5 Best Dogs of the Dow Stocks Ranked By Hedge Fund Sentiment

4. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 62

Verizon Communications Inc. (NYSE:VZ) is a New York-based telecommunications company. In the third quarter of 2022, the company’s revenue of $34.2 billion saw a 4% growth from the same period last year. The company’s operating cash flow came in at $28.2 billion year-to-date and its free cash flow amounted to $12.4 billion.

Verizon Communications Inc. (NYSE:VZ) holds the longest dividend growth track record in the US telecom industry. The company has raised its dividends for the past 16 years in a row, which makes it one of the best dividend stocks on our list. It currently pays a quarterly dividend of $0.6525 per share and has a dividend yield of 6.91%, as of December 14.

Verizon Communications Inc. (NYSE:VZ) saw growth in hedge fund positions in Q3 2022, as 62 funds in Insider Monkey’s database owned stakes in the company, up from 58 in the previous quarter. The collective value of these stakes is over $1.42 billion.

Mawer Investment Management mentioned Verizon Communications Inc. (NYSE:VZ) in its Q3 2022 investor letter. Here is what the firm has to say:

“There are a few other segments of our portfolios that displayed weakness in the quarter. Cable and telecommunication companies have been an area that has lagged the broader market as their worlds are increasingly colliding. Companies such as Verizon (NYSE:VZ) has been impacted as wireless operator is spending heavily to attract internet subscribers with fixed wired access and the cable companies are trying to build wireless businesses.”