Jim Cramer Recommends Selling These 5 Stocks

4. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 53

Jim Cramer in a program answered a question about Verizon Communications Inc. (NYSE:VZ) and said that we don’t buy stocks just because of their dividends if the stock prices are not going up. He said that Verizon Communications Inc. (NYSE:VZ)’s stock is “going nowhere.”

As of the end of the second quarter of 2023, 53 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Verizon Communications Inc. (NYSE:VZ). The biggest stakeholder of Verizon Communications Inc. (NYSE:VZ) was Ric Dillon’s Diamond Hill Capital which owns a $250 million stake in the company.

The London Company Large Cap Strategy made the following comment about Verizon Communications Inc. (NYSE:VZ) in its second quarter 2023 investor letter:

“Exited: Verizon Communications Inc. (NYSE:VZ) Sale reflects heightened competitive activity from both AT&T and T-Mobile. While VZ has the highest quality network, we are concerned that competitors’ focus on market share gains could continue to negatively affect VZ’s business.”