Verizon Communications (NYSE:VZ – Get Free Report) posted its quarterly earnings data on Monday. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.03, RTT News reports. Verizon Communications had a return on equity of 20.71% and a net margin of 8.67%. The company had revenue of $33 billion for the quarter, compared to analysts’ expectations of $33.23 billion. During the same period in the previous year, the firm posted $1.20 EPS. Verizon Communications’s revenue was up .3% compared to the same quarter last year. Verizon Communications updated its FY24 guidance to $4.50-$4.70 EPS and its FY 2024 guidance to 4.500-4.700 EPS.
Verizon Communications Stock Down 4.6 %
Shares of NYSE VZ opened at $38.62 on Tuesday. The firm has a market cap of $162.37 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 3.30 and a beta of 0.41. 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 business’s 50 day moving average is $40.53 and its two-hundred day moving average is $38.38.
Verizon Communications Dividend Announcement
The company 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 $0.665 dividend. 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 payout ratio is 96.38%.
Insider Buying and Selling at Verizon Communications
Analyst Ratings Changes
VZ has been the topic of several research analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $48.00 price objective on shares of Verizon Communications in a report on Wednesday, April 3rd. Royal Bank of Canada boosted their target price on Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 2nd. Raymond James boosted their target price on Verizon Communications from $42.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Wolfe Research upgraded Verizon Communications from a “peer perform” rating to an “outperform” rating and set a $46.00 target price on the stock in a report on Thursday, January 4th. Finally, Daiwa Capital Markets upgraded Verizon Communications from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $36.00 to $47.00 in a report on Wednesday, January 24th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $44.50.
Read Our Latest Report on Verizon Communications
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).
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