5 Cheap Blue Chip Stocks To Buy

3. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 62

P/E ratio as of January 25: 8.78

Verizon Communications Inc. (NYSE:VZ) is a communication services company based in New York. Is offers communications, technology, information, and entertainment products.

Cowen’s Gregory Williams reiterated an Outperform rating on Verizon Communications Inc. (NYSE:VZ) shares on January 25.

Verizon Communications Inc.’s (NYSE:VZ) P/E ratio of 8.78 shows strong net earnings. This, along with the company’s free cash flow yield of about 10% as of this January, represents the company’s ability to increase its direct shareholder returns while reducing its debt. The company is also currently trading below Cowen’s price target of $49, with its $40.33 share price.

Our hedge fund data shows 62 funds long Verizon Communications Inc. (NYSE:VZ) in the third quarter. Their total stake value was $1.4 billion.

Matrix Asset Advisors, an asset management company, mentioned Verizon Communications Inc. (NYSE:VZ) in its third-quarter 2022 investor letter. Here’s what the firm said:

“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.”