14 Best Affordable Stocks to Buy According to Hedge Funds

8. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 74

Share Price as of March 22: $43.99

P/E Ratio as of March 22: 10.63

Ranking 8th on our list of the best affordable stocks is Verizon Communications Inc. (NYSE:VZ), a New York-based provider of communications, technology, and entertainment services globally. On March 12, Verizon Business launched Trusted Connection, a cybersecurity solution that protects businesses from cyber threats by securing connections and devices across their entire digital network. It is designed for midsize companies that need strong security without the hassle of managing it themselves.

Verizon Communications Inc. (NYSE:VZ) had a solid Q4 and full-year 2024, reaching its financial targets for wireless revenue growth, adjusted EBITDA, and free cash flow. EPS for the year climbed to $4.14 from $2.75 in 2023, while adjusted EPS came in at $4.59, slightly lower than last year. Annual revenue grew 0.6% to $134.8 billion, and free cash flow increased to $19.8 billion. Verizon Communications Inc. (NYSE:VZ) also invested $17.1 billion in expanding its network and reported $36.9 billion in operating cash flow, boosted by a $2 billion gain from its tower deal with Vertical Bridge.

Among the hedge funds tracked by Insider Monkey, 74 funds were bullish on Verizon Communications Inc. (NYSE:VZ) in Q4 2024, compared to 57 funds in the preceding quarter. Rajiv Jain’s GQG Partners was the biggest stakeholder of the company, with 12.3 million shares valued at $493.6 million.