5 Worst Performing Dow Stocks YTD

3. Verizon Communications Inc. (NYSE:VZ)

Year-to-Date Share Price Performance as of October 11: -21.59%

Number of Hedge Fund Holders: 53

Verizon Communications Inc. (NYSE:VZ) delivers communication, technology, information, and entertainment services and products to individuals, businesses, and government organizations all over the world. It is one of the worst performing Dow stocks. Verizon Communications Inc. (NYSE:VZ)’s stock experienced a decline of up to 3.3% on October 6 due to the ongoing rise in interest rates and governmental pressure. Overall, the stock has dropped nearly 22% year-to-date. 

According to Insider Monkey’s second quarter database, 53 hedge funds were bullish on Verizon Communications Inc. (NYSE:VZ), compared to 59 in the previous quarter. Ric Dillon’s Diamond Hill Capital is one of the most prominent shareholders of the company, with 6.7 million shares valued at $249.61 million.

Ariel Global Fund made the following comment about Verizon Communications Inc. (NYSE:VZ) in its Q2 2023 investor letter:

“Global communications and technology leader, Verizon Communications Inc. (NYSE:VZ), also weighed on performance in the period on mixed earnings results. Consolidated revenues came in slightly below expectations, EBITDA was in-line and management reiterated full year 2023 guidance. Although share price action has been weak, we find the company valuation to be compelling and the approximately 7% dividend yield to be both stable and secure. We view Verizon as one of the best positioned telecoms in the world. Looking forward, we expect the free cash flow to grow significantly in the years ahead as Verizon moves past the secular peak in 5G capital spending.”

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