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In a year marked by a near 20% drop in the S&P 500, Verizon Communications Inc (NYSE:)., a prominent player in the Diversified Telecommunication Services industry as noted by InvestingPro Tips, has emerged as a beacon for investors. The company has recently announced its 17th consecutive increase to its dividend, raising it to 66.5 cents per share. This move has solidified Verizon’s position as one of Morgan Stanley’s favored stocks. It’s worth noting that, according to InvestingPro, Verizon has raised its dividend for 19 consecutive years, highlighting its commitment to rewarding shareholders.
Despite an average yield of just 1.6% on the S&P 500, dividends have provided some respite to investors during this turbulent period, a sentiment echoed by financial stalwarts John D. Rockefeller and Warren Buffett. Verizon, with a revenue of $135.0 billion as per InvestingPro data, and $5.5 billion in dividends during H1 2023, stands out against the backdrop of this challenging market environment. The company’s dividend yield, as of Y2023.D275, stands at an impressive 8.21%, adding further weight to its appeal among investors.
While the broader market struggles, innovation continues to thrive in other sectors. A startup endorsed by Jeff Bezos is simplifying real estate investment, providing an alternative avenue for capital allocation during these uncertain times. The company’s stockholders receive high returns on book equity, as pointed out by InvestingPro Tips, which is a testament to Verizon’s robust financial health.
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