Verizon Communications (NYSE:VZ) Releases FY24 Earnings Guidance

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

Verizon Communications Stock Up 0.9 %

Shares of Verizon Communications stock opened at $40.49 on Monday. The firm’s 50 day moving average price is $40.56 and its 200-day moving average price is $38.33. The company has a quick ratio of 0.65, a current ratio of 0.69 and a debt-to-equity ratio of 1.47. Verizon Communications has a 52-week low of $30.14 and a 52-week high of $43.42. The company has a market cap of $170.23 billion, a P/E ratio of 14.67, a PEG ratio of 3.30 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last released its earnings results 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 company had revenue of $33 billion during the quarter, compared to analysts’ expectations 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 last year, the business earned $1.20 EPS. On average, sell-side analysts predict that Verizon Communications will post 4.58 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 6.57%. The ex-dividend date of this dividend is Tuesday, April 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 96.38%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on VZ. Tigress Financial lifted their target price on shares of Verizon Communications from $45.00 to $50.00 and gave the stock a buy rating in a research note on Thursday, January 25th. Royal Bank of Canada boosted their target price on shares of Verizon Communications from $36.00 to $40.00 and gave the company a sector perform rating in a research note on Tuesday, April 2nd. Citigroup boosted their target price 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. Oppenheimer reissued an outperform rating and issued a $48.00 price target on shares of Verizon Communications in a report on Wednesday, April 3rd. Finally, Raymond James boosted their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the stock an outperform rating in a report on Wednesday, January 24th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $44.50.

Insider Buying and Selling at Verizon Communications

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 transaction, the chief executive officer now owns 35,201 shares of the company’s stock, valued at $1,436,200.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.03% of the stock is currently owned by corporate insiders.

Institutional Trading of Verizon Communications

Several hedge funds have recently made changes to their positions in VZ. True Wealth Design LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth about $42,000. Quarry LP lifted its position in shares of Verizon Communications by 657.3% during the second quarter. Quarry LP now owns 1,560 shares of the cell phone carrier’s stock worth $58,000 after purchasing an additional 1,354 shares in the last quarter. Worth Asset Management LLC acquired a new stake in shares of Verizon Communications during the first quarter worth about $58,000. Financial Freedom LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth about $63,000. Finally, Retirement Investment Advisors Inc. purchased a new stake in shares of Verizon Communications during the first quarter worth approximately $64,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

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).