Verizon Communications (NYSE:VZ – Get Free Report) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 4.500-4.700 for the period, compared to the consensus estimate of 4.580. The company issued revenue guidance of -. Verizon Communications also updated its FY24 guidance to $4.50-$4.70 EPS.
Analyst Ratings Changes
A number of research analysts recently commented on the stock. StockNews.com downgraded shares of Verizon Communications from a buy rating to a hold rating in a research report on Wednesday, January 31st. UBS Group lifted their price objective on shares of Verizon Communications from $37.00 to $43.00 and gave the company a neutral rating in a research note on Wednesday, January 24th. Oppenheimer restated an outperform rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Wednesday, April 3rd. Citigroup lifted their price objective on shares of Verizon Communications from $45.00 to $47.00 and gave the company a buy rating in a research note on Tuesday, January 30th. Finally, Wells Fargo & Company lifted their price objective on shares of Verizon Communications from $40.00 to $44.00 and gave the company an equal weight rating in a research note on Wednesday, January 24th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $44.50.
Read Our Latest Stock Report on Verizon Communications
Verizon Communications Stock Down 4.6 %
Verizon Communications (NYSE:VZ – Get Free Report) last released its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. The firm had revenue of $33 billion for the quarter, compared to the consensus estimate of $33.23 billion. Verizon Communications had a net margin of 8.67% and a return on equity of 20.71%. The firm’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.20 earnings per share. On average, research analysts expect that Verizon Communications will post 4.58 earnings per share for the current fiscal year.
Verizon Communications Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 6.89%. The ex-dividend date is Tuesday, April 9th. Verizon Communications’s dividend payout ratio is currently 96.38%.
Insider Buying and Selling
In other Verizon Communications news, CEO Kyle Malady sold 24,000 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total value of $979,200.00. Following the sale, the chief executive officer now owns 35,201 shares of the company’s stock, valued at $1,436,200.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.03% of the stock is owned by insiders.
About Verizon Communications
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).
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