Is it Worthy to Invest Your Hard Earned Money in Verizon Communications (VZ)?

Mawer Investment Management, an investment management firm, published its third-quarter 2022 investor letter – a copy of which can be downloaded here. In its third-quarter letter, the fund mentioned that the valuation correction experienced in 2022 has its benefits in that gravity is being restored to the system and that the probability of a global economic slowdown remains high. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, Mawer Investment Management mentioned Verizon Communications Inc. (NYSE:VZ) and explained its insights for the company. Founded in 1983, Verizon Communications Inc. (NYSE:VZ) is a New York, New York-based telecommunications company with a $152.7 billion market capitalization. Verizon Communications Inc. (NYSE:VZ) delivered a -29.98% return since the beginning of the year, while its 12-month returns are down by -29.92%. The stock closed at $36.38 per share on October 14, 2022.

Here is what Mawer Investment Management has to say about Verizon Communications Inc. (NYSE:VZ) in its Q3 2022 investor letter:

“There are a few other segments of our portfolios that displayed weakness in the quarter. Cable and telecommunication companies have been an area that has lagged the broader market as their worlds are increasingly colliding. Companies such as Verizon (NYSE:VZ) has been impacted as wireless operator is spending heavily to attract internet subscribers with fixed wired access and the cable companies are trying to build wireless businesses.”

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Our calculations show that Verizon Communications Inc. (NYSE:VZ) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Verizon Communications Inc. (NYSE:VZ) was in 58 hedge fund portfolios at the end of the second quarter of 2022, compared to 69 funds in the previous quarter. Verizon Communications Inc. (NYSE:VZ) delivered a -27.65% return in the past 3 months.

In October 2022, we also shared another hedge fund’s views on Verizon Communications Inc. (NYSE:VZ) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.

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Disclosure: None. This article is originally published at Insider Monkey.