Zacks: Brokerages Expect Verizon Communications Inc. (NYSE:VZ) Will Announce Quarterly Sales of $33.59 Billion

Posted by on Jun 2nd, 2022

Brokerages expect Verizon Communications Inc. (NYSE:VZ – Get Rating) to post $33.59 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Fourteen analysts have made estimates for Verizon Communications’ earnings, with the lowest sales estimate coming in at $31.92 billion and the highest estimate coming in at $34.25 billion. Verizon Communications reported sales of $33.76 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 0.5%. The business is scheduled to announce its next quarterly earnings report before the market opens on Monday, January 1st.

According to Zacks, 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 year, analysts anticipate that the business will post 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 firms that that provide coverage for Verizon Communications.

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

Several analysts recently weighed in on VZ shares. DZ Bank lowered Verizon Communications from a “hold” rating to a “sell” rating and set a $44.00 price objective for the company. in a report on Friday, April 29th. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Thursday, May 12th. William Blair reaffirmed 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 lowered their price objective for the company from $61.00 to $55.00 in a research report on Monday, April 25th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $57.64.

NYSE VZ opened at $51.40 on Thursday. Verizon Communications has a 12 month low of $45.55 and a 12 month high of $57.61. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.76 and a quick ratio of 0.69. The company has a market capitalization of $215.86 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 2.65 and a beta of 0.42. The company’s fifty day moving average price is $50.73 and its two-hundred day moving average price is $51.94.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 8th will be given a $0.64 dividend. The ex-dividend date is Thursday, July 7th. This represents a $2.56 annualized dividend and a dividend yield of 4.98%. Verizon Communications’s dividend payout ratio (DPR) is presently 49.71%.

In other news, CEO Tami A. Erwin sold 23,647 shares of the stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total transaction of $1,176,911.19. Following the transaction, the chief executive officer now owns 21,817 shares in the company, valued at approximately $1,085,832.09. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction on Monday, April 4th. The stock was sold at an average price of $52.00, for a total transaction of $81,016.00. Following the transaction, the executive vice president now owns 38,077 shares in the company, valued at approximately $1,980,004. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,763 shares of company stock valued at $1,335,827. 0.02% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the business. Keudell Morrison Wealth Management raised its stake in shares of Verizon Communications by 0.9% in the third quarter. Keudell Morrison Wealth Management now owns 47,613 shares of the cell phone carrier’s stock valued at $2,572,000 after purchasing an additional 448 shares in the last quarter. NewEdge Wealth LLC acquired a new stake in shares of Verizon Communications during the 3rd quarter worth approximately $204,000. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Verizon Communications by 128.6% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 421,100 shares of the cell phone carrier’s stock valued at $22,744,000 after purchasing an additional 236,900 shares during the period. C M Bidwell & Associates Ltd. lifted its stake in shares of Verizon Communications by 51.2% in the 3rd quarter. C M Bidwell & Associates Ltd. now owns 3,456 shares of the cell phone carrier’s stock valued at $187,000 after purchasing an additional 1,171 shares during the period. Finally, Ten Capital Wealth Advisors LLC lifted its stake in shares of Verizon Communications by 45.9% in the 3rd quarter. Ten Capital Wealth Advisors LLC now owns 795 shares of the cell phone carrier’s stock valued at $43,000 after purchasing an additional 250 shares during the period. Institutional investors own 63.78% of the company’s stock.

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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