5 Stocks Jim Cramer Recommended Selling, But Billionaires Love Them

4. Verizon Communications Inc. (NYSE:VZ)

Number of Billionaire Investors: 12

In August Jim Cramer had said Verizon Communications Inc. (NYSE:VZ) is “going nowhere” while in September 2023 he said Verizon Communications Inc. (NYSE:VZ) was “dead money.”

A total of 12 billionaires in Insider Monkey’s database of billionaires had stakes in the telecom company. Notable billionaire investors of Verizon Communications Inc. (NYSE:VZ) include Ken Griffin, Cliff Asness and DE Shaw.

Earlier this month, Verizon Communications Inc. (NYSE:VZ) shares jumped after Citi opened a 90-day positive catalyst watch ahead of its fourth-quarter results.

Citi expects the upcoming fourth quarter earnings season to show a “stabilizing” wireless competitive landscape for Verizon Communications Inc. (NYSE:VZ). Citi has set a $45 price target on the stock.

Ariel Global Fund made the following comment about Verizon Communications Inc. (NYSE:VZ) in its Q3 2023 investor letter:

“By comparison, global communications and technology leader, Verizon Communications Inc. (NYSE:VZ), continued to weigh on performance following an article in the Wall Street Journal outlining concerns on lead cable lines posing a significant public health threat. Although the lead covered cable lines remain an overhang on shares, we find Verizon’s valuation to be compelling. The company delivered a solid earnings report, with subscriber and financial metrics in-line or ahead of consensus. Management also reiterated full year guidance and noted it may exceed its outlook for free-cash-flow. From a competitive and financial standpoint, we view Verizon to be among one of the best positioned telecoms in the world. Looking forward, we expect free cash flow to grow significantly in the years ahead as the company moves past the secular peak in 5G capital spending.”