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 Stock Up 1.2 %
Shares of VZ Stock traded up $0.52 on Friday, hitting $44.95. The company's stock had a trading volume of 17,297,475 shares, compared to its average volume of 21,662,484. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.76 and a quick ratio of 0.69. The stock has a market capitalization of $188.78 billion, a price-to-earnings ratio of 9.01, a P/E/G ratio of 2.12 and a beta of 0.33. Verizon Communications has a fifty-two week low of $43.76 and a fifty-two week high of $56.20. The firm's fifty day moving average price is $49.40 and its 200-day moving average price is $50.99.
Verizon Communications (NYSE:VZ - Get Rating) last issued its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing analysts' consensus estimates of $1.32 by ($0.01). Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The company had revenue of $33.79 billion during the quarter, compared to the consensus estimate of $33.77 billion. During the same period in the previous year, the business posted $1.37 earnings per share. The firm's revenue was up .1% on a year-over-year basis. Research analysts anticipate that Verizon Communications will post 5.2 EPS for the current year.
Verizon Communications Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 8th were paid a $0.64 dividend. The ex-dividend date of this dividend was Thursday, July 7th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 5.70%. Verizon Communications's payout ratio is presently 51.30%.
Analysts Set New Price Targets
Several research analysts have recently issued reports on the stock. Royal Bank of Canada decreased their price objective on shares of Verizon Communications from $57.00 to $54.00 and set a "sector perform" rating for the company in a report on Wednesday, June 22nd. JPMorgan Chase & Co. restated a "hold" rating and issued a $57.00 price objective on shares of Verizon Communications in a report on Friday, June 24th. Wells Fargo & Company lowered their target price on 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 cut their price target on shares of Verizon Communications from $58.00 to $54.00 and set a "neutral" rating for the company in a report on Tuesday, June 21st. Finally, StockNews.com downgraded shares of Verizon Communications from a "buy" rating to a "hold" rating in a report on Tuesday, July 26th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $56.50.
Insider Buying and Selling
In other news, EVP Craig L. Silliman sold 1,558 shares of the firm's stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $50.94, for a total value of $79,364.52. Following the sale, the executive vice president now owns 34,961 shares in the company, valued at $1,780,913.34. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 4,674 shares of company stock valued at $237,377. Insiders own 0.10% of the company's stock.
