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. It also provides residential fixed connectivity solutions, such as internet, video, and voice services; and sells network access to mobile virtual network operators. As of December 31, 2021, it had approximately 115 million wireless retail connections, 7 million wireline broadband connections, and 4 million Fios video connections. The company's Business segment provides network connectivity products, including private networking, private cloud connectivity, virtual and software defined networking, and internet access services; and internet protocol-based voice and video services, unified communications and collaboration tools, and customer contact center solutions. This segment also offers a suite of management and data security services; domestic and global voice and data solutions, such as voice calling, messaging services, conferencing, contact center solutions, and private line and data access networks; customer premises equipment; installation, maintenance, and site services; and Internet of Things products and services. As of December 31, 2021, it had approximately 27 million wireless retail postpaid connections and 477 thousand wireline broadband connections. The company was formerly known as Bell Atlantic Corporation and changed its name to Verizon Communications Inc. in June 2000. Verizon Communications Inc. was incorporated in 1983 and is headquartered in New York, New York.
Verizon Communications Price Performance
VZ opened at $45.34 on Thursday. The stock has a fifty day moving average of $48.40 and a 200-day moving average of $50.59. The firm has a market capitalization of $190.42 billion, a P/E ratio of 9.09, a PEG ratio of 2.17 and a beta of 0.33. Verizon Communications has a 12-month low of $43.76 and a 12-month high of $56.07. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.56.
Verizon Communications (NYSE:VZ - Get Rating) last released its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.32 by ($0.01). The business had revenue of $33.79 billion during the quarter, compared to analysts' expectations of $33.77 billion. Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. Verizon Communications's revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.37 EPS. Equities analysts forecast that Verizon Communications will post 5.2 EPS for the current fiscal year.
Verizon Communications Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 8th were issued a $0.64 dividend. The ex-dividend date was Thursday, July 7th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 5.65%. Verizon Communications's payout ratio is currently 51.30%.
Analysts Set New Price Targets
A number of analysts have commented on the stock. Bank of America downgraded shares of Verizon Communications from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $64.00 to $51.00 in a research report on Thursday, July 28th. DZ Bank cut Verizon Communications from a "hold" rating to a "sell" rating and set a $44.00 target price on the stock. in a report on Friday, April 29th. Cowen decreased their price target on Verizon Communications from $71.00 to $64.00 and set an "outperform" rating for the company in a research note on Monday, July 25th. JPMorgan Chase & Co. reissued a "hold" rating and issued a $57.00 price objective on shares of Verizon Communications in a research note on Friday, June 24th. Finally, Raymond James reaffirmed an "outperform" rating and set a $64.00 target price on shares of Verizon Communications in a research note on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $56.50.
Insider Activity
In related news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total transaction of $80,112.36. Following the completion of the sale, the executive vice president now directly owns 33,403 shares in the company, valued at $1,717,582.26. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold 4,674 shares of company stock worth $237,377 over the last quarter. Corporate insiders own 0.02% of the company's stock.
