Oppenheimer Holdings Analysts Cut Earnings Estimates for Verizon Communications Inc. (VZ)
Verizon Communications Inc. (NYSE:VZ) – Research analysts at Oppenheimer Holdings reduced their Q4 2016 earnings estimates for Verizon Communications in a research note issued to investors on Friday. Oppenheimer Holdings analyst T. Horan now forecasts that the brokerage will earn $0.89 per share for the quarter, down from their previous forecast of $0.94. Oppenheimer Holdings currently has a “Market Perform” rating on the stock. Oppenheimer Holdings also issued estimates for Verizon Communications’ FY2018 earnings at $4.23 EPS.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping the consensus estimate of $0.92 by $0.02. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The firm had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. During the same quarter last year, the company earned $1.04 earnings per share. The business’s revenue for the quarter was down 5.3% compared to the same quarter last year.
Several other brokerages also recently weighed in on VZ. Macquarie restated a “neutral” rating and set a $55.00 target price on shares of Verizon Communications in a research note on Wednesday, July 6th. RBC Capital Markets restated a “buy” rating on shares of Verizon Communications in a research note on Monday, July 25th. Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. Deutsche Bank AG restated a “hold” rating and set a $52.00 target price on shares of Verizon Communications in a research note on Friday, July 15th. Finally, Citigroup Inc. downgraded Verizon Communications to a “market perform” rating in a research note on Wednesday, July 20th. Twenty-four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $54.46.
Verizon Communications (NYSE:VZ) opened at 50.43 on Monday. The company has a market cap of $205.57 billion, a P/E ratio of 14.25 and a beta of 0.30. The stock has a 50 day moving average price of $51.70 and a 200 day moving average price of $52.59. Verizon Communications has a 1-year low of $43.79 and a 1-year high of $56.95.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be given a $0.0125 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.05 annualized dividend and a yield of 0.10%. Verizon Communications’s payout ratio is 65.25%.
In other news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $52.76, for a total transaction of $35,454.72. Following the completion of the transaction, the executive vice president now directly owns 10,526 shares in the company, valued at $555,351.76. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.10% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Taylor Wealth Management Partners boosted its stake in shares of Verizon Communications by 15.2% in the second quarter. Taylor Wealth Management Partners now owns 2,275 shares of the cell phone carrier’s stock valued at $127,000 after buying an additional 300 shares during the last quarter. Lowe fs LLC boosted its stake in shares of Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock valued at $132,000 after buying an additional 19 shares during the last quarter. Daiwa SB Investments Ltd. boosted its stake in shares of Verizon Communications by 11,938.5% in the third quarter. Daiwa SB Investments Ltd. now owns 3,130 shares of the cell phone carrier’s stock valued at $163,000 after buying an additional 3,104 shares during the last quarter. First National Bank Sioux Falls boosted its stake in shares of Verizon Communications by 8.7% in the second quarter. First National Bank Sioux Falls now owns 3,408 shares of the cell phone carrier’s stock valued at $190,000 after buying an additional 272 shares during the last quarter. Finally, Fenimore Asset Management Inc. bought a new stake in shares of Verizon Communications during the second quarter valued at about $202,000. Institutional investors and hedge funds own 63.46% of the company’s stock.
About Verizon Communications
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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