Top 5 Stock Picks of James Morrow’s Callodine Capital Management

3. Verizon Communications Inc. (NYSE:VZ)

Callodine Capital Management’s Stake Value: $14,391,000
Percentage of Callodine Capital Management’s Portfolio: 4.62%
Number of Hedge Fund Holders: 69

Verizon Communications Inc. (NYSE:VZ) provides communications, technology, information, and entertainment goods and services to individuals, companies, and governments worldwide through its subsidiaries. On June 28, Scotiabank analyst Maher Yaghi initiated coverage of Verizon Communications, assigning an Outperform rating and a $59 price target.

The hedge fund chaired by Morrow held close to 282,500 shares in Verizon Communications Inc. (NYSE:VZ), worth over $14.39 million. It is the third-largest holding of the Boston-based fund. Callodine Capital Management’s stake in Verizon Communications Inc. (NYSE:VZ) increased by 62% in the first quarter of 2022.

According to Insider Monkey’s database, Verizon Communications Inc. (NYSE:VZ) was part of 69 public hedge fund portfolios as of Q1 2022. The total value of their holdings was $4.13 billion. In the first quarter of 2022, Verizon Communications Inc. (NYSE:VZ)’s largest shareholder was Ken Fisher’s Fisher Asset Management, which owned 16.79 million shares worth $855.16 million. The hedge fund boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 72%.

Weitz Investment Management mentioned Verizon Communications Inc. (NYSE:VZ) in its Q4 2021 investor letter. Here is what the firm said:

“After several quarters of pandemic-induced outsized growth, new broadband connection growth has slowed for U.S. cable operators. This slower growth has coincided with a renewed push by competitors like Verizon and AT&T to offer high-speed data (either via wireless connects or by building new fiber-optic networks).”