4.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Verizon Communications

Hedge funds have recently made changes to their positions in the business. Taylor Hoffman Wealth Management boosted its holdings in shares of Verizon Communications by 32.9% during the fourth quarter. Taylor Hoffman Wealth Management now owns 9,353 shares of the cell phone carrier's stock worth $353,000 after purchasing an additional 2,314 shares during the last quarter. Leo Wealth LLC acquired a new position in Verizon Communications in the fourth quarter valued at $3,346,000. Gateway Investment Advisers LLC boosted its holdings in Verizon Communications by 15.4% in the second quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier's stock valued at $11,678,000 after acquiring an additional 37,732 shares during the last quarter. Windle Wealth LLC boosted its holdings in Verizon Communications by 0.8% in the fourth quarter. Windle Wealth LLC now owns 164,242 shares of the cell phone carrier's stock valued at $6,192,000 after acquiring an additional 1,270 shares during the last quarter. Finally, Mosley Wealth Management acquired a new position in Verizon Communications in the fourth quarter valued at $433,000. Institutional investors and hedge funds 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).