Market Update (NYSE:VZ): Verizon Comments on FCC’s Proposed Rules for Open Internet

Verizon Communications Inc (NYSE:VZ) [PR Newswire] – WASHINGTON, May 15, 2014 /PRNewswire/ — The Federal Communications Commission today adopted a Notice of Proposed Rulemaking addressing the D.C. Circuit Court of Appeals’ remand of the FCC’s 2010 net neutrality order. The following statement should be attributed to Randal S. Milch, executive vice president, public policy, and general counsel of Verizon: \”Verizon has long been committed to an open Internet for a simple reason: Our customers demand it. This was true before the FCC ever considered putting rules in place, and serving our customers will ensure our commitment to an open Internet regardless of what the FCC does in the future.
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Verizon Communications Inc. (VZ), with a current market cap of $198.61B, started trading this morning at $47.89.
During today’s session, VZ traded between $47.88 to $48.24 and has traded between $45.08 and $53.56 over the past year.
VZ shares are currently priced at 13.56x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 8.57x forward p/e ratio.
And for passive income investors, the company pays shareholders $2.12 per share annually in dividends, yielding 4.40%.
Consensus earnings for the current quarter by the 23 sell-side analysts covering the stock is an estimate of $0.92 per share, which would be $0.19 better than the year-ago quarter and a $0.02 sequential increase. Investors should also note that the full-year EPS estimate of $3.54 is a $0.70 better when compared to the previous year’s annual results.
The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $31.03 Billion. If realized, that would be a 4.16% increase over the year-ago quarter.
Recently, Pacific Crest downgraded VZ from Outperform to Sector Perform (Jan 22, 2014). Previously, Deutsche Bank upgraded VZ from Hold to Buy.
When considering if the stock is under or overvalued, the average price target is $53.72, which is 12.17% above where the stock opened this morning.
Summary (NYSE:VZ) :  Verizon Communications Inc., through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses, and governmental agencies worldwide. Its Wireless segment offers access to various wireless voice and data services comprising Internet access through smart phones and basic phones, and notebook computers and tablets; messaging services to send and receive text, picture, and video messages; and consumer and business focused multimedia applications under the Verizon Wireless brand. This segment also provides location-based services; global data services; HomeFusion Broadband, a high-speed Internet service for homes; other connection-related services, such as network access and value added services to support telemetry-type applications; and machine-to-machine services that support devices used in healthcare, manufacturing, utilities, distribution, and consumer products markets, as well as sells smart phones and basic phones, tablets, and other Internet access devices. As of February 24, 2014, it served 103 million retail customers. The company’s Wireline segment offers video services over its fiber-optic network; data Services comprising high-speed Internet and FiOS broadband data products, as well as local exchange capacity, managed, mobility, and security services; voice services, such as local exchange, regional, long distance, wire maintenance, and voice messaging services, as well as VoIP, and landline and wireless services; and local dial tone and broadband services to local, long distance, and other carriers. This segment also provides networking products and solutions, such as private Internet protocol services, and Ethernet access and ring services; and infrastructure and cloud services. The company was formerly known as Bell Atlantic Corporation and changed its name to Verizon Communications Inc. in June 2000. Verizon Communications Inc. was founded in 1983 and is headquartered in New York, New York.
Tag Helper ~ Stock Code: VZ | Common Company name: Verizon | Full Company name: Verizon Communications Inc (NYSE:VZ) .

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