Wall Street brokerages expect Verizon Communications Inc. (NYSE:VZ) to post sales of $34.43 billion for the current fiscal quarter, according to Zacks. Seventeen analysts have made estimates for Verizon Communications’ earnings. The lowest sales estimate is $33.45 billion and the highest is $34.85 billion. Verizon Communications posted sales of $34.28 billion in the same quarter last year, which would indicate a positive year over year growth rate of 0.4%. The firm is expected to report its next earnings results before the market opens on Thursday, January 30th.
On average, analysts expect that Verizon Communications will report full year sales of $131.55 billion for the current financial year, with estimates ranging from $130.86 billion to $131.94 billion. For the next financial year, analysts forecast that the firm will report sales of $133.28 billion, with estimates ranging from $130.62 billion to $135.19 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Verizon Communications.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.01. Verizon Communications had a net margin of 12.26% and a return on equity of 34.50%. The company had revenue of $32.89 billion for the quarter, compared to the consensus estimate of $32.74 billion. During the same period last year, the firm posted $1.22 EPS. Verizon Communications’s revenue for the quarter was up .9% on a year-over-year basis.
Several research analysts have issued reports on VZ shares. Nomura downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $67.00 to $65.00 in a research report on Monday, November 4th. New Street Research reaffirmed a “buy” rating on shares of Verizon Communications in a report on Friday. Zacks Investment Research downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating and set a $62.00 target price on the stock. in a report on Saturday. ValuEngine raised shares of Verizon Communications from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Finally, Guggenheim lifted their target price on shares of Verizon Communications from $65.00 to $69.00 and gave the company a “buy” rating in a report on Monday, October 28th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $63.44.
Verizon Communications stock traded down $0.11 during midday trading on Thursday, hitting $59.04. 12,696,336 shares of the company’s stock were exchanged, compared to its average volume of 14,094,212. Verizon Communications has a 12-month low of $52.28 and a 12-month high of $62.22. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.85 and a current ratio of 0.89. The stock has a market cap of $243.97 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 3.71 and a beta of 0.51. The firm’s 50 day simple moving average is $60.65 and its 200 day simple moving average is $59.01.
The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be issued a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 4.17%. The ex-dividend date is Thursday, January 9th. Verizon Communications’s payout ratio is 52.23%.
In related news, EVP Craig L. Silliman sold 1,346 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $59.55, for a total transaction of $80,154.30. Following the sale, the executive vice president now owns 18,637 shares of the company’s stock, valued at $1,109,833.35. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $60.42, for a total transaction of $81,506.58. Following the sale, the executive vice president now directly owns 19,983 shares in the company, valued at approximately $1,207,372.86. The disclosure for this sale can be found here. 0.03% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in VZ. Vanguard Group Inc. raised its position in Verizon Communications by 1.4% during the second quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock worth $18,527,217,000 after acquiring an additional 4,562,510 shares during the last quarter. BlackRock Inc. raised its position in shares of Verizon Communications by 1.7% in the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock valued at $18,112,307,000 after buying an additional 5,319,802 shares during the last quarter. State Street Corp raised its position in shares of Verizon Communications by 0.3% in the third quarter. State Street Corp now owns 162,854,317 shares of the cell phone carrier’s stock valued at $9,829,887,000 after buying an additional 509,082 shares during the last quarter. Morgan Stanley raised its position in shares of Verizon Communications by 5.0% in the second quarter. Morgan Stanley now owns 34,002,255 shares of the cell phone carrier’s stock valued at $1,942,547,000 after buying an additional 1,627,183 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of Verizon Communications by 6,712.8% in the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock valued at $1,691,184,000 after buying an additional 29,167,876 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.
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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