5 Best Telecom Dividend Stocks To Buy for 2023

3. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 56

A New York-based telecommunications company, Verizon Communications Inc. (NYSE:VZ) is next on our list of the best dividend stocks from the telecom sector. The company has raised its dividends for 16 years straight and currently pays a quarterly dividend of $0.6525 per share. The stock’s dividend yield on April 12 came in at 6.64%.

BofA gave a positive outlook on Verizon Communications Inc. (NYSE:VZ)’s core business and dividends. Given this, the firm maintained a Neutral rating on the stock with a $41 price target in March.

At the end of Q4 2022, 56 hedge funds in Insider Monkey’s database owned stakes in Verizon Communications Inc. (NYSE:VZ). These stakes have a total value of over $1.5 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.”