Utah Retirement Systems buys $40,304,210 stake in Verizon Communications (VZ)

Verizon Communications (VZ) : Utah Retirement Systems scooped up 13,400 additional shares in Verizon Communications during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 3, 2016. The investment management firm now holds a total of 747,759 shares of Verizon Communications which is valued at $40,304,210.Verizon Communications makes up approximately 1.04% of Utah Retirement Systems’s portfolio.

Other Hedge Funds, Including , Jennison Associates added VZ to its portfolio by purchasing 15,962 company shares during the most recent quarter which is valued at $860,352.Old Dominion Capital Management Inc boosted its stake in VZ in the latest quarter, The investment management firm added 1,797 additional shares and now holds a total of 13,456 shares of Verizon Communications which is valued at $725,278. Verizon Communications makes up approx 0.85% of Old Dominion Capital Management Inc’s portfolio.Essex Investment Management Co reduced its stake in VZ by selling 913 shares or 2.27% in the most recent quarter. The Hedge Fund company now holds 39,292 shares of VZ which is valued at $2,173,633. Verizon Communications makes up approx 0.35% of Essex Investment Management Co’s portfolio.Burt Wealth Advisors reduced its stake in VZ by selling 1,100 shares or 14.07% in the most recent quarter. The Hedge Fund company now holds 6,719 shares of VZ which is valued at $376,936. Verizon Communications makes up approx 0.33% of Burt Wealth Advisors’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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