Verizon Communications (NYSE:VZ) Price Target Cut to $44.00 by Analysts at Sanford C. Bernstein

Verizon Communications (NYSE:VZ) had its price target lowered by equities research analysts at Sanford C. Bernstein from $46.00 to $44.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “market perform” rating on the cell phone carrier’s stock. Sanford C. Bernstein’s price objective suggests a potential upside of 12.75% from the company’s current price.

Several other analysts have also recently commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of Verizon Communications from $49.00 to $47.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. Scotiabank boosted their target price on Verizon Communications from $50.50 to $51.00 and gave the stock a “sector perform” rating in a report on Thursday, October 30th. Morgan Stanley lowered their price target on Verizon Communications from $48.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Wednesday, December 10th. Wall Street Zen downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Finally, Royal Bank Of Canada lowered their price objective on shares of Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, Verizon Communications has an average rating of “Moderate Buy” and an average price target of $47.25.

Verizon Communications Trading Down 0.8%

NYSE VZ opened at $39.03 on Friday. The firm’s 50 day moving average price is $40.54 and its two-hundred day moving average price is $41.81. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.69 and a current ratio of 0.74. Verizon Communications has a twelve month low of $38.35 and a twelve month high of $47.35. The stock has a market cap of $164.55 billion, a price-to-earnings ratio of 8.36, a PEG ratio of 3.80 and a beta of 0.34.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.02. The business had revenue of $33.82 billion for the quarter, compared to the consensus estimate of $34.19 billion. Verizon Communications had a return on equity of 19.31% and a net margin of 14.43%.Verizon Communications’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.19 earnings per share. Equities analysts anticipate that Verizon Communications will post 4.69 EPS for the current year.

Hedge Funds Weigh In On Verizon Communications

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advantage Trust Co boosted its holdings in shares of Verizon Communications by 549.5% in the 2nd quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock worth $26,000 after acquiring an additional 500 shares in the last quarter. TruNorth Capital Management LLC boosted its stake in Verizon Communications by 95.3% in the third quarter. TruNorth Capital Management LLC now owns 625 shares of the cell phone carrier’s stock worth $27,000 after purchasing an additional 305 shares in the last quarter. Holos Integrated Wealth LLC bought a new stake in shares of Verizon Communications during the fourth quarter worth $28,000. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Verizon Communications during the third quarter worth $29,000. Finally, RMG Wealth Management LLC acquired a new stake in shares of Verizon Communications in the second quarter valued at $30,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Verizon Communications

Here are the key news stories impacting Verizon Communications this week:

• Positive Sentiment: Verizon received final regulatory signoffs to close its $9.6 billion acquisition of Frontier; the companies say the deal is expected to close Jan. 20, expanding Verizon’s fiber footprint to roughly 30 million passings across 31 states — a material boost to broadband scale and cross?sell opportunities. Verizon and Frontier Receive All Required Regulatory Approvals to Complete Transaction
• Neutral Sentiment: Analysts and retail commentary continue to flag Verizon’s dividend yield and valuation (and an upcoming earnings report covering the first full quarter under CEO Dan Schulman) as reasons to watch the name — these are longer?horizon fundamental factors rather than an immediate catalyst. Should You Buy Verizon Communications Stock Before Jan. 30?
• Negative Sentiment: Verizon suffered a large nationwide wireless outage tied by the company to a software update; the outage lasted roughly 10–12 hours for many customers, prompting the company to offer a $20 credit to affected subscribers and sparking calls for mandatory refunds and potential regulatory scrutiny — a short?term hit to reputation and potential customer churn risk. Verizon offers $20 credit to customers affected by massive wireless outage
• Negative Sentiment: Market reaction: coverage notes the stock has slipped while the broader market rose, suggesting sentiment is being pressured by the outage news and short?term risk aversion despite the Frontier deal. Monitor trading and guidance/earnings updates for further impact. Verizon Communications (VZ) Stock Slides as Market Rises

About Verizon Communications

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.