Brokerages expect Verizon Communications Inc. (NYSE:VZ) to post sales of $32.39 billion for the current quarter, Zacks reports. Nineteen analysts have made estimates for Verizon Communications’ earnings, with the highest sales estimate coming in at $32.68 billion and the lowest estimate coming in at $32.12 billion. Verizon Communications reported sales of $32.20 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 0.6%. The business is expected to announce its next quarterly earnings results before the market opens on Thursday, August 1st.
According to Zacks, analysts expect that Verizon Communications will report full year sales of $131.82 billion for the current financial year, with estimates ranging from $130.56 billion to $133.27 billion. For the next year, analysts anticipate that the firm will post 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 research firms that follow Verizon Communications.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, April 23rd. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.03. The firm had revenue of $32.13 billion during the quarter, compared to analyst estimates of $32.13 billion. Verizon Communications had a net margin of 12.20% and a return on equity of 35.40%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 earnings per share.
Several research firms recently weighed in on VZ. Citigroup set a $12.00 price objective on Avaya and gave the company a “hold” rating in a report on Monday, July 8th. Zacks Investment Research downgraded G1 Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. Bank of America set a $64.00 price objective on Verizon Communications and gave the company a “buy” rating in a report on Tuesday, April 23rd. Goldman Sachs Group set a $44.00 price objective on Steel Dynamics and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, UBS Group upgraded Loma Negra Compania Indl Argentina from a “sell” rating to a “neutral” rating in a report on Thursday, May 30th. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $59.30.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 6,134 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $57.11, for a total value of $350,312.74. Following the completion of the transaction, the senior vice president now directly owns 20,000 shares in the company, valued at $1,142,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $56.06, for a total transaction of $75,624.94. Following the completion of the transaction, the executive vice president now owns 28,077 shares of the company’s stock, valued at $1,573,996.62. The disclosure for this sale can be found here. Insiders sold 10,181 shares of company stock valued at $584,243 over the last quarter. 0.03% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. HRT Financial LLC acquired a new position in shares of Verizon Communications in the 3rd quarter valued at $4,145,000. Smith Moore & CO. grew its holdings in shares of Verizon Communications by 8.6% in the 3rd quarter. Smith Moore & CO. now owns 33,224 shares of the cell phone carrier’s stock valued at $1,774,000 after buying an additional 2,626 shares during the period. Brown Brothers Harriman & Co. grew its holdings in shares of Verizon Communications by 38.9% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 68,262 shares of the cell phone carrier’s stock valued at $3,645,000 after buying an additional 19,100 shares during the period. Laurel Wealth Advisors Inc. grew its holdings in shares of Verizon Communications by 5.4% in the 3rd quarter. Laurel Wealth Advisors Inc. now owns 95,834 shares of the cell phone carrier’s stock valued at $5,116,000 after buying an additional 4,953 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Verizon Communications by 127.8% in the 3rd quarter. AQR Capital Management LLC now owns 6,002,277 shares of the cell phone carrier’s stock valued at $320,462,000 after buying an additional 3,366,877 shares during the period. Hedge funds and other institutional investors own 65.53% of the company’s stock.
Shares of VZ traded down $0.01 during trading hours on Thursday, reaching $57.21. 6,085,014 shares of the company traded hands, compared to its average volume of 13,982,111. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.83. The stock has a fifty day moving average of $57.24. The stock has a market capitalization of $235.76 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 2.84 and a beta of 0.51. Verizon Communications has a 12-month low of $50.05 and a 12-month high of $61.58.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be issued a $0.6025 dividend. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.21%. Verizon Communications’s dividend payout ratio is presently 51.17%.
Verizon Communications Company Profile
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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