5 Best Stocks That Will Benefit from Biden’s $6 Trillion Plan

4. Verizon Communications Inc. (NYSE: VZ)

Number of Hedge Fund Holders: 69    

Verizon Communications Inc. (NYSE: VZ) is a New York-based telecommunications company. It was founded in 1983 and is ranked fourth on our list of 10 best stocks that will benefit from Biden’s $6 trillion plan. The company’s stock has returned close to 1.5% to investors over the past week. The $6 trillion plan has set aside more than $100 billion for the improvement of communications infrastructure, and Verizon, with over 100 million customers, stands to gain as the plan is approved and implemented across the US. 

Verizon Communications Inc. (NYSE: VZ) is a dependable option for income investors who want a steady stream of revenue, as the firm pays a regular dividend. On June 2, the company declared a quarterly dividend of $0.6275 per share, in line with previous. The forward yield was 4.45%. 

At the end of the first quarter of 2021, 69 hedge funds in the database of Insider Monkey held stakes worth $11.3 billion in Verizon Communications Inc. (NYSE: VZ), up from 67 in the previous quarter worth $10.5 billion.

In its Q4 2020 investor letter, Mott Capital Management, an asset management firm, highlighted a few stocks and Verizon Communications Inc. (NYSE: VZ) was one of them. Here is what the fund said:

“Verizon finished the year lower by around 4.3% and has been a hard holding over the past 6 years. It has gone nowhere and has been the one stock I struggle with. However, 5G has finally arrived. If 5G can deliver on the promise I think it can, then Verizon should eventually come around. I remain hopeful.”