Cadence Capital Management Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Cadence Capital Management reduced its stake in Verizon Communications by 7.99% during the most recent quarter end. The investment management company now holds a total of 224,140 shares of Verizon Communications which is valued at $12,081,146 after selling 19,451 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on Aug 3, 2016.Verizon Communications makes up approximately 0.88% of Cadence Capital Management’s portfolio.

Other Hedge Funds, Including , Spero-smith Investment Advisers Inc Oh reduced its stake in VZ by selling 836 shares or 2.0% in the most recent quarter. The Hedge Fund company now holds 40,866 shares of VZ which is valued at $2,202,677. Verizon Communications makes up approx 2.72% of Spero-smith Investment Advisers Inc Oh’s portfolio.Delta Capital Management reduced its stake in VZ by selling 5,380 shares or 10.87% in the most recent quarter. The Hedge Fund company now holds 44,105 shares of VZ which is valued at $2,377,260. Verizon Communications makes up approx 1.78% of Delta Capital Management’s portfolio.Papp L Roy Associates reduced its stake in VZ by selling 494 shares or 4.7% in the most recent quarter. The Hedge Fund company now holds 10,008 shares of VZ which is valued at $553,643. Verizon Communications makes up approx 0.13% of Papp L Roy Associates’s portfolio.Old Mutual Global Investors (uk) Ltd. reduced its stake in VZ by selling 543,077 shares or 76.36% in the most recent quarter. The Hedge Fund company now holds 168,126 shares of VZ which is valued at $9,431,869. Verizon Communications makes up approx 0.17% of Old Mutual Global Investors (uk) Ltd.’s portfolio.Country Club Trust Company N.a. reduced its stake in VZ by selling 5,177 shares or 18.17% in the most recent quarter. The Hedge Fund company now holds 23,314 shares of VZ which is valued at $1,307,915. Verizon Communications makes up approx 0.18% of Country Club Trust Company N.a.’s portfolio.

Verizon Communications closed down -0.05 points or -0.09% at $53.59 with 98,30,429 shares getting traded on Monday. Post opening the session at $53.64, the shares hit an intraday low of $53.4 and an intraday high of $53.74 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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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