$31.09 Billion in Sales Expected for Verizon Communications Inc. (VZ) This Quarter
Wall Street analysts predict that Verizon Communications Inc. (NYSE:VZ) will report $31.09 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Eighteen analysts have issued estimates for Verizon Communications’ earnings, with the highest sales estimate coming in at $32.32 billion and the lowest estimate coming in at $29.94 billion. Verizon Communications reported sales of $30.94 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 0.5%. The business is expected to report its next quarterly earnings report 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 fiscal year, with estimates ranging from $120.84 billion to $126.89 billion. For the next year, analysts forecast that the company will report sales of $125.18 billion per share, with estimates ranging from $119.71 billion to $129.13 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Verizon Communications.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business had revenue of $30.55 billion during the quarter, compared to the consensus estimate of $29.84 billion. During the same period in the prior year, the firm posted $0.94 EPS. The firm’s quarterly revenue was up .1% compared to the same quarter last year.
A number of analysts have weighed in on the stock. Bank of America Corporation restated a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. TheStreet upgraded shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Moffett Nathanson upgraded shares of Verizon Communications from a “sell” rating to a “neutral” rating in a research note on Tuesday, May 30th. Royal Bank Of Canada restated a “hold” rating and set a $48.00 price objective on shares of Verizon Communications in a research note on Thursday, May 25th. Finally, ValuEngine lowered shares of 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 issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Verizon Communications currently has an average rating of “Hold” and an average price target of $53.00.
Shares of Verizon Communications (NYSE:VZ) opened at 47.86 on Monday. Verizon Communications has a 12 month low of $42.80 and a 12 month high of $54.83. The company has a market capitalization of $195.24 billion, a P/E ratio of 12.30 and a beta of 0.57. The firm has a 50-day moving average of $47.97 and a 200-day moving average of $47.12.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be issued a dividend of $0.59 per share. The ex-dividend date is Friday, October 6th. This represents a $2.36 annualized dividend and a yield of 4.93%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s payout ratio is currently 59.23%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $27,450.00. Following the transaction, the executive vice president now owns 8,429 shares of the company’s stock, valued at $379,305. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 1,830 shares of company stock worth $86,248 in the last ninety days. Insiders own 0.13% of the company’s stock.
A number of large investors have recently modified their holdings of VZ. Franklin Parlapiano Turner & Welch LLC purchased a new position in shares of Verizon Communications in the first quarter worth $136,000. American Beacon Advisors Inc. purchased a new position in shares of Verizon Communications in the first quarter worth $140,000. Proficio Capital Partners LLC lifted its holdings in shares of Verizon Communications by 139.8% in the first 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 in the last quarter. Private Vista LLC lifted its holdings in shares of Verizon Communications by 3,339.1% in the second quarter. Private Vista LLC now owns 389,552 shares of the cell phone carrier’s stock worth $143,000 after buying an additional 378,225 shares in the last quarter. Finally, Mountain Capital Investment Advisors Inc purchased a new position in shares of Verizon Communications in the second quarter worth $156,000. 62.33% of the stock is currently owned by institutional investors and hedge funds.
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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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