Verizon Communications (NYSE:VZ) Announces Quarterly Earnings Results

Verizon Communications (NYSE:VZ) issued its quarterly earnings data on Tuesday. The cell phone carrier reported $1.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.07, MarketWatch Earnings reports. Verizon Communications had a return on equity of 30.10% and a net margin of 14.58%. The company had revenue of $33.76 billion during the quarter, compared to the consensus estimate of $32.73 billion. During the same period last year, the company earned $1.18 earnings per share. The firm’s revenue was up 10.9% compared to the same quarter last year.

Shares of Verizon Communications stock opened at $55.95 on Thursday. The company has a quick ratio of 0.99, a current ratio of 1.02 and a debt-to-equity ratio of 2.06. Verizon Communications has a 52 week low of $53.83 and a 52 week high of $61.95. The firm has a 50 day moving average price of $56.63. The firm has a market capitalization of $231.64 billion, a PE ratio of 12.27, a PEG ratio of 3.52 and a beta of 0.48.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 2nd. Shareholders of record on Friday, July 9th will be paid a $0.627 dividend. The ex-dividend date of this dividend is Thursday, July 8th. This represents a $2.51 dividend on an annualized basis and a yield of 4.48%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.22%.

VZ has been the subject of a number of analyst reports. Redburn Partners initiated coverage on Verizon Communications in a research report on Friday, June 25th. They set a “sell” rating and a $50.00 price objective for the company. Tigress Financial restated a “buy” rating and set a $67.00 price objective on shares of Verizon Communications in a research report on Wednesday, July 7th. Credit Suisse Group raised their price objective on Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday. Cowen restated a “buy” rating on shares of Verizon Communications in a research report on Wednesday, June 23rd. Finally, Moffett Nathanson restated a “neutral” rating on shares of Verizon Communications in a research report on Monday, May 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $62.00.

In other Verizon Communications news, CEO Kumara Guru Gowrappan sold 43,238 shares of the firm’s stock in a transaction that occurred on Monday, May 10th. The stock was sold at an average price of $59.42, for a total value of $2,569,201.96. Following the completion of the sale, the chief executive officer now owns 14,077 shares of the company’s stock, valued at $836,455.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Craig L. Silliman sold 1,555 shares of the firm’s stock in a transaction that occurred on Tuesday, May 4th. The shares were sold at an average price of $57.98, for a total value of $90,158.90. Following the completion of the sale, the executive vice president now directly owns 34,687 shares of the company’s stock, valued at approximately $2,011,152.26. The disclosure for this sale can be found here. Insiders sold 82,903 shares of company stock valued at $4,874,720 in the last three months. Insiders own 0.10% of the company’s stock.

About Verizon Communications

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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Earnings History for Verizon Communications (NYSE:VZ)

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