Brokerages expect that Verizon Communications Inc. (NYSE:VZ) will announce $32.41 billion in sales for the current fiscal quarter, according to Zacks. Nineteen analysts have provided estimates for Verizon Communications’ earnings. The highest sales estimate is $32.68 billion and the lowest is $32.12 billion. Verizon Communications posted sales of $32.20 billion in the same quarter last year, which would indicate a positive year over year growth rate of 0.7%. The firm is scheduled to report its next earnings report on Tuesday, July 23rd.
On average, analysts expect that Verizon Communications will report full-year sales of $131.85 billion for the current fiscal year, with estimates ranging from $130.56 billion to $133.27 billion. For the next fiscal year, analysts anticipate that the business will report sales of $133.30 billion, with estimates ranging from $130.21 billion to $135.71 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Verizon Communications.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, April 23rd. The cell phone carrier reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. The company had revenue of $32.13 billion for the quarter, compared to the consensus estimate of $32.13 billion. Verizon Communications had a net margin of 12.20% and a return on equity of 35.40%. Verizon Communications’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.17 EPS.
Several research firms have weighed in on VZ. UBS Group downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 target price on the stock. in a research report on Thursday, May 30th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Royal Bank of Canada reissued a “neutral” rating and set a $57.00 target price on shares of Verizon Communications in a research report on Tuesday, April 23rd. Bank of America set a $64.00 target price on shares of Verizon Communications and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Finally, Goldman Sachs Group reissued a “buy” rating and set a $65.00 target price on shares of Verizon Communications in a research report on Tuesday, April 23rd. Ten investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $58.97.
NYSE:VZ traded down $0.27 during trading hours on Tuesday, hitting $58.00. 10,558,444 shares of the company were exchanged, compared to its average volume of 14,325,883. The stock has a market cap of $238.92 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 2.86 and a beta of 0.50. Verizon Communications has a 52-week low of $49.01 and a 52-week high of $61.58. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.87 and a quick ratio of 0.83. The company’s 50 day moving average is $57.49.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be issued a $0.6025 dividend. This represents a $2.41 annualized dividend and a dividend yield of 4.16%. The ex-dividend date is Tuesday, July 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 51.17%.
In related news, SVP Anthony T. Skiadas sold 6,134 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $57.11, for a total transaction of $350,312.74. Following the sale, the senior vice president now directly owns 20,000 shares of the company’s stock, valued at $1,142,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction on Friday, April 26th. The stock was sold at an average price of $56.06, for a total transaction of $75,624.94. Following the sale, the executive vice president now directly owns 28,077 shares in the company, valued at $1,573,996.62. The disclosure for this sale can be found here. Insiders sold a total of 8,832 shares of company stock worth $505,798 over the last ninety days. Insiders own 0.03% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in VZ. Daiwa SB Investments Ltd. boosted its holdings in Verizon Communications by 120.0% during the fourth quarter. Daiwa SB Investments Ltd. now owns 880 shares of the cell phone carrier’s stock worth $49,000 after buying an additional 480 shares in the last quarter. SeaBridge Investment Advisors LLC boosted its holdings in Verizon Communications by 506.0% during the fourth quarter. SeaBridge Investment Advisors LLC now owns 1,018 shares of the cell phone carrier’s stock worth $57,000 after buying an additional 850 shares in the last quarter. Cascade Investment Advisors Inc. boosted its holdings in Verizon Communications by 21.5% during the fourth quarter. Cascade Investment Advisors Inc. now owns 1,033 shares of the cell phone carrier’s stock worth $58,000 after buying an additional 183 shares in the last quarter. Advisors Preferred LLC acquired a new position in Verizon Communications during the fourth quarter worth $66,000. Finally, Stevens First Principles Investment Advisors raised its position in Verizon Communications by 743.2% during the fourth quarter. Stevens First Principles Investment Advisors now owns 1,248 shares of the cell phone carrier’s stock worth $70,000 after acquiring an additional 1,100 shares during the period. 65.51% of the stock is currently owned by hedge funds and other institutional investors.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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