10 Best Telecom Dividend Stocks To Buy for 2024

2. Comcast Corporation (NASDAQ:CMCSA)

Number of Hedge Fund Holders: 72

Comcast Corporation (NASDAQ:CMCSA) is an American multinational telecommunications company. It reported revenue of $32.07 billion for the third quarter of 2024, showing a 7% increase compared to the same period last year. The company showed strong performance, with broadband average revenue per user (ARPU) rising by 3.6% and a 5% increase in its connectivity segment. Adjusted EBITDA margins for the Connectivity & Platforms division reached 40.9%. Moreover, Comcast successfully hosted the Paris Summer Olympics, driving significant growth in Peacock’s revenue and subscriber base, while solidifying NBC’s position as the top network for the 2023-2024 season.

Despite demonstrating solid earnings, Comcast Corporation (NASDAQ:CMCSA) is down by over 14% since the start of 2024. The company’s performance has been underwhelming, with investors showing little interest in investing this year. Its earnings failed to engage investors, who saw them as a short-term improvement rather than a sign of sustainable long-term growth.

That said, from a dividend perspective, Comcast Corporation (NASDAQ:CMCSA) maintained a strong cash position. In the latest quarter, the company generated over $7 billion in operating cash flow, with free cash flow exceeding $3.4 billion. In addition, it returned $1.2 billion to shareholders through dividends. The company is one of the best dividend stocks in the telecom sector as it has been raising its dividends for 16 consecutive years. It currently pays a quarterly dividend of $0.31 per share and has a dividend yield of 3.31%, as of December 19.

Comcast Corporation (NASDAQ:CMCSA) was popular among elite funds at the end of Q3 2024, with hedge fund positions growing to 72, from 61 in the previous quarter, as per Insider Monkey’s database. The stakes held by these hedge funds are worth over $5.44 billion in total.