Verizon Communications Inc. (NYSE:VZ – Get Rating) – Equities researchers at Oppenheimer raised their Q4 2022 EPS estimates for Verizon Communications in a research note issued on Monday, July 11th. Oppenheimer analyst T. Horan now forecasts that the cell phone carrier will post earnings of $1.40 per share for the quarter, up from their prior estimate of $1.36. The consensus estimate for Verizon Communications’ current full-year earnings is $5.39 per share. Oppenheimer also issued estimates for Verizon Communications’ FY2023 earnings at $5.55 EPS and FY2024 earnings at $5.87 EPS.
Verizon Communications (NYSE:VZ – Get Rating) last issued its quarterly earnings results on Friday, April 22nd. The cell phone carrier reported $1.35 EPS for the quarter, hitting analysts’ consensus estimates of $1.35. The company 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%. Verizon Communications’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.31 earnings per share.
A number of other equities analysts have also commented on the stock. Wells Fargo & Company cut their price target on shares of Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating on the stock in a report on Friday, July 8th. Credit Suisse Group dropped their target price on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating on the stock in a report on Tuesday, June 21st. Wolfe Research dropped their target price on shares of Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a report on Thursday, June 2nd. William Blair restated a “market perform” rating on shares of Verizon Communications in a report on Monday, April 25th. Finally, JPMorgan Chase & Co. restated a “hold” rating and issued a $57.00 target price on shares of Verizon Communications in a report on Friday, June 24th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $56.86.
Shares of NYSE:VZ opened at $50.78 on Tuesday. The firm has a market cap of $213.26 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 2.34 and a beta of 0.40. The firm’s fifty day moving average is $50.17 and its 200-day moving average is $51.77. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.69 and a current ratio of 0.76. Verizon Communications has a 52 week low of $45.55 and a 52 week high of $56.85.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 8th will be issued a dividend of $0.64 per share. The ex-dividend date of this dividend is Thursday, July 7th. This represents a $2.56 annualized dividend and a dividend yield of 5.04%. Verizon Communications’s dividend payout ratio is currently 49.71%.
In other news, CEO Tami A. Erwin sold 23,647 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 21,817 shares of the company’s stock, valued at $1,085,832.09. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of $50.94, for a total transaction of $79,364.52. Following the sale, the executive vice president now directly owns 34,961 shares of the company’s stock, valued at $1,780,913.34. The disclosure for this sale can be found here. Insiders have sold 28,321 shares of company stock worth $1,414,288 in the last quarter. Company insiders own 0.02% of the company’s stock.
A number of hedge funds have recently modified their holdings of VZ. Vanguard Group Inc. boosted its stake in Verizon Communications by 2.7% in the first quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock valued at $16,821,462,000 after acquiring an additional 8,570,818 shares during the last quarter. BlackRock Inc. boosted its stake in Verizon Communications by 4.8% in the first quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock valued at $15,521,461,000 after acquiring an additional 13,959,954 shares during the last quarter. State Street Corp boosted its stake in Verizon Communications by 2.6% in the fourth quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock valued at $8,858,320,000 after acquiring an additional 4,312,242 shares during the last quarter. Geode Capital Management LLC boosted its stake in Verizon Communications by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 73,174,424 shares of the cell phone carrier’s stock valued at $3,792,626,000 after acquiring an additional 1,776,263 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Verizon Communications by 5.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 59,782,122 shares of the cell phone carrier’s stock valued at $3,045,303,000 after acquiring an additional 2,934,928 shares during the last quarter. 63.78% of the stock is owned by institutional investors and hedge funds.
Verizon Communications Company Profile (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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