Should You Sell Verizon Communications (VZ)?

The London Company, an investment management company, released “The London Company Large Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 8% gross, (7.9% net) compared to an 8.6% increase in the Russell 1000 Index. The portfolio’s relative performance was slowed down by sector exposure which was partially offset by favorable stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

The London Company Large Cap Strategy highlighted stocks like Verizon Communications Inc. (NYSE:VZ) in the second quarter 2023 investor letter. Headquartered in New York, New York, Verizon Communications Inc. (NYSE:VZ) offers communications, technology, information, and entertainment products and services. On August 4, 2023, Verizon Communications Inc. (NYSE:VZ) stock closed at $32.62 per share. One-month return of Verizon Communications Inc. (NYSE:VZ) was -9.14%, and its shares lost 27.43% of their value over the last 52 weeks. Verizon Communications Inc. (NYSE:VZ) has a market capitalization of $137.134 billion.

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.”

cable, network

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Verizon Communications Inc. (NYSE:VZ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Verizon Communications Inc. (NYSE:VZ) at the end of first quarter which was 56 in the previous quarter.

We discussed Verizon Communications Inc. (NYSE:VZ) in another article and shared list of stocks receiving price-target cut from analysts. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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