Wall Street brokerages expect that Verizon Communications Inc. (NYSE:VZ) will post sales of $34.35 billion for the current quarter, according to Zacks Investment Research. Nineteen analysts have provided estimates for Verizon Communications’ earnings, with the highest sales estimate coming in at $35.32 billion and the lowest estimate coming in at $33.95 billion. Verizon Communications reported sales of $33.96 billion during the same quarter last year, which indicates a positive year over year growth rate of 1.1%. The business is expected to issue its next quarterly earnings results on Tuesday, January 22nd.
According to Zacks, analysts expect that Verizon Communications will report full year sales of $130.95 billion for the current year, with estimates ranging from $130.44 billion to $132.22 billion. For the next fiscal year, analysts anticipate that the business will report sales of $132.09 billion, with estimates ranging from $130.07 billion to $135.34 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Verizon Communications.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. The company had revenue of $32.61 billion during the quarter, compared to the consensus estimate of $32.45 billion. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.98 earnings per share.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Trust Co grew its stake in Verizon Communications by 6.5% in the first quarter. Trust Co now owns 100,146 shares of the cell phone carrier’s stock valued at $4,789,000 after acquiring an additional 6,126 shares during the period. Levin Capital Strategies L.P. grew its stake in Verizon Communications by 24.8% in the first quarter. Levin Capital Strategies L.P. now owns 24,000 shares of the cell phone carrier’s stock valued at $1,148,000 after acquiring an additional 4,775 shares during the period. Wetherby Asset Management Inc. grew its stake in Verizon Communications by 3.8% in the second quarter. Wetherby Asset Management Inc. now owns 59,532 shares of the cell phone carrier’s stock valued at $2,995,000 after acquiring an additional 2,158 shares during the period. Buckley Wealth Management LLC grew its stake in Verizon Communications by 8.1% in the first quarter. Buckley Wealth Management LLC now owns 54,885 shares of the cell phone carrier’s stock valued at $2,625,000 after acquiring an additional 4,131 shares during the period. Finally, Markel Corp acquired a new position in Verizon Communications in the second quarter valued at about $2,616,000. Institutional investors and hedge funds own 64.25% of the company’s stock.
VZ stock opened at $58.18 on Wednesday. The firm has a market cap of $229.14 billion, a PE ratio of 15.56, a PEG ratio of 2.41 and a beta of 0.71. Verizon Communications has a twelve month low of $43.97 and a twelve month high of $58.80. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 1.90.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be issued a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date is Tuesday, October 9th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s dividend payout ratio is currently 64.44%.
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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