5 Best Communication Stocks to Buy Now

2. AT&T Inc. (NYSE: T)

Number of Hedge Fund Holders: 58
Market Cap: $233.133 billion

AT&T Inc. (NYSE: T) was incorporated in 1983 and is headquartered in Dallas, Texas. It provides telecommunication, technology, and media services worldwide. AT&T Inc. (NYSE: T) beat Wall Street revenue targets as the reopening of the U.S. economy following pandemic-linked restrictions boosted smartphone sales and the media business. The company reported that it had added 595,000 net wireless phone subscribers in the first quarter of 2021, more than double what analysts had expected. AT&T has been investing heavily in its new 5G wireless network and bundling its streaming service HBO Max for free with certain phone plans to retain customers and keep them from switching to competitors. Revenue for the company was up nearly 3% at $43.9 billion and this momentum is expected to continue as the US economy reopens. It also added 800,000 postpaid wireless phone customers vs. estimates for a 414,000 gain. AT&T Inc. (NYSE: T) also signed a five-year contract with Nokia Corporation (NYSE: NOK) to deploy a 5G network on the company’s C-Band spectrum in different parts of the United States. With a market cap of $233.133 billion the company has landed a top spot in our 10 best communication stocks to buy now list.

At the end of the fourth quarter of 2020, 58 hedge funds in the database of Insider Monkey held stakes worth $1.04 billion in the firm.

Nelson Capital Management, in its Q1 2021 investor letter, mentioned AT&T Inc. (NYSE: T). Here is what Nelson Capital Management has to say about AT&T Inc. in its letter:

“Nelson Capital stayed busy i n t he first quarter, making several adjustments within our core portfolio. In the communication services sector, we sold AT&T (tkr: T). Over the years, AT&T has made several poor acquisitions, especially in the content realm, leaving the company saddled with debt and unable to change directions.”