$32.43 Billion in Sales Expected for Verizon Communications Inc. (VZ) This Quarter

Wall Street analysts expect Verizon Communications Inc. (NYSE:VZ) to post $32.43 billion in sales for the current fiscal quarter, according to Zacks. Eighteen analysts have made estimates for Verizon Communications’ earnings, with the highest sales estimate coming in at $32.93 billion and the lowest estimate coming in at $31.60 billion. Verizon Communications posted sales of $31.72 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 2.2%. The company is scheduled to report its next earnings report before the market opens on Tuesday, October 23rd.

On average, analysts expect that Verizon Communications will report full year sales of $130.51 billion for the current year, with estimates ranging from $128.81 billion to $132.22 billion. For the next year, analysts forecast that the firm will post sales of $131.79 billion, with estimates ranging from $129.28 billion to $135.34 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Verizon Communications.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. The company had revenue of $32.20 billion during the quarter, compared to analyst estimates of $31.78 billion. During the same quarter last year, the business posted $0.96 EPS. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis.

VZ has been the subject of a number of research analyst reports. Deutsche Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a report on Tuesday, June 19th. Goldman Sachs Group upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $51.00 to $56.00 in a report on Thursday, June 21st. Zacks Investment Research lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Saturday, June 30th. Credit Suisse Group initiated coverage on shares of Verizon Communications in a report on Tuesday, July 10th. They set an “outperform” rating and a $58.00 price objective for the company. Finally, Robert W. Baird lifted their price objective on shares of Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a report on Wednesday, July 25th. Seven research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Verizon Communications has an average rating of “Buy” and an average price target of $55.42.

VZ traded up $0.40 on Monday, reaching $53.73. 18,721,974 shares of the company traded hands, compared to its average volume of 15,680,338. Verizon Communications has a one year low of $43.97 and a one year high of $55.90. The firm has a market capitalization of $220.39 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.94 and a beta of 0.71. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.96 and a quick ratio of 0.92.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th will be given a dividend of $0.6025 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date is Tuesday, October 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.49%. Verizon Communications’s dividend payout ratio (DPR) is 64.44%.

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its position in shares of Verizon Communications by 1.6% in the 1st quarter. BlackRock Inc. now owns 270,175,376 shares of the cell phone carrier’s stock worth $12,919,788,000 after buying an additional 4,270,608 shares during the last quarter. FMR LLC grew its position in shares of Verizon Communications by 8.6% in the 2nd quarter. FMR LLC now owns 69,165,256 shares of the cell phone carrier’s stock worth $3,479,704,000 after buying an additional 5,481,532 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Verizon Communications by 4.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 52,863,812 shares of the cell phone carrier’s stock worth $2,659,579,000 after buying an additional 2,302,664 shares during the last quarter. Morgan Stanley grew its position in shares of Verizon Communications by 3.3% in the 2nd quarter. Morgan Stanley now owns 34,759,538 shares of the cell phone carrier’s stock worth $1,748,752,000 after buying an additional 1,119,926 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Verizon Communications by 1.1% in the 2nd quarter. Wells Fargo & Company MN now owns 28,728,425 shares of the cell phone carrier’s stock worth $1,445,327,000 after buying an additional 308,334 shares during the last quarter. 64.04% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Company Profile

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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