Verizon Communications (NYSE:VZ) Issues Earnings Results

Verizon Communications (NYSE:VZ) posted its quarterly earnings data on Thursday. The cell phone carrier reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03, Morningstar.com reports. The company had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. Verizon Communications had a net margin of 12.20% and a return on equity of 35.40%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the prior year, the company posted $1.20 EPS.

Shares of VZ stock traded up $0.33 during trading hours on Friday, hitting $55.59. 17,457,563 shares of the company were exchanged, compared to its average volume of 11,404,580. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.87 and a quick ratio of 0.83. Verizon Communications has a one year low of $51.76 and a one year high of $61.58. The firm has a 50-day moving average price of $57.19. The company has a market cap of $228.58 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 2.73 and a beta of 0.53.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were given a dividend of $0.6025 per share. The ex-dividend date was Tuesday, July 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.34%. Verizon Communications’s payout ratio is 51.17%.

A number of research firms have weighed in on VZ. Citigroup cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price objective for the company. in a research report on Monday, July 8th. Zacks Investment Research cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. Goldman Sachs Group reissued a “buy” rating and issued a $65.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. UBS Group cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price objective for the company. in a research report on Thursday, May 30th. They noted that the move was a valuation call. Finally, Royal Bank of Canada reaffirmed a “neutral” rating and set a $57.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. Ten research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $59.87.

In other news, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $59.20, for a total transaction of $79,860.80. Following the transaction, the executive vice president now owns 26,728 shares of the company’s stock, valued at $1,582,297.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 4,047 shares of company stock worth $234,591 in the last ninety days. Corporate insiders own 0.03% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Steward Partners Investment Advisory LLC boosted its stake in Verizon Communications by 27.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 253,271 shares of the cell phone carrier’s stock worth $14,238,000 after buying an additional 54,768 shares in the last quarter. Vigilant Capital Management LLC boosted its stake in shares of Verizon Communications by 55.9% during the fourth quarter. Vigilant Capital Management LLC now owns 6,275 shares of the cell phone carrier’s stock valued at $353,000 after purchasing an additional 2,250 shares during the period. Investment Partners LTD. boosted its stake in shares of Verizon Communications by 23.8% during the fourth quarter. Investment Partners LTD. now owns 24,469 shares of the cell phone carrier’s stock valued at $1,376,000 after purchasing an additional 4,701 shares during the period. RNC Capital Management LLC boosted its stake in shares of Verizon Communications by 2.4% during the fourth quarter. RNC Capital Management LLC now owns 1,100,335 shares of the cell phone carrier’s stock valued at $61,861,000 after purchasing an additional 25,375 shares during the period. Finally, Windsor Group LTD boosted its stake in shares of Verizon Communications by 4.7% during the fourth quarter. Windsor Group LTD now owns 18,482 shares of the cell phone carrier’s stock valued at $1,039,000 after purchasing an additional 822 shares during the period. 65.59% of the stock is currently owned by institutional investors and hedge funds.

About Verizon Communications

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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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Earnings History for Verizon Communications (NYSE:VZ)

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