Legacy Capital Partners Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Legacy Capital Partners reduced its stake in Verizon Communications by 2.74% during the most recent quarter end. The investment management company now holds a total of 84,035 shares of Verizon Communications which is valued at $4,503,436 after selling 2,370 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Verizon Communications makes up approximately 2.74% of Legacy Capital Partners’s portfolio.

Other Hedge Funds, Including , Nippon Life Global Investors Americas sold out all of its stake in VZ during the most recent quarter. The investment firm sold 429,856 shares of VZ which is valued $23,152,044.Shelton Capital Management reduced its stake in VZ by selling 25,152 shares or 19.42% in the most recent quarter. The Hedge Fund company now holds 104,368 shares of VZ which is valued at $5,625,435. Verizon Communications makes up approx 0.49% of Shelton Capital Management’s portfolio.Capital Advantage boosted its stake in VZ in the latest quarter, The investment management firm added 456 additional shares and now holds a total of 12,356 shares of Verizon Communications which is valued at $691,071. Verizon Communications makes up approx 0.24% of Capital Advantage’s portfolio.

Verizon Communications opened for trading at $52.9 and hit $53.17 on the upside on Wednesday, eventually ending the session at $53.17, with a gain of 0.78% or 0.41 points. The heightened volatility saw the trading volume jump to 1,29,30,096 shares. Company has a market cap of $216,737 M.

On the company’s financial health, Verizon Communications reported $0.94 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 26, 2016. Analyst had a consensus of $0.93. The company had revenue of $30532.00 million for the quarter, compared to analysts expectations of $30968.11 million. The company’s revenue was down -5.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.04 EPS.

Many Wall Street Analysts have commented on Verizon Communications. Company shares were Reiterated by FBR Capital on Jul 27, 2016 to “Outperform”, Firm has raised the Price Target to $ 57 from a previous price target of $54 .Verizon Communications was Downgraded by Hilliard Lyons to ” Neutral” on Jul 27, 2016. Verizon Communications was Downgraded by Oppenheimer to ” Perform” on Jul 20, 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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