5 Best Dividend Stocks Yielding at Least 7% According to Hedge Funds

2. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 53
Dividend Yield as of August 19: 7.87%

Verizon Communications Inc. (NYSE:VZ) is next on our list of the best dividend stocks to consider. The company currently pays a quarterly dividend of $0.6525 per share for a dividend yield of 7.87%, as of August 20. It has been raising its dividends for consecutive 16 years.

In the first half of 2023, Verizon Communications Inc. (NYSE:VZ)’s operating cash flow grew to $18 billion. Its free cash flow for the period came in at $8 billion.

Of the 910 hedge funds tracked by Insider Monkey, 53 elite funds owned stakes in Verizon Communications Inc. (NYSE:VZ) at the end of Q2 2023. The collective value of stakes owned by these hedge funds is nearly $829 million.

The London Company mentioned Verizon Communications Inc. (NYSE:VZ) in its Q2 2023 investor letter. Here is what the firm has to say:

“Exited: Verizon Communications Inc. (NYSE:VZ) Sale reflects heightened competitive activity from both AT&T and T-Mobile. While VZ has the highest quality network, we are concerned that competitors’ focus on market share gains could continue to negatively affect VZ’s business.”