Pegasus Partners Ltd. Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Pegasus Partners Ltd. reduced its stake in Verizon Communications by 15.69% during the most recent quarter end. The investment management company now holds a total of 84,267 shares of Verizon Communications which is valued at $4.3 Million after selling 15,687 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on May 12, 2016.Verizon Communications makes up approximately 2.36% of Pegasus Partners Ltd.’s portfolio.

Other Hedge Funds, Including , Hanson Doremus Investment Management reduced its stake in VZ by selling 1,003 shares or 1.02% in the most recent quarter. The Hedge Fund company now holds 97,160 shares of VZ which is valued at $4.9 Million. Verizon Communications makes up approx 2.29% of Hanson Doremus Investment Management’s portfolio.First National Trust Co reduced its stake in VZ by selling 533 shares or 0.3% in the most recent quarter. The Hedge Fund company now holds 175,527 shares of VZ which is valued at $8.9 Million. Verizon Communications makes up approx 1.38% of First National Trust Co’s portfolio.Augustine Asset Management Inc reduced its stake in VZ by selling 510 shares or 1.6% in the most recent quarter. The Hedge Fund company now holds 31,332 shares of VZ which is valued at $1.6 Million. Verizon Communications makes up approx 1.39% of Augustine Asset Management Inc’s portfolio.Hamilton Point Investment Advisors boosted its stake in VZ in the latest quarter, The investment management firm added 200 additional shares and now holds a total of 31,754 shares of Verizon Communications which is valued at $1.6 Million. Verizon Communications makes up approx 1.10% of Hamilton Point Investment Advisors’s portfolio.Atwood Palmer Inc reduced its stake in VZ by selling 1,077 shares or 64.22% in the most recent quarter. The Hedge Fund company now holds 600 shares of VZ which is valued at $30,564. Verizon Communications makes up approx 0.01% of Atwood Palmer Inc’s portfolio.

Verizon Communications opened for trading at $49.8 and hit $49.8 on the upside on Friday, eventually ending the session at $49.66, with a gain of 0.06% or 0.03 points. The heightened volatility saw the trading volume jump to 1,53,45,780 shares. Company has a market cap of $202,428 M.

On the company’s financial health, Verizon Communications reported $1.06 EPS for the quarter, based on the information available during the earnings call on Apr 21, 2016. Analyst had a consensus estimate of $1.06. The company had revenue of $32171.00 million for the quarter, compared to analysts expectations of $32481.10 million. The company’s revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.02 EPS.

Many Wall Street Analysts have commented on Verizon Communications. Shares were Reiterated by RBC Capital Mkts on Apr 26, 2016 to “Outperform” and Lowered the Price Target to $ 56 from a previous price target of $58 .Company shares were Reiterated by Barclays on Apr 18, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 52 from a previous price target of $51 .Verizon Communications was Downgraded by Jefferies to ” Hold” on Apr 7, 2016.

Verizon Communications Inc. (Verizon) is a holding company that acting through its subsidiaries provides communications information and entertainment products and services to consumers businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment includes the Cellco Partnership doing business as Verizon Wireless. Wireless’ communications products and services include wireless voice and data services and equipment sales which are provided to consumer business and government customers across the United States. Wireline’s voice data and video communications products and services include broadband video and data corporate networking solutions data center and cloud services security and managed network services and local and long distance voice services. Verizon provides these products and services to consumers in the United States as well as to carriers businesses and government customers both in the United States and around the world.

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