Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, July 21, 2023

Article Excerpt

VERIZON COMMUNICATIONS INC., $33.88, New York symbol VZ, is still your #1 Income Buy for 2023. The company is the second-largest wireless carrier in the U.S. after AT&T (see below), with 143.3 million subscribers (consumers and businesses) as of March 31, 2023. Verizon has raised its dividend each year for the past 16 years. The latest increase came with the November 2022 payment when your quarterly dividend rose 2.0%, to $0.6525 from $0.64. The new annual rate of $2.61 a share yields a high 7.7%. The stock came under pressure this week following media reports that its old telephone lines with lead sheathing are contaminating the environment. The company switched to plastic sheathing in the 1950s. It’s unclear how much Verizon and other telecom providers will have to pay to remove these lines. However, it’s likely the company will spread out costs over many years, which reduces the possibility that it will have to cut the dividend. For all of 2023, based on the current rate,…