Wall Street analysts expect that Verizon Communications Inc. (NYSE:VZ) will announce $32.41 billion in sales for the current quarter, Zacks Investment Research reports. Nineteen analysts have issued estimates for Verizon Communications’ earnings, with the lowest sales estimate coming in at $32.12 billion and the highest estimate coming in at $32.68 billion. Verizon Communications posted sales of $32.20 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 0.7%. The company is scheduled to report 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 $131.84 billion for the current financial year, with estimates ranging from $130.56 billion to $133.27 billion. For the next year, analysts forecast that the business will report sales of $133.32 billion, with estimates ranging from $130.21 billion to $135.71 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Verizon Communications.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, April 23rd. The cell phone carrier reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Verizon Communications had a return on equity of 35.40% and a net margin of 12.20%. The firm had revenue of $32.13 billion for the quarter, compared to analysts’ expectations of $32.13 billion. During the same quarter in the prior year, the firm earned $1.17 EPS. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year.
A number of research analysts have recently commented on VZ shares. Zacks Investment Research cut G1 Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Goldman Sachs Group set a $44.00 price objective on Steel Dynamics and gave the stock a “buy” rating in a report on Tuesday, April 23rd. UBS Group raised Loma Negra Compania Indl Argentina from a “sell” rating to a “neutral” rating in a report on Thursday, May 30th. Citigroup set a $12.00 price objective on Avaya and gave the stock a “hold” rating in a report on Monday, July 8th. Finally, Royal Bank of Canada set a €18.50 ($21.51) price target on ENI and gave the company a “neutral” rating in a report on Tuesday, April 23rd. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $59.30.
In other news, SVP Anthony T. Skiadas sold 6,134 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $57.11, for a total transaction of $350,312.74. Following the transaction, the senior vice president now directly owns 20,000 shares in the company, valued at approximately $1,142,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $56.06, for a total value of $75,624.94. Following the transaction, the executive vice president now owns 28,077 shares in the company, valued at $1,573,996.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,181 shares of company stock worth $584,243. Insiders own 0.03% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Verizon Communications by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 303,821,942 shares of the cell phone carrier’s stock worth $16,221,053,000 after acquiring an additional 3,957,224 shares during the last quarter. Vanguard Group Inc grew its position in Verizon Communications by 1.3% during the 3rd quarter. Vanguard Group Inc now owns 303,821,942 shares of the cell phone carrier’s stock worth $16,221,053,000 after acquiring an additional 3,957,224 shares during the last quarter. Bank of New York Mellon Corp grew its position in Verizon Communications by 4.0% during the 4th quarter. Bank of New York Mellon Corp now owns 57,437,652 shares of the cell phone carrier’s stock worth $3,229,145,000 after acquiring an additional 2,195,292 shares during the last quarter. Morgan Stanley grew its position in Verizon Communications by 21.7% during the 3rd quarter. Morgan Stanley now owns 42,317,579 shares of the cell phone carrier’s stock worth $2,259,336,000 after acquiring an additional 7,558,041 shares during the last quarter. Finally, LSV Asset Management grew its position in Verizon Communications by 6.0% during the 4th quarter. LSV Asset Management now owns 18,386,024 shares of the cell phone carrier’s stock worth $1,033,662,000 after acquiring an additional 1,037,670 shares during the last quarter. Hedge funds and other institutional investors own 65.51% of the company’s stock.
Shares of NYSE VZ opened at $57.19 on Thursday. Verizon Communications has a one year low of $50.05 and a one year 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 fifty day moving average price is $57.46. The stock has a market cap of $236.52 billion, a PE ratio of 12.07, a PEG ratio of 2.84 and a beta of 0.51.
The firm also recently declared 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 is Tuesday, July 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.21%. Verizon Communications’s payout ratio is currently 51.17%.
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.
Read More: Economic Reports
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.