Verizon Communications (NYSE:VZ) Stock Price Down 0.5%

Verizon Communications Inc. (NYSE:VZ - Get Free Report) shares traded down 0.5% on Thursday . The company traded as low as $40.90 and last traded at $41.29. Approximately 9,103,868 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 18,392,648 shares. The stock had previously closed at $41.48.

Wall Street Analysts Forecast Growth

Several research firms recently commented on VZ. Scotiabank raised their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a "sector perform" rating in a report on Wednesday, July 10th. Tigress Financial boosted their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the company a "buy" rating in a report on Friday, May 17th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $42.00 price target on shares of Verizon Communications in a research note on Tuesday, July 23rd. TD Cowen lifted their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a "buy" rating in a research report on Tuesday, July 23rd. Finally, The Goldman Sachs Group began coverage on Verizon Communications in a research report on Monday, July 1st. They issued a "buy" rating and a $50.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $45.78.

Verizon Communications Trading Down 0.4 %

The company's fifty day moving average is $40.93 and its 200-day moving average is $40.52. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $173.88 billion, a P/E ratio of 15.41, a P/E/G ratio of 3.81 and a beta of 0.41.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.15. The company had revenue of $32.80 billion during the quarter, compared to analysts' expectations of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business's quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.21 earnings per share. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Verizon Communications

Hedge funds and other institutional investors have recently modified their holdings of the stock. Alliance Wealth Advisors LLC grew its position in shares of Verizon Communications by 1.4% during the 2nd quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier's stock worth $732,000 after buying an additional 241 shares during the period. Semmax Financial Advisors Inc. boosted its stake in Verizon Communications by 0.4% during the second quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier's stock worth $2,240,000 after acquiring an additional 246 shares in the last quarter. Sawgrass Asset Management LLC grew its holdings in Verizon Communications by 1.2% in the second quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier's stock worth $889,000 after purchasing an additional 250 shares during the period. Fermata Advisors LLC increased its stake in Verizon Communications by 5.0% in the second quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier's stock valued at $222,000 after purchasing an additional 254 shares in the last quarter. Finally, Private Portfolio Partners LLC raised its holdings in shares of Verizon Communications by 0.9% during the fourth quarter. Private Portfolio Partners LLC now owns 27,457 shares of the cell phone carrier's stock valued at $1,035,000 after purchasing an additional 255 shares during the period. Institutional investors and hedge funds own 62.06% of the company's stock.

About Verizon Communications

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).