Verizon Communications Inc (VZ) revealed on Monday plans to reorganize its business operations into three segments: Business, Consumer and Verizon Media Group/Oath.
Verizon shares closed higher for a second consecutive trading session in New York on Monday. The stock went up 1.02% ($0.58) to $57.21, after touching an intraday high at $57.44, or a price level not seen since October 31st ($58.32).
Shares of Verizon Communications Inc have risen 8.09% so far in 2018 compared with a 2.42% gain for the benchmark index, S&P 500 (SPX).
In 2017, Verizon’s stock went down 0.84%, thus, it underperformed the S&P 500, which registered a 19.42% return.
Hans Vestberg, Verizons Chief Executive Officer, pointed out that the new structure would take effect from January 1st 2019, as it was aimed to “optimize the growth opportunities we see as leaders in the 5G era.”
The Consumer segment is to encompass Verizons consumer business for wireless and fix-line businesses. The division will be headed by Ronan Dunne, Verizons Executive Vice President and President of Verizon Wireless.
The Business segment is to encompass the wireless and fixed-line enterprise, small & medium enterprise and government businesses as well as Verizon Connect. The segment will be headed by Tami Erwin, Executive Vice President of Wireless Operations.
Meanwhile, the Verizon Media Group/Oath segment is to cover media, advertising and technology. The group will be headed by Guru Gowrappan, who was previously appointed as Chief Executive of Oath.
As far as financial reporting is concerned, the company said it would start reporting its results under the new structure during Q2 of 2019.
According to CNN Money, the 26 analysts, offering 12-month forecasts regarding Verizon Communications Inc’s stock price, have a median target of $58.00, with a high estimate of $65.00 and a low estimate of $45.00. The median estimate represents a 1.38% upside compared to the closing price of $57.21 on November 5th.
The same media also reported that 17 out of 31 surveyed investment analysts had rated Verizon Communications Inc’s stock as “Hold”, while 14 – as “Buy”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Verizon Communications Inc (VZ) are presented as follows:
Central Pivot Point – $56.99
R1 – $58.44
R2 – $60.24
R3 – $61.69
R4 – $63.13
S1 – $55.19
S2 – $53.74
S3 – $51.94
S4 – $50.13
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