5 Best Telecom Dividend Stocks To Buy for 2023

2. American Tower Corporation (NYSE:AMT)

Number of Hedge Fund Holders: 61

American Tower Corporation (NYSE:AMT) is an American real estate investment trust company that operates and owns wireless and broadcast communications infrastructure around the world. On March 9, the company declared a quarterly dividend of $1.56 per share, which fell in line with its previous dividend. It has been raising its dividends consistently for the past 11 years, which places it as one of the best dividend stocks on our list from the telecom sector. The stock has a dividend yield of 2.96%, as of April 12.

As of the end of Q4 2022, 61 hedge funds tracked by Insider Monkey reported having stakes in American Tower Corporation (NYSE:AMT), worth nearly $3.4 billion collectively.

ClearBridge Investments mentioned American Tower Corporation (NYSE:AMT) in its Q4 2022 investor letter. Here is what the firm has to say:

“Real estate and communication services sectors generated positive returns but lagged others within the Russell 1000 Value Index. The Strategy benefited from its underweight in the real estate sector with American Tower Corporation (NYSE:AMT) as its only holding. REITs are generally perceived to be interest rate sensitive, which negatively impacted American Tower’s recent stock performance. However, we remain confident in the company’s highly durable and predictable business model, which is supported by long-term customer contracts and insatiable wireless data growth.”