5 Best Blue Chip Dividend Stocks to Buy in August

2. Verizon Communications Inc. (NYSE:VZ)

Dividend Yield as of August 11: 5.67%

Verizon Communications Inc. (NYSE:VZ) is an American telecommunications company that provides data and video services and solutions to its consumers. The company’s cash position remained solid in Q2 2022, as it reported an operating cash flow of over $10.8 billion, up from $6.8 billion in the previous quarter. Its free cash flow came in at $5.7 billion, contributing to smooth shareholder returns during the quarter.

Verizon Communications Inc. (NYSE:VZ) pays a quarterly dividend of $0.64 per share, growing it by 2% in October 2021. The company maintains a 15-year streak of dividend growth and has not declared a single dividend cut since 1985. As of August 11, the stock’s dividend yield stood at 5.67%.

According to BofA, Verizon Communications Inc. (NYSE:VZ) is a forward-thinking company with premium assets as it grew its 5G business over time. The firm set a $51 price target on the stock in July, with a Neutral rating on the shares.

As per Insider Monkey’s Q1 2022 database, 69 hedge funds were bullish on Verizon Communications Inc. (NYSE:VZ), up from 63 in the previous quarter. The stakes owned by these hedge funds are valued at over $4 billion. Fisher Asset Management was the company’s leading shareholder in Q1.

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

“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).”