6. Verizon Communications Inc. (NYSE:VZ)
Number of Hedge Fund Holders: 57
Verizon Communications Inc. (NYSE:VZ) is an American multinational telecommunications company. It has grabbed the attention of investors over the years because of its consistent innovation and strong cash position. In FY24, the company reported an operating cash flow of $37 billion and a free cash flow of $19.8 billion, reflecting growth from $18.7 billion in the previous year. Analysts are optimistic about the company’s future, especially following its partnership with NVIDIA to create an AI-driven enterprise solution that supports efficient AI applications on its secure 5G private networks with private Mobile Edge Computing. In addition, the company is exploring other AI-driven initiatives, such as network slicing and satellite connectivity, to create new revenue streams and strengthen its competitive edge.
Verizon Communications Inc. (NYSE:VZ) recently reported its Q4 2024 earnings, posting revenue of $35.7 billion, reflecting a 1.6% increase compared to the same period last year. This growth was driven by strong customer additions in both mobile wireless and internet services. In the mobile wireless segment, the company added 568,000 net postpaid phone subscribers, up from 449,000 in the same quarter last year. Revenue for this segment grew 3.1% year-over-year, reaching $20 billion, marking the 18th consecutive quarter of growth.
Due to its stable cash position, Verizon Communications Inc. (NYSE:VZ) was able to increase its payouts for 18 consecutive years, which makes it one of the best dividend stocks on Robinhood. The company currently offers a quarterly dividend of $0.6775 per share. The stock’s dividend yield on January 30 came in at 1.88%.
According to Insider Monkey’s database of Q3 2024, 57 hedge funds owned investments in Verizon Communications Inc. (NYSE:VZ), worth over $3.2 billion in total. Rajiv Jain’s GQG Partners was the company’s leading stakeholder in Q3.
