Verizon Communications (NYSE:VZ) Updates FY24 Earnings Guidance

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

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Redburn Atlantic raised Verizon Communications from a sell rating to a neutral rating and upped their price target for the company from $33.00 to $39.00 in a report on Friday, March 22nd. Raymond James boosted their target price on shares of Verizon Communications from $42.00 to $46.00 and gave the company an outperform rating in a research note on Wednesday, January 24th. Wells Fargo & Company boosted their target price 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. KeyCorp boosted their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the company an overweight rating in a research note on Wednesday, January 24th. Finally, Oppenheimer reissued an outperform rating and set a $48.00 target price on shares of Verizon Communications in a research note on Wednesday, April 3rd. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $44.50.

Verizon Communications Trading Up 0.9 %

Verizon Communications stock opened at $40.49 on Monday. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.69 and a quick ratio of 0.65. The company has a market capitalization of $170.23 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 3.30 and a beta of 0.41. Verizon Communications has a one year low of $30.14 and a one year high of $43.42. The company’s fifty day moving average price is $40.56 and its two-hundred day moving average price is $38.33.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, topping the consensus estimate 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 business’s quarterly revenue 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, analysts forecast that Verizon Communications will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be given a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 6.57%. The ex-dividend date of this dividend is Tuesday, April 9th. Verizon Communications’s payout ratio is 96.38%.

Insider Activity

In other news, CEO Kyle Malady sold 24,000 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $40.80, for a total value of $979,200.00. Following the sale, the chief executive officer now directly owns 35,201 shares of the company’s stock, valued at $1,436,200.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.03% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Verizon Communications

Institutional investors have recently added to or reduced their stakes in the company. True Wealth Design LLC acquired a new stake in Verizon Communications during the fourth quarter worth about $42,000. Quarry LP grew its position in 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 buying an additional 1,354 shares in the last quarter. Worth Asset Management LLC acquired a new stake in Verizon Communications during the first quarter worth about $58,000. Financial Freedom LLC acquired a new stake in Verizon Communications during the fourth quarter worth about $63,000. Finally, Retirement Investment Advisors Inc. acquired a new stake in Verizon Communications during the first quarter worth about $64,000. 62.06% of the stock is owned by institutional investors and hedge funds.

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).