5 Best Communication Stocks to Buy Now

1. Verizon Communications Inc. (NYSE: VZ)

Number of Hedge Fund Holders: 67
Market Cap: $247.445 billion

Verizon Communications Inc. (NYSE: VZ) is a New York-based communications company that provides its services to consumers worldwide. As of 2020, the company had more than 94 million wireless retail connections, 4 million Fios video connections, and 482 million broadband connections making it one of the leading companies in the telecom sector. Verizon Communications Inc. (NYSE: VZ) has recently announced its partnership with the Oak View Group to bring the power of 5G ultra wideband to select world-class OVG venues including the New York UBS Arena, Coachella Valley Arena, and the Seattle Climate Pledge Arena. Verizon Communications Inc. (NYSE: VZ) also provides businesses with Internet of Things connectivity in 170 countries worldwide. The company has shown strong financial performance in the recent years. In the fourth quarter of 2020, Verizon reported earnings of $1.11 per share resulting in full year earnings of $4.30 per share. Adjusted EBITDA for the quarter was $11.7 billion as compared to $11.1 billion last year which is a 5.3% increase driven by service and other revenue growth. The company’s full year consolidated adjusted EBITDA totaled $47.1 billion and adjusted EBITDA margin was 36.7%, 90 basis points higher than 2019. The company also added Discovery to their list of partnerships which includes Apple and Disney as well. Verizon had a strong year which puts it in a good position going into 2020 and makes it one of the best communication stocks to buy now.

At the end of the fourth quarter of 2020, 67 hedge funds tracked by Insider Monkey held stakes worth $10.5 billion in the firm which is an increase from 65 hedge funds in the preceding quarter holding stakes worth $2.75 billion.

You can also take a peek at 10 Best Wind Energy and Renewables Stocks to Buy in 2021 and 10 Best Video Conferencing Stocks to Buy.

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