5 Best Telecom Stocks to Invest In

3. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 62

Verizon Communications Inc. (NYSE:VZ) is a New York-based company that offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It is one of the premier telecom stocks to invest in. On December 1, Verizon Communications Inc. (NYSE:VZ) declared a $0.6525 per share quarterly dividend, in line with previous. The dividend is payable on February 1, 2023 to shareholders of record on January 10. 

On December 16, Tigress Financial analyst Ivan Feinseth maintained a Buy recommendation on Verizon Communications Inc. (NYSE:VZ) but lowered the price target on the shares to $64 from $68. Verizon Communications Inc. (NYSE:VZ)’s investments in constructing its 5G network will begin to pay off going forward, supporting improved operational and financial performance, the analyst told investors in a research note. He cited the share re-rating for the target cut but said long-term 5G wireline and wireless subscriber growth “remains the big picture.”

According to Insider Monkey’s third quarter database, 62 hedge funds were long Verizon Communications Inc. (NYSE:VZ), compared to 58 funds in the prior quarter. Ken Griffin’s Citadel Investment Group is the largest stakeholder of the company, with 5.2 million shares worth $200.4 million. 

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

“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) have been impacted as wireless operators are spending heavily to attract internet subscribers with fixed wired access and the cable companies are trying to build wireless businesses.”