Cramer Likes Verizon's (VZ) 6.1% Dividend Yield

November 10, 2008 10:44 AM EST
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Price: $55.76 -0.04%

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On Friday's Mad Money, Jim Cramer stuck to his "Invest in America" theme, and welcomed Verizon's (NYSE: VZ) CEO, Ivan Seidenberg. Cramer said he believes investors need Verizon in their portfolio, citing its 6.1% dividend yield and several other factors, which Mr. Seidenberg elaborated on:
  • its recent acquisition of Alltel has pushed Verizon past AT&T (NYSE: T) as the US's largest wireless provider with more than 80 million wireless customers
  • Verizon's CEO called the company's dividend "the best way to return value to shareholders". Cramer noted that the company just recently boosted its dividend by 7% to $0.46 on a quarterly basis
  • the CEO sees huge growth prospects for Verizon's FIOS Internet and TV network
  • talks with Microsoft (Nasdaq: MSFT) and Google (Nasdaq: GOOG) related to Verizon's future wireless platforms could prove to be very important for the communications company.
Investors are responding very positively today to the CEO's comments; the stock is currently trading nearly 3% higher, and most recently traded at $30.89.

Verizon Communications, Inc. provides communication services in the United States and internationally.

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