1. Verizon Communications Inc. (NYSE:VZ)
Number of Hedge Fund Holders: 69
Verizon Communications Inc. (NYSE:VZ) provides technology and communications services. Cramer recently identified the stock as one that investors should consider buying after the worst three-day stretch at the stock market since the pandemic crash of 2020 resulted in a mass sell off, leading to a correction in value for the overall market and opening up some buying opportunities. Cramer said investors were worried about the Fed tightening policy to curb inflation and Verizon offered portfolio protection in this scenario.
On June 22, RBC Capital analyst Kutgun Maral maintained a Sector Perform rating on Verizon Communications Inc. (NYSE:VZ) stock and lowered the price target to $54 from $57, noting that the firm had a track record that positioned it well for the coming period of uncertainty.
At the end of the first quarter of 2022, 69 hedge funds in the database of Insider Monkey held stakes worth $4.1 billion in Verizon Communications Inc. (NYSE:VZ), compared to 63 in the previous quarter worth $10.8 billion.
In its Q4 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Verizon Communications Inc. (NYSE:VZ) was one of them. Here is what the fund said:
“Over the last year, we have repositioned our portfolio to navigate the course we see ahead. We added to more defensive areas of the portfolio like telecom (Verizon Communications Inc. (NYSE:VZ)). While the next month or two will likely prove choppy on account of the Omicron variant, we believe that Omicron, like Delta, represents a speed bump on the way to recovery rather than a true change in course. We see strong economic momentum continuing in 2022 and we expect interest rates to rise. After a decade of remarkably low rates, we would not be surprised if this change in direction is accompanied by some fits and starts in the markets. With our emphasis on pricing power, purposeful sector exposure, valuation discipline, and a strong dividend profile, we believe we are well-positioned for the year ahead.”
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