Jim Cramer Recommended Selling These 5 Stocks

2. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Investors: 61

Jim Cramer in September 2023 said Verizon Communications Inc. (NYSE:VZ) is “dead money” and recommended investors to stay away from the stock. Cramer said that stocks should not be bought only for their dividends. Cramer also said Verizon Communications Inc. (NYSE:VZ) shares were “going nowhere.”

Over the past six months, Verizon Communications Inc. (NYSE:VZ) shares have gained about 5.28%.

As of the end of the third quarter of 2023, 61 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Verizon Communications Inc. (NYSE:VZ).

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.”