(NYSE: VZ) pays a monster dividend. The telecom giant yields 6.7%, several times above the S 500's 1.4% dividend yield.

On one hand, a high dividend yield is often a warning sign that the payout is at a higher risk of getting cut if market conditions deteriorate. However, that couldn't be farther from the truth for Verizon's healthy and secure dividend. That's one of the many reasons I continue to buy shares of the big-time dividend stock.

Verizon has spent the past several years investing in its network, including building out its faster 5G capabilities. That heavy investment phase is now in the rearview mirror, enabling the company to generate more free cash flow. For example, it produced $2.7 billion in free cash flow during the first quarter, a $400 million year-over-year improvement despite generating less cash flow from operations.

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Source Fool.com