10 Best Communication and Media Stocks To Buy According to Hedge Funds

06. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 67

Verizon Communications Inc. (NYSE:VZ) announced on June 26 that it is introducing new programs and benefits to enhance customer options and business momentum. They’re refreshing their brand to reflect modern energy and vibrancy, rolling out across consumer, business, and network platforms. Key updates include myHome for simplified home internet and entertainment, a guaranteed phone trade-in program, and Verizon Access offering exclusive event access. Verizon Business is launching a smartphone management solution for business customers. These initiatives highlight Verizon Communications Inc. (NYSE:VZ) commitment to innovation and customer satisfaction, with a refreshed logo and creative approach capturing their impactful contributions. On May 17, Tigress Financial raised their target price on Verizon Communications Inc. (NYSE:VZ) shares from $50.00 to $52.00, alongside a “buy” rating for the stock.

During Q1, 2024 the count of hedge funds holding positions in Verizon Communications Inc. (NYSE:VZ) grew to 67 from 63 in the prior quarter, as reported by Insider Monkey’s database encompassing 920 hedge funds. These holdings collectively amount to around $2.16 billion. Ken Griffin’s Citadel Investment Group emerged as the leading shareholder among these hedge funds during this timeframe.

Ariel Global Fund stated the following regarding Verizon Communications Inc. (NYSE:VZ) in its fourth quarter 2023 investor letter:

“Global communications and technology leader, Verizon Communications Inc. (NYSE:VZ) also traded higher in the period following solid earnings results, highlighted by postpaid consumer net additions and an upward revision to free cash flow guidance. From a competitive and financial standpoint, we view Verizon to be among one of the best positioned telecoms in the world. The company’s solid long-term fundamentals are underscored by its predictable, recurring revenue streams and ~7% dividend yield. At current levels, Verizon is trading near an all-time low valuation presenting a compelling total return story for patient investors.”