AT&T is a stable business with a sky-high dividend yield — recently over 5.6%. A few years ago, the Dallas-based telecom giant was not the kind of stock you could buy and forget. Its foray into the media business was turning into an expensive disaster, muddling the results of the core wireless business.
AT&T has since shed its media assets, completing its transition last year back to a pure telecom company with the separation of WarnerMedia. Its story is now dead simple: wireless and fiber internet. AT&T can focus its efforts and its resources on growing both businesses, and its ample cash flow generation fuels a solid dividend.
AT&T isn’t immune to a tough economic environment, but what it sells is about as necessary as electricity and water for most people. The company expects wireless service revenue growth of at least 4% in 2023 —not a bad result, given the economic backdrop. In the fiber…
