Verizon Communications (NYSE:VZ) Issues FY24 Earnings Guidance

Verizon Communications (NYSE:VZ) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $4.50-$4.70 for the period, compared to the consensus EPS estimate of $4.59. Verizon Communications also updated its FY 2024 guidance to 4.500-4.700 EPS.

Analysts Set New Price Targets

Several research firms have recently weighed in on VZ. Tigress Financial upped their price target on shares of Verizon Communications from $45.00 to $50.00 and gave the stock a buy rating in a report on Thursday, January 25th. Wolfe Research raised Verizon Communications from a peer perform rating to an outperform rating and set a $46.00 target price on the stock in a research note on Thursday, January 4th. StockNews.com cut Verizon Communications from a buy rating to a hold rating in a research note on Wednesday, January 31st. Royal Bank of Canada increased their target price on Verizon Communications from $36.00 to $40.00 and gave the company a sector perform rating in a research note on Tuesday, April 2nd. Finally, Daiwa Capital Markets raised Verizon Communications from a neutral rating to an outperform rating and increased their target price for the company from $36.00 to $47.00 in a research note on Wednesday, January 24th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $44.50.

Verizon Communications Stock Down 4.6 %

Shares of NYSE:VZ opened at $38.62 on Tuesday. The stock’s 50-day moving average price is $40.53 and its 200-day moving average price is $38.38. Verizon Communications has a 12-month low of $30.14 and a 12-month high of $43.42. The stock has a market capitalization of $162.37 billion, a P/E ratio of 13.99, a price-to-earnings-growth ratio of 3.30 and a beta of 0.41. The company has a current ratio of 0.69, a quick ratio of 0.65 and a debt-to-equity ratio of 1.47.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. The company had revenue of $33 billion during the quarter, compared to analyst estimates of $33.23 billion. Verizon Communications had a net margin of 8.67% and a return on equity of 20.71%. Verizon Communications’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 earnings per share. On average, equities analysts anticipate that Verizon Communications will post 4.58 earnings per share for the current year.

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be issued a $0.665 dividend. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $2.66 annualized dividend and a yield of 6.89%. Verizon Communications’s dividend payout ratio (DPR) is presently 96.38%.

Insiders Place Their Bets

In other Verizon Communications news, CEO Kyle Malady sold 15,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $40.33, for a total value of $604,950.00. Following the completion of the sale, the chief executive officer now directly owns 59,201 shares in the company, valued at $2,387,576.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.03% of the stock is currently owned by company insiders.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).