5 Best Dividend Stocks Paying Over 6%

2. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 62

Dividend Yield as of December 27: 6.80%

Verizon Communications Inc. (NYSE:VZ) is a New York-based company that provides communications, technology, information, and entertainment products and services to consumers, businesses, and governments worldwide. On December 1, Verizon Communications Inc. (NYSE:VZ) declared a $0.6525 per share quarterly dividend, in line with previous. The dividend is distributable on February 1, 2023 to shareholders of record on January 10. Verizon Communications Inc. (NYSE:VZ) is one of the top dividend stocks to invest in. 

On December 16, Tigress Financial analyst Ivan Feinseth maintained a Buy rating on Verizon Communications Inc. (NYSE:VZ) but lowered the firm’s price target on the shares to $64 from $68. Verizon Communications Inc. (NYSE:VZ)’s investments in developing its 5G network will start to pay off moving forward, driving improved operational and financial performance, the analyst told investors in a research note. 

According to Insider Monkey’s data, 62 hedge funds were bullish on Verizon Communications Inc. (NYSE:VZ) at the end of Q3 2022, compared to 58 funds in the earlier quarter. Ken Griffin’s Citadel Investment Group is a significant position holder in the company, with 5.2 million shares worth $200.4 million. 

In its Q3 2022 investor letter, Mawer Investment Management, an asset management firm, highlighted a few stocks and Verizon Communications Inc. (NYSE:VZ) was one of them. Here is what the fund said:

“There are a few other segments of our portfolios that displayed weakness in the quarter. Cable and telecommunication companies have been an area that has lagged behind the broader market as their worlds are increasingly colliding. Companies such as Verizon (NYSE:VZ) have been impacted as the wireless operator is spending heavily to attract internet subscribers with fixed wired access and the cable companies are trying to build wireless businesses.”