Verizon Communications Inc. (VZ) Expected to Post Quarterly Sales of $31.09 Billion
Equities analysts expect Verizon Communications Inc. (NYSE:VZ) to report sales of $31.09 billion for the current quarter, Zacks Investment Research reports. Eighteen analysts have made estimates for Verizon Communications’ earnings. The lowest sales estimate is $29.94 billion and the highest is $32.32 billion. Verizon Communications posted sales of $30.94 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 0.5%. The firm is expected to report its next quarterly earnings results before the market opens on Thursday, October 19th.
According to Zacks, analysts expect that Verizon Communications will report full year sales of $31.09 billion for the current year, with estimates ranging from $120.84 billion to $126.89 billion. For the next financial year, analysts forecast that the company will post sales of $125.16 billion per share, with estimates ranging from $119.71 billion to $129.13 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Verizon Communications.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.96. The company had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. Verizon Communications’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the firm posted $0.94 EPS.
Several research firms have recently issued reports on VZ. Cowen and Company reaffirmed a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a research note on Tuesday. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Thursday, May 25th. Finally, ValuEngine lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $53.00.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on 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 owns 8,429 shares of the company’s stock, valued at approximately $379,305. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 1,830 shares of company stock worth $86,248 in the last ninety days. Insiders own 0.13% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Bogart Wealth LLC boosted its position in shares of Verizon Communications by 49.6% in the 2nd quarter. Bogart Wealth LLC now owns 39,382 shares of the cell phone carrier’s stock worth $1,759,000 after purchasing an additional 13,056 shares in the last quarter. MPS Loria Financial Planners LLC acquired a new stake in shares of Verizon Communications in the 2nd quarter worth $776,000. Frontier Investment Mgmt Co. acquired a new stake in shares of Verizon Communications in the 2nd quarter worth $19,072,000. W. E. Donoghue & Co. LLC acquired a new stake in shares of Verizon Communications in the 2nd quarter worth $15,368,000. Finally, Intl Fcstone Inc. boosted its position in shares of Verizon Communications by 25.9% in the 2nd quarter. Intl Fcstone Inc. now owns 51,637 shares of the cell phone carrier’s stock worth $2,306,000 after purchasing an additional 10,621 shares in the last quarter. 62.23% of the stock is owned by hedge funds and other institutional investors.
Shares of Verizon Communications (NYSE VZ) traded down 1.09% during trading on Monday, hitting $48.94. The company had a trading volume of 14,315,783 shares. The firm’s 50 day moving average is $48.00 and its 200-day moving average is $47.06. The stock has a market capitalization of $199.65 billion, a P/E ratio of 12.58 and a beta of 0.57. Verizon Communications has a 52 week low of $42.80 and a 52 week high of $54.83. Verizon Communications also was the target of some unusual options trading on Monday. Traders purchased 27,514 call options on the stock. This is an increase of 160% compared to the typical volume of 10,571 call options.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 4.77%. The ex-dividend date of this dividend is Friday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio (DPR) is 59.23%.
Verizon Communications Company Profile
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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