New England Investment & Retirement Group Inc increased its stake in Verizon Communications (NYSE:VZ) by 883.87% based on its latest 2016Q2 regulatory filing with the SEC. New England Investment & Retirement Group Inc bought 84,604 shares as the company’s stock rose 17.90% with the market. The institutional investor held 94,176 shares of the telecommunications equipment company at the end of 2016Q2, valued at $5.09M, up from 9,572 at the end of the previous reported quarter. New England Investment & Retirement Group Inc who had been investing in Verizon Communications for a number of months, seems to be bullish on the $212.18B market cap company. The stock is down 2.40% or $1.26 hitting $51.31, despite the positive news. About 9.01 million shares traded hands. Verizon Communications Inc. (NYSE:VZ) has risen 3.61% since February 8, 2016 and is uptrending. It has underperformed by 12.88% the S&P500.
New England Investment & Retirement Group Inc is a Massachusetts-based institutional investor with more than $526.71 million AUM in July, 2014. This fund invests only a small percentage of its assets in equities and options. Taken from New England Investment & Retirement Group latest Adv, the fund reported to have 13 full and part-time employees. Among which 6 performing investment advisory and research functions. The institutional investor had more than 700 clients.
The institutional sentiment decreased to 1.15 in Q2 2016. Its down 0.07, from 1.22 in 2016Q1. The ratio turned negative, as 60 funds sold all VZ shares owned while 645 reduced positions. 97 funds bought stakes while 717 increased positions. They now own 2.54 billion shares or 1.12% less from 2.57 billion shares in 2016Q1.
Excalibur Management Corp holds 6.59% of its portfolio in VZ for 137,356 shares. Athena Global Investors Llc owns 74,862 shares or 6.44% of their US portfolio. Moreover, F&V Capital Management Llc has 6.21% invested in the company for 149,258 shares. The Pennsylvania-based Concannon Wealth Management Llc has invested 6.17% in the stock. Winch Advisory Services Llc, a Wisconsin-based fund reported 89,926 shares.
Out of 14 analysts covering Verizon Communications Inc. (NYSE:VZ), 4 rate it a “Buy”, 0 “Sell”, while 10 “Hold”. This means 29% are positive. $55 is the highest target while $47 is the lowest. The $52.33 average target is 1.99% above today’s ($51.31) stock price. Verizon Communications Inc. has been the topic of 18 analyst reports since September 18, 2015 according to StockzIntelligence Inc. Oppenheimer downgraded the stock on July 20 to “Perform” rating. Barclays Capital maintained the shares of VZ in a report on April 18 with “Equal-Weight” rating. Lastly, Jefferies downgraded the stock to “Hold” rating in an April 7 report.
Verizon Communications Inc. is a holding company. The company has a market cap of $212.18 billion. The Company, through its subsidiaries, provides communications, information and entertainment services and products to consumers, businesses and governmental agencies. It has a 14.51 P/E ratio. The Firm offers voice, data and video services and solutions on its wireless and wireline networks.
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