13 Best Cheap Dividend Stocks To Buy Right Now

9. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 74

Forward P/E Ratio: 9.17

Verizon Communications Inc. (NYSE:VZ) is an American multinational telecommunications company that offers a wide range of related services and products to its consumers. The company is leveraging its solid financial position to speed up the expansion of its fiber network through the $20 billion all-cash acquisition of Frontier Communications. This deal will extend Verizon’s fiber coverage to 25 million locations. While the transaction is expected to close next year, the company anticipates an immediate boost to its earnings and aims to achieve at least $500 million in annual cost savings.

Verizon Communications Inc. (NYSE:VZ) posted strong fourth-quarter results for 2024, generating $35.7 billion in revenue—a 1.6% increase from the previous year. This growth was driven by a rise in customer additions across both mobile wireless and internet services. In the mobile wireless segment, net postpaid phone subscriber additions reached 568,000, up from 449,000 in the same quarter last year. Revenue from this division climbed 3.1% year-over-year to $20 billion, marking its 18th consecutive quarter of growth.

Verizon Communications Inc. (NYSE:VZ) has drawn investor interest due to its robust cash flow and commitment to innovation. In fiscal 2024, the company reported $37 billion in operating cash flow, while free cash flow increased to $19.8 billion from $18.7 billion the previous year. The company offers a quarterly dividend of $0.6775 per share and has a dividend yield of 6.13%, as of March 6.