Dividend Achievers List: Top 15

2. Verizon Communications Inc. (NYSE:VZ)

Dividend Yield as of September 22: 6.11%

Verizon Communications Inc. (NYSE:VZ) is a New York-based multinational telecommunications company that offers communications, technology, information, and entertainment services to its consumers. The stock is up over 14% since the start of 2024 as the company is intriguing new initiatives this year.

The company has been expanding its 5G network since its launch five years ago. With a robust spectrum portfolio and an extensive fiber optic network, it asserts that it provides the most reliable 5G service in the U.S., reaching over 200 million people. Recently, Verizon Communications Inc. (NYSE:VZ) also announced plans to acquire fiber-optic internet provider Frontier Communications in a $20 billion all-cash deal, aiming to increase its subscriber base. This acquisition will also enhance its competitive position against rivals AT&T and T-Mobile, both of which are concentrating on unlimited plans and bundled services.

Verizon Communications Inc. (NYSE:VZ) is one of the best dividend stocks on our dividend achievers list because of the company’s strong cash generation. In the first six months of the year, the company’s operating cash flow came in at $16.6 billion and its free cash flow amounted to $8.5 billion. This free cash flow grew from $8.5 billion in the same period last year.

Currently, Verizon Communications Inc. (NYSE:VZ) offers a quarterly dividend of $0.6775 per share, having raised it by 1.9% in September this year. Through this increase, the company achieved its 18th consecutive year of dividend growth. The stock has a dividend yield of 6.11%, as of September 22.

Verizon Communications Inc. (NYSE:VZ) was a part of 67 hedge fund portfolios at the end of Q2 2024, the same as in the previous quarter, according to Insider Monkey’s database. The stakes held by these hedge funds have a collective value of over $1.5 billion.