Q4 2016 EPS Estimates for Verizon Communications Inc. (VZ) Reduced by Oppenheimer Holdings
Verizon Communications Inc. (NYSE:VZ) – Oppenheimer Holdings lowered their Q4 2016 earnings per share (EPS) estimates for Verizon Communications in a research note issued on Friday. Oppenheimer Holdings analyst T. Horan now anticipates that the firm will earn $0.89 per share for the quarter, down from their prior forecast of $0.94. Oppenheimer Holdings 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 issued its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The company had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. During the same quarter in the previous year, the company earned $1.04 EPS. The firm’s revenue for the quarter was down 5.3% compared to the same quarter last year.
Several other brokerages also recently issued reports on VZ. Citigroup Inc. downgraded Verizon Communications to a “market perform” rating in a report on Wednesday, July 20th. Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a report on Tuesday, July 26th. RBC Capital Markets reaffirmed a “buy” rating on shares of Verizon Communications in a report on Monday, July 25th. JPMorgan Chase & Co. raised their price target on Verizon Communications from $50.00 to $56.00 and gave the company a “neutral” rating in a report on Wednesday, July 27th. Finally, Vetr downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price target for the company. in a report on Thursday, September 1st. Twenty-four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $54.46.
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Shares of Verizon Communications (NYSE:VZ) opened at 50.28 on Monday. Verizon Communications has a 52 week low of $43.79 and a 52 week high of $56.95. The stock has a 50 day moving average of $51.75 and a 200 day moving average of $52.63. The firm has a market cap of $204.96 billion, a P/E ratio of 14.20 and a beta of 0.30.
A number of large investors have recently modified their holdings of the company. AMP Capital Investors Ltd increased its stake in shares of Verizon Communications by 10.4% in the first quarter. AMP Capital Investors Ltd now owns 1,752,370 shares of the cell phone carrier’s stock worth $94,698,000 after buying an additional 164,905 shares during the last quarter. Avalon Advisors LLC increased its stake in shares of Verizon Communications by 49.3% in the first quarter. Avalon Advisors LLC now owns 1,037,516 shares of the cell phone carrier’s stock worth $56,109,000 after buying an additional 342,424 shares during the last quarter. State Farm Mutual Automobile Insurance Co. increased its stake in shares of Verizon Communications by 1.0% in the first quarter. State Farm Mutual Automobile Insurance Co. now owns 11,321,427 shares of the cell phone carrier’s stock worth $612,263,000 after buying an additional 115,883 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in shares of Verizon Communications during the first quarter worth $56,662,000. Finally, AMF Pensionsforsakring AB increased its stake in shares of Verizon Communications by 6.2% in the first quarter. AMF Pensionsforsakring AB now owns 3,877,936 shares of the cell phone carrier’s stock worth $209,719,000 after buying an additional 224,753 shares during the last quarter. Institutional investors and hedge funds own 63.47% of the company’s stock.
In related news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $52.76, for a total value of $35,454.72. Following the transaction, the executive vice president now directly owns 10,526 shares of the company’s stock, valued at $555,351.76. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.10% of the stock is owned by corporate insiders.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s dividend payout ratio is currently 65.25%.
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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