$33.29 Billion in Sales Expected for Verizon Communications Inc. (VZ) This Quarter
Equities analysts expect Verizon Communications Inc. (NYSE:VZ) to post sales of $33.29 billion for the current fiscal quarter, according to Zacks Investment Research. Sixteen analysts have issued estimates for Verizon Communications’ earnings. The lowest sales estimate is $32.01 billion and the highest is $34.46 billion. Verizon Communications posted sales of $32.34 billion during the same quarter last year, which suggests a positive year over year growth rate of 2.9%. The firm is expected to report its next earnings results on Tuesday, January 23rd.
According to Zacks, analysts expect that Verizon Communications will report full-year sales of $33.29 billion for the current year, with estimates ranging from $123.86 billion to $126.89 billion. For the next fiscal year, analysts forecast that the firm will post sales of $127.34 billion per share, with estimates ranging from $124.79 billion to $130.41 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Verizon Communications.
Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.98. The company had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. Verizon Communications’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period last year, the company posted $1.01 earnings per share.
VZ has been the subject of a number of recent research reports. Moffett Nathanson reissued a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Cowen and Company reissued a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a research note on Friday, July 28th. Robert W. Baird reissued a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a research note on Wednesday, October 4th. Finally, ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Monday, October 23rd. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $52.75.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $49.23, for a total value of $30,030.30. Following the completion of the sale, the executive vice president now owns 6,599 shares in the company, valued at approximately $324,868.77. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 1,830 shares of company stock valued at $89,365. Company insiders own 0.13% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Legacy Advisors LLC purchased a new position in shares of Verizon Communications in the 3rd quarter worth approximately $132,000. Shine Investment Advisory Services Inc. grew its position in shares of Verizon Communications by 190.9% in the 3rd quarter. Shine Investment Advisory Services Inc. now owns 2,705 shares of the cell phone carrier’s stock worth $134,000 after buying an additional 1,775 shares during the last quarter. Franklin Parlapiano Turner & Welch LLC purchased a new position in shares of Verizon Communications in the 1st quarter worth approximately $136,000. American Beacon Advisors Inc. purchased a new position in shares of Verizon Communications in the 1st quarter worth approximately $140,000. Finally, Proficio Capital Partners LLC grew its position in shares of Verizon Communications by 139.8% in the 1st quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after buying an additional 1,841 shares during the last quarter. 62.09% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications (NYSE:VZ) opened at $44.22 on Wednesday. The firm has a market cap of $183,085.31, a price-to-earnings ratio of 11.97, a P/E/G ratio of 4.22 and a beta of 0.55. Verizon Communications has a 52 week low of $42.80 and a 52 week high of $54.83. The company has a debt-to-equity ratio of 4.05, a quick ratio of 1.02 and a current ratio of 1.07.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th were issued a $0.59 dividend. The ex-dividend date was Friday, October 6th. This represents a $2.36 annualized dividend and a dividend yield of 5.34%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s payout ratio is currently 60.51%.
About Verizon Communications
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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