Top 20 Dividend Stocks of 2024

11. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 57

Verizon Communications Inc. (NYSE:VZ) ranks eleventh on our list of the best dividend stocks of 2024. The American telecommunications company offers services in communications, technology, information, and entertainment. Despite facing strong competition, the company achieved notable growth in its customer base. In Q3 2024, it added 239,000 retail postpaid phone customers, more than twice the number gained during the same period the previous year. This growth contributed to a 2.7% year-over-year increase in wireless service revenue, which totaled $19.8 billion.

In the past 12 months, VZ has surged by over 2%. The company is attracting income investors as Verizon Communications Inc. (NYSE:VZ) has a solid financial base, underscoring its reputation as a dependable dividend payer. In the first nine months of the year, the company generated $26.5 billion in operating cash flow and $14.5 billion in free cash flow. With 18 straight years of dividend increases, Verizon remains committed to delivering value to its shareholders. Currently, it offers a quarterly dividend of $0.6775 per share and has a dividend yield of 6.83%, as of December 30.

As per Insider Monkey’s database of Q3 2024, 57 hedge funds held stakes in Verizon Communications Inc. (NYSE:VZ), compared with 67 in the previous quarter. The consolidated value of these stakes is more than $3.2 billion.