I used the recent pullback in Verizon (NYSE:VZ) shares as an opportunity to add to my position in the R.I.P. Portfolio because I believe that the selling was overdone. Verizon's stock price is down ~4% since the company reported Q4 2016 results in late January 2017, and this decline brings the YTD total to (8)%.
(Source: Nasdaq)
I added to my VZ position when shares were trading around $48, and I am looking to build a sizable position in this telecom company over the next few quarters because, in my opinion, Verizon shares are attractively value and the company's long-term story is still intact.
