Brokerages expect Verizon Communications Inc. (NYSE:VZ) to post sales of $32.43 billion for the current quarter, Zacks reports. Eighteen analysts have made estimates for Verizon Communications’ earnings, with the highest sales estimate coming in at $32.93 billion and the lowest estimate coming in at $31.60 billion. Verizon Communications reported sales of $31.72 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 2.2%. The business is expected to announce its next quarterly earnings results before the market opens on Tuesday, October 23rd.
According to Zacks, analysts expect that Verizon Communications will report full year sales of $130.50 billion for the current financial year, with estimates ranging from $128.81 billion to $132.22 billion. For the next year, analysts anticipate that the firm will post sales of $131.87 billion, with estimates ranging from $129.28 billion to $135.34 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Verizon Communications.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. The company had revenue of $32.20 billion during the quarter, compared to analyst estimates of $31.78 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. Verizon Communications’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.96 earnings per share.
Several research analysts have commented on VZ shares. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Wednesday, August 1st. Scotiabank set a $61.00 price objective on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Goldman Sachs Group raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $51.00 to $56.00 in a research note on Thursday, June 21st. Deutsche Bank raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research note on Tuesday, June 19th. Finally, Barclays lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $56.00 to $50.00 in a research note on Tuesday, September 4th. Six analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $55.42.
NYSE VZ traded down $0.20 on Friday, hitting $53.39. 12,629,100 shares of the stock were exchanged, compared to its average volume of 15,616,824. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 2.04. The firm has a market capitalization of $219.36 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 1.93 and a beta of 0.69. Verizon Communications has a 52-week low of $43.97 and a 52-week high of $55.42.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th will be paid a dividend of $0.6025 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date is Tuesday, October 9th. Verizon Communications’s payout ratio is currently 63.10%.
Several institutional investors and hedge funds have recently modified their holdings of VZ. HC Financial Advisors Inc. purchased a new stake in Verizon Communications in the fourth quarter worth about $1,371,000. Venturi Wealth Management LLC lifted its stake in Verizon Communications by 7.4% in the fourth quarter. Venturi Wealth Management LLC now owns 119,270 shares of the cell phone carrier’s stock worth $6,313,000 after acquiring an additional 8,180 shares during the period. Investors Research Corp purchased a new stake in Verizon Communications in the fourth quarter worth about $517,000. Capital Advantage Inc. lifted its stake in Verizon Communications by 14.2% in the fourth quarter. Capital Advantage Inc. now owns 12,741 shares of the cell phone carrier’s stock worth $674,000 after acquiring an additional 1,582 shares during the period. Finally, Advent Capital Management DE raised its holdings in Verizon Communications by 20.0% in the fourth quarter. Advent Capital Management DE now owns 150,000 shares of the cell phone carrier’s stock worth $7,940,000 after purchasing an additional 25,000 shares in the last quarter. 63.99% of the stock is owned by hedge funds and other institutional investors.
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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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