Gabelli Weighs in on Verizon Communications Inc.’s FY2020 Earnings (VZ)
Verizon Communications Inc. (NYSE:VZ) – Research analysts at Gabelli increased their FY2020 EPS estimates for shares of Verizon Communications in a research note issued on Tuesday. Gabelli analyst S. Dluzhevskiy now expects that the cell phone carrier will post earnings per share of $4.30 for the year, up from their previous forecast of $4.25. Gabelli also issued estimates for Verizon Communications’ FY2021 earnings at $4.50 EPS.
Other equities research analysts have also recently issued research reports about the stock. Bank of America Corporation reiterated a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Royal Bank Of Canada reiterated a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a research report on Sunday, July 9th. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. TheStreet upgraded shares of Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Finally, Robert W. Baird reiterated a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a research report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $52.86.
Verizon Communications (VZ) traded down 0.804% on Wednesday, hitting $48.745. 6,998,115 shares of the stock traded hands. The stock has a market cap of $198.85 billion, a P/E ratio of 12.499 and a beta of 0.56. The stock has a 50-day moving average price of $48.46 and a 200 day moving average price of $47.03. Verizon Communications has a 12-month low of $42.80 and a 12-month high of $54.83.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. The business had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The business’s revenue was up .1% on a year-over-year basis. During the same period last year, the firm posted $0.94 earnings per share.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.80%. The ex-dividend date of this dividend is Friday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s payout ratio is currently 60.51%.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $48.65, for a total value of $29,676.50. Following the sale, the executive vice president now owns 7,209 shares of the company’s stock, valued at $350,717.85. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 1,830 shares of company stock worth $88,828. 0.13% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in VZ. Asset Planning Services Ltd. lifted its position in shares of Verizon Communications by 16.7% in the first quarter. Asset Planning Services Ltd. now owns 4,620 shares of the cell phone carrier’s stock worth $225,000 after purchasing an additional 660 shares in the last quarter. Reilly Financial Advisors LLC lifted its position in shares of Verizon Communications by 2.6% in the first quarter. Reilly Financial Advisors LLC now owns 229,951 shares of the cell phone carrier’s stock worth $11,210,000 after purchasing an additional 5,729 shares in the last quarter. Farmers & Merchants Investments Inc. lifted its position in shares of Verizon Communications by 2.0% in the first quarter. Farmers & Merchants Investments Inc. now owns 248,505 shares of the cell phone carrier’s stock worth $12,115,000 after purchasing an additional 4,911 shares in the last quarter. Lodestar Investment Counsel LLC IL lifted its position in shares of Verizon Communications by 2.0% in the first quarter. Lodestar Investment Counsel LLC IL now owns 210,495 shares of the cell phone carrier’s stock worth $10,262,000 after purchasing an additional 4,169 shares in the last quarter. Finally, Capital Investment Advisors LLC lifted its position in shares of Verizon Communications by 12.8% in the first quarter. Capital Investment Advisors LLC now owns 178,962 shares of the cell phone carrier’s stock worth $8,724,000 after purchasing an additional 20,251 shares in the last quarter. 62.24% of the stock is currently owned by institutional investors and hedge funds.
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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