Jefferies Group Research Analysts Decrease Earnings Estimates for Verizon Communications (VZ)
Verizon Communications (NYSE:VZ) – Investment analysts at Jefferies Group reduced their Q3 2018 earnings per share (EPS) estimates for shares of Verizon Communications in a note issued to investors on Wednesday, April 25th. Jefferies Group analyst S. Goldman now expects that the cell phone carrier will earn $1.16 per share for the quarter, down from their prior forecast of $1.17. Jefferies Group also issued estimates for Verizon Communications’ Q4 2018 earnings at $1.12 EPS.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, April 24th. The cell phone carrier reported $1.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.06. Verizon Communications had a net margin of 24.37% and a return on equity of 42.62%. The firm had revenue of $31.77 billion for the quarter, compared to the consensus estimate of $31.25 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year.
VZ opened at $51.57 on Thursday. Verizon Communications has a 52-week low of $42.80 and a 52-week high of $54.77. The company has a debt-to-equity ratio of 2.15, a quick ratio of 0.87 and a current ratio of 0.98. The stock has a market cap of $206,810.98, a PE ratio of 13.79, a P/E/G ratio of 2.05 and a beta of 0.64.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 1st. Shareholders of record on Tuesday, April 10th will be given a $0.59 dividend. The ex-dividend date is Monday, April 9th. This represents a $2.36 annualized dividend and a yield of 4.58%. Verizon Communications’s dividend payout ratio is presently 63.10%.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 6,967 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total value of $346,956.60. Following the sale, the senior vice president now owns 16,059 shares in the company, valued at approximately $799,738.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.09% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in VZ. Capital Research Global Investors lifted its position in shares of Verizon Communications by 15.1% during the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock valued at $6,851,202,000 after buying an additional 20,070,391 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Verizon Communications by 2,886.8% during the 4th quarter. Mackenzie Financial Corp now owns 11,717,907 shares of the cell phone carrier’s stock valued at $620,229,000 after buying an additional 11,325,589 shares in the last quarter. FMR LLC raised its stake in Verizon Communications by 15.0% in the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock valued at $2,761,466,000 after purchasing an additional 8,077,275 shares during the last quarter. Boston Partners raised its stake in Verizon Communications by 1,252.0% in the 4th quarter. Boston Partners now owns 7,986,475 shares of the cell phone carrier’s stock valued at $422,724,000 after purchasing an additional 7,395,776 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Verizon Communications by 14.1% in the 4th quarter. Bank of New York Mellon Corp now owns 48,749,993 shares of the cell phone carrier’s stock valued at $2,580,337,000 after purchasing an additional 6,007,544 shares during the last quarter. Institutional investors and hedge funds own 64.04% of the company’s stock.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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