Analysts Anticipate Verizon Communications Inc. (NYSE:VZ) Will Post Quarterly Sales of $33.20 Billion

Equities research analysts expect Verizon Communications Inc. (NYSE:VZ) to announce sales of $33.20 billion for the current fiscal quarter, Zacks reports. Fourteen analysts have provided estimates for Verizon Communications’ earnings, with estimates ranging from $32.43 billion to $34.23 billion. Verizon Communications reported sales of $31.54 billion during the same quarter last year, which indicates a positive year over year growth rate of 5.3%. The firm is expected to report its next quarterly earnings results on Wednesday, October 20th.

According to Zacks, analysts expect that Verizon Communications will report full-year sales of $134.26 billion for the current financial year, with estimates ranging from $132.00 billion to $135.89 billion. For the next year, analysts expect that the business will post sales of $136.38 billion, with estimates ranging from $133.65 billion to $138.75 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Verizon Communications.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.07. The firm had revenue of $33.76 billion during the quarter, compared to analysts’ expectations of $32.73 billion. Verizon Communications had a return on equity of 30.10% and a net margin of 14.58%. The business’s revenue was up 10.9% on a year-over-year basis. During the same period last year, the firm posted $1.18 EPS.

A number of analysts have commented on the stock. Credit Suisse Group lifted their target price on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday. Royal Bank of Canada initiated coverage on Verizon Communications in a report on Thursday. They set a “hold” rating and a $57.00 target price on the stock. Cowen raised their target price on Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a report on Thursday. JPMorgan Chase & Co. raised their target price on Verizon Communications from $64.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, HSBC increased their target price on shares of Verizon Communications from $58.00 to $62.00 and gave the stock a “hold” rating in a report on Monday, May 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $62.38.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,555 shares of the firm’s stock in a transaction dated Tuesday, May 4th. The shares were sold at an average price of $57.98, for a total value of $90,158.90. Following the transaction, the executive vice president now directly owns 34,687 shares of the company’s stock, valued at approximately $2,011,152.26. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Tami A. Erwin sold 35,000 shares of the firm’s stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $58.26, for a total value of $2,039,100.00. Following the completion of the sale, the chief executive officer now directly owns 23,647 shares in the company, valued at approximately $1,377,674.22. The disclosure for this sale can be found here. Insiders sold a total of 82,903 shares of company stock valued at $4,874,720 over the last 90 days. 0.10% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the company. Brand Asset Management Group Inc. boosted its position in shares of Verizon Communications by 151.4% during the 1st quarter. Brand Asset Management Group Inc. now owns 543 shares of the cell phone carrier’s stock valued at $32,000 after purchasing an additional 327 shares in the last quarter. Syverson Strege & Co raised its holdings in shares of Verizon Communications by 809.5% during the first quarter. Syverson Strege & Co now owns 573 shares of the cell phone carrier’s stock valued at $33,000 after purchasing an additional 510 shares during the period. Vigilant Capital Management LLC grew its stake in shares of Verizon Communications by 313.3% in the 2nd quarter. Vigilant Capital Management LLC now owns 620 shares of the cell phone carrier’s stock valued at $35,000 after buying an additional 470 shares during the period. Alpha DNA Investment Management LLC bought a new stake in Verizon Communications in the 4th quarter valued at about $40,000. Finally, Curi Capital acquired a new position in Verizon Communications during the 4th quarter worth approximately $40,000. Institutional investors own 64.15% of the company’s stock.

NYSE:VZ traded down $0.23 during trading hours on Monday, hitting $55.72. 324,148 shares of the stock were exchanged, compared to its average volume of 14,047,290. The company’s 50 day moving average is $56.63. Verizon Communications has a twelve month low of $53.83 and a twelve month high of $61.95. The company has a debt-to-equity ratio of 2.06, a current ratio of 1.02 and a quick ratio of 0.99. The firm has a market capitalization of $230.68 billion, a P/E ratio of 12.22, a P/E/G ratio of 3.52 and a beta of 0.48.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 2nd. Stockholders of record on Friday, July 9th will be issued a dividend of $0.627 per share. This represents a $2.51 dividend on an annualized basis and a dividend yield of 4.50%. The ex-dividend date is Thursday, July 8th. Verizon Communications’s dividend payout ratio is presently 51.22%.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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