Verizon Communications Inc. (NYSE:VZ) Expected to Post Quarterly Sales of $33.59 Billion

Equities research analysts expect Verizon Communications Inc. (NYSE:VZGet Rating) to post $33.59 billion in sales for the current fiscal quarter, Zacks reports. Fourteen analysts have issued estimates for Verizon Communications’ earnings, with the highest sales estimate coming in at $34.25 billion and the lowest estimate coming in at $31.92 billion. Verizon Communications reported sales of $33.76 billion during the same quarter last year, which indicates a negative year over year growth rate of 0.5%. The company is scheduled to report its next earnings results on Monday, January 1st.

On average, analysts expect that Verizon Communications will report full-year sales of $136.37 billion for the current year, with estimates ranging from $134.90 billion to $137.69 billion. For the next financial year, analysts forecast that the business will report sales of $138.68 billion, with estimates ranging from $128.78 billion to $142.82 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Verizon Communications.

Verizon Communications (NYSE:VZGet Rating) last issued its earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.35. The business had revenue of $33.60 billion for the quarter, compared to analyst estimates of $33.61 billion. Verizon Communications had a net margin of 15.93% and a return on equity of 28.15%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.31 EPS.

Several equities research analysts recently commented on the stock. DZ Bank downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 price target for the company. in a research report on Friday, April 29th. Tigress Financial raised their price target on shares of Verizon Communications from $67.00 to $68.00 and gave the company a “buy” rating in a report on Friday, January 21st. StockNews.com assumed coverage on shares of Verizon Communications in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. William Blair restated a “market perform” rating on shares of Verizon Communications in a research report on Monday, April 25th. Finally, The Goldman Sachs Group downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $61.00 to $55.00 in a report on Monday, April 25th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Verizon Communications currently has an average rating of “Hold” and a consensus price target of $57.93.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction dated Monday, April 4th. The shares were sold at an average price of $52.00, for a total transaction of $81,016.00. Following the sale, the executive vice president now directly owns 38,077 shares in the company, valued at $1,980,004. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Tami A. Erwin sold 23,647 shares of the stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $49.77, for a total transaction of $1,176,911.19. Following the sale, the chief executive officer now owns 21,817 shares in the company, valued at $1,085,832.09. The disclosure for this sale can be found here. Insiders sold 26,763 shares of company stock worth $1,342,807 over the last three months. Insiders own 0.02% of the company’s stock.

A number of institutional investors have recently made changes to their positions in VZ. Rinkey Investments bought a new position in Verizon Communications in the 4th quarter valued at approximately $27,000. Cordant Inc. bought a new position in Verizon Communications in the 1st quarter valued at approximately $30,000. Econ Financial Services Corp bought a new position in Verizon Communications during the 4th quarter worth approximately $32,000. Lansing Street Advisors bought a new position in Verizon Communications during the 1st quarter worth approximately $35,000. Finally, Conrad Siegel Investment Advisors Inc. bought a new position in Verizon Communications during the 1st quarter worth approximately $36,000. Hedge funds and other institutional investors own 63.78% of the company’s stock.

NYSE VZ opened at $47.88 on Thursday. The company has a 50-day moving average price of $51.49 and a two-hundred day moving average price of $52.20. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.64. The stock has a market cap of $201.08 billion, a price-to-earnings ratio of 9.30, a price-to-earnings-growth ratio of 2.49 and a beta of 0.42. Verizon Communications has a 52 week low of $45.55 and a 52 week high of $59.26.

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 2nd. Stockholders of record on Friday, April 8th were given a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 5.35%. The ex-dividend date was Thursday, April 7th. Verizon Communications’s payout ratio is presently 49.71%.

About Verizon Communications (Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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