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.
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%.
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