Verizon Communications Inc. (NYSE:VZ) – Equities research analysts at Oppenheimer Holdings lowered their Q2 2017 earnings estimates for shares of Verizon Communications in a research report issued to clients and investors on Tuesday. Oppenheimer Holdings analyst T. Horan now forecasts that the cell phone carrier will earn $0.95 per share for the quarter, down from their previous forecast of $0.97. Oppenheimer Holdings also issued estimates for Verizon Communications’ Q3 2017 earnings at $0.98 EPS, Q4 2017 earnings at $0.85 EPS, FY2017 earnings at $3.73 EPS and FY2018 earnings at $3.86 EPS.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by $0.03. The firm had revenue of $29.81 billion for the quarter, compared to the consensus estimate of $30.41 billion. Verizon Communications had a return on equity of 66.99% and a net margin of 9.92%. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.06 earnings per share. TRADEMARK VIOLATION WARNING: This news story was reported by BBNS and is the sole property of of BBNS. If you are accessing this news story on another website, it was illegally copied and reposted in violation of US and international trademark & copyright laws. The original version of this news story can be viewed at https://baseballnewssource.com/markets/verizon-communications-inc-to-post-q2-2017-earnings-of-0-95-per-share-oppenheimer-holdings-forecasts-vz-updated-updated-updated/1196613.html.
A number of other equities analysts also recently issued reports on the company. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a research report on Thursday. Bank of America Corporation lowered their target price on Verizon Communications from $59.00 to $50.00 and set a “buy” rating for the company in a report on Thursday. Royal Bank Of Canada reissued a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Sunday, July 9th. Vetr raised Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective for the company in a research note on Wednesday, July 5th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $50.00 price objective on shares of Verizon Communications in a research note on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $53.36.
Shares of Verizon Communications (NYSE:VZ) opened at 43.49 on Wednesday. The company has a market capitalization of $177.41 billion, a PE ratio of 14.55 and a beta of 0.54. Verizon Communications has a one year low of $43.04 and a one year high of $56.25. The firm’s 50-day moving average price is $45.84 and its 200 day moving average price is $48.85.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. increased its position in Verizon Communications by 12.9% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 1,828,289 shares of the cell phone carrier’s stock valued at $97,594,000 after buying an additional 209,560 shares during the period. Abbrea Capital LLC acquired a new stake in Verizon Communications during the fourth quarter worth approximately $1,869,000. Stearns Financial Services Group increased its stake in Verizon Communications by 3.6% in the fourth quarter. Stearns Financial Services Group now owns 48,747 shares of the cell phone carrier’s stock worth $2,602,000 after buying an additional 1,682 shares during the last quarter. Honkamp Krueger Financial Services Inc. ADV acquired a new stake in Verizon Communications during the fourth quarter worth approximately $3,091,000. Finally, BigSur Wealth Management LLC acquired a new stake in Verizon Communications during the fourth quarter worth approximately $954,000. Hedge funds and other institutional investors own 62.50% of the company’s stock.
In other news, EVP Marni M. Walden sold 16,362 shares of the stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $46.08, for a total transaction of $753,960.96. Following the sale, the executive vice president now directly owns 11,797 shares of the company’s stock, valued at approximately $543,605.76. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $27,450.00. Following the sale, the executive vice president now directly owns 8,429 shares in the company, valued at $379,305. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,192 shares of company stock worth $837,958. 0.13% of the stock is owned by corporate insiders.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be issued a $0.5775 dividend. This represents a $2.31 annualized dividend and a yield of 5.31%. The ex-dividend date is Thursday, July 6th. Verizon Communications’s payout ratio is 77.00%.
About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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