Quaker Capital Investments Lowers stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Quaker Capital Investments reduced its stake in Verizon Communications by 61.84% during the most recent quarter end. The investment management company now holds a total of 66,446 shares of Verizon Communications which is valued at $3,564,828 after selling 107,657 shares in Verizon Communications , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Verizon Communications makes up approximately 1.33% of Quaker Capital Investments’s portfolio.

Other Hedge Funds, Including , Stratos Wealth Partners Ltd. boosted its stake in VZ in the latest quarter, The investment management firm added 19,589 additional shares and now holds a total of 189,489 shares of Verizon Communications which is valued at $10,166,085. Verizon Communications makes up approx 0.73% of Stratos Wealth Partners Ltd.’s portfolio.Aspen Investment Management Inc reduced its stake in VZ by selling 592 shares or 3.07% in the most recent quarter. The Hedge Fund company now holds 18,722 shares of VZ which is valued at $1,008,367. Verizon Communications makes up approx 0.80% of Aspen Investment Management Inc’s portfolio.Appleton Partners Incma reduced its stake in VZ by selling 1,566 shares or 0.99% in the most recent quarter. The Hedge Fund company now holds 156,502 shares of VZ which is valued at $8,435,458. Verizon Communications makes up approx 1.67% of Appleton Partners Incma’s portfolio.Putnam Fl Investment Management Co boosted its stake in VZ in the latest quarter, The investment management firm added 92,243 additional shares and now holds a total of 333,682 shares of Verizon Communications which is valued at $17,985,460. Verizon Communications makes up approx 2.07% of Putnam Fl Investment Management Co’s portfolio.Mercer Capital Advisers boosted its stake in VZ in the latest quarter, The investment management firm added 2,029 additional shares and now holds a total of 11,753 shares of Verizon Communications which is valued at $659,343. Verizon Communications makes up approx 0.53% of Mercer Capital Advisers’s portfolio.

Verizon Communications opened for trading at $52.36 and hit $52.69 on the upside on Monday, eventually ending the session at $52.5, with a gain of 0.83% or 0.43 points. The heightened volatility saw the trading volume jump to 1,19,60,437 shares. Company has a market cap of $214,006 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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