5 Best Roth IRA Stocks to Buy and Hold for Long Term

3. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 69

An American multinational tech company, Verizon Communications Inc. (NYSE:VZ) was appreciated by Street analysts as it reported strong growth on various accounts in Q1. In June, Scotiabank assumed its coverage on the stock with an Outperform rating and a $59 price target, calling it defensive stock to buy during a recession.

Verizon Communications Inc. (NYSE:VZ) has not trimmed its dividend since 1985 and maintains a 15-year streak of dividend growth. The company currently pays a quarterly dividend of $0.64 per share, with a yield of 5.02%, as of July 15. In Q1 2022, the company’s cash from operating activities came in at $6.8 billion and its free cash flow amounted to $1 billion.

As per Insider Monkey’s data, 69 hedge funds held positions in Verizon Communications Inc. (NYSE:VZ) in Q1, with stakes valued at over $4 billion. In comparison, 63 hedge funds owned stakes in the New York-based company in the previous quarter, valued at over $10.8 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).”