Verizon Communications (NYSE:VZ) Updates FY 2024 Earnings Guidance

Verizon Communications (NYSE:VZ) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 4.500-4.700 for the period, compared to the consensus EPS estimate of 4.570. The company issued revenue guidance of -.

Analyst Upgrades and Downgrades

VZ has been the subject of a number of recent research reports. The Goldman Sachs Group began coverage on Verizon Communications in a report on Monday, July 1st. They issued a buy rating and a $50.00 target price for the company. JPMorgan Chase & Co. lowered their price objective on Verizon Communications from $46.00 to $45.00 and set a neutral rating for the company in a research note on Tuesday, July 23rd. Royal Bank of Canada reissued a sector perform rating and set a $42.00 target price on shares of Verizon Communications in a report on Monday. TD Cowen raised their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the company a buy rating in a research note on Tuesday, July 23rd. Finally, Scotiabank increased their price objective on Verizon Communications from $45.50 to $46.50 and gave the company a sector perform rating in a report on Wednesday, July 10th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $45.66.

Verizon Communications Stock Up 3.8 %

Shares of NYSE:VZ opened at $42.72 on Tuesday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. Verizon Communications has a 52-week low of $30.14 and a 52-week high of $43.42. The business’s 50 day simple moving average is $40.95 and its two-hundred day simple moving average is $40.54. The firm has a market cap of $179.81 billion, a P/E ratio of 15.94, a PEG ratio of 3.75 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.15. The company had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. Verizon Communications’s quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the business earned $1.21 EPS. As a group, research analysts forecast that Verizon Communications will post 4.57 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. The ex-dividend date is Thursday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.35%. Verizon Communications’s payout ratio is presently 99.25%.

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).