Matrix Asset Advisors is Bearish on Verizon Communications (VZ)

Matrix Asset Advisors, an asset management company, released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund’s Large Cap Value Portfolio trailed the S&P 500 and the Russell 1000 Value index performance in the third quarter and year-to-date through September 30, 2022. Its Matrix Dividend Income portfolio outperformed the S&P 500 and the Russell 1000 Value Index benchmarks for the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Matrix Asset Advisors highlighted stocks like Verizon Communications Inc. (NYSE:VZ) in the Q3 2022 investor letter. Headquartered in New York, New York, Verizon Communications Inc. (NYSE:VZ) is an American telecommunications services provider. On December 8, 2022, Verizon Communications Inc. (NYSE:VZ) stock closed at $37.10 per share. One-month return of Verizon Communications Inc. (NYSE:VZ) was -3.13%, and its shares lost 26.08% of their value over the last 52 weeks. Verizon Communications Inc. (NYSE:VZ) has a market capitalization of $155.813 billion.

Matrix Asset Advisors made the following comment about Verizon Communications Inc. (NYSE:VZ) in its Q3 2022 investor letter:

“We sold the entire position in Verizon Communications Inc. (NYSE:VZ), which was a disappointing investment, on concerns that the company is losing market share in a very competitive business and because we believed we had better use for the funds elsewhere.”

Photo by Taylor Vick on Unsplash

Verizon Communications Inc. (NYSE:VZ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held Verizon Communications Inc. (NYSE:VZ) at the end of the third quarter, which was 58 in the previous quarter.

We discussed Verizon Communications Inc. (NYSE:VZ) in another article and shared the best best low-risk dividend stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

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