$32.39 Billion in Sales Expected for Verizon Communications Inc. (NYSE:VZ) This Quarter
Brokerages expect Verizon Communications Inc. (NYSE:VZ) to post $32.39 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Nineteen analysts have made estimates for Verizon Communications’ earnings, with the lowest sales estimate coming in at $32.12 billion and the highest estimate coming in at $32.68 billion. Verizon Communications reported sales of $32.20 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 0.6%. The business is scheduled to announce its next quarterly earnings report before the market opens on Thursday, August 1st.
According to Zacks, analysts expect that Verizon Communications will report full year sales of $131.79 billion for the current year, with estimates ranging from $130.56 billion to $133.27 billion. For the next year, analysts anticipate that the business will post sales of $133.26 billion, with estimates ranging from $130.21 billion to $135.71 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Verizon Communications.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, April 23rd. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.03. The business had revenue of $32.13 billion for the quarter, compared to the consensus estimate of $32.13 billion. Verizon Communications had a net margin of 12.20% and a return on equity of 35.40%. Verizon Communications’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the company posted $1.17 earnings per share.
In related news, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $59.20, for a total value of $79,860.80. Following the completion of the transaction, the executive vice president now directly owns 26,728 shares in the company, valued at approximately $1,582,297.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Anthony T. Skiadas sold 6,134 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $57.11, for a total value of $350,312.74. Following the completion of the transaction, the senior vice president now owns 20,000 shares of the company’s stock, valued at $1,142,200. The disclosure for this sale can be found here. Insiders have sold a total of 10,181 shares of company stock valued at $584,243 over the last 90 days. Corporate insiders own 0.03% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Capital City Trust Co. FL raised its stake in shares of Verizon Communications by 0.6% during the 4th quarter. Capital City Trust Co. FL now owns 60,631 shares of the cell phone carrier’s stock worth $3,408,000 after purchasing an additional 373 shares in the last quarter. Abner Herrman & Brock LLC raised its stake in shares of Verizon Communications by 11.4% during the 4th quarter. Abner Herrman & Brock LLC now owns 88,537 shares of the cell phone carrier’s stock worth $4,978,000 after purchasing an additional 9,092 shares in the last quarter. Kentucky Retirement Systems bought a new stake in shares of Verizon Communications during the 3rd quarter worth approximately $11,610,000. James Hambro & Partners bought a new stake in shares of Verizon Communications during the 4th quarter worth approximately $494,000. Finally, Investment Partners LTD. raised its stake in shares of Verizon Communications by 23.8% during the 4th quarter. Investment Partners LTD. now owns 24,469 shares of the cell phone carrier’s stock worth $1,376,000 after purchasing an additional 4,701 shares in the last quarter. 65.53% of the stock is owned by hedge funds and other institutional investors.
Shares of Verizon Communications stock traded down $0.17 during midday trading on Thursday, hitting $57.41. The company had a trading volume of 7,853,395 shares, compared to its average volume of 14,074,694. The company’s 50 day moving average price is $57.31. The company has a market cap of $238.13 billion, a PE ratio of 12.19, a PEG ratio of 2.84 and a beta of 0.51. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.83. Verizon Communications has a 1-year low of $50.05 and a 1-year high of $61.58.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be given a dividend of $0.6025 per share. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.20%. Verizon Communications’s payout ratio is currently 51.17%.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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