Concurrent Investment Advisors LLC lowered its stake in AT&T Inc. (NYSE:T - Free Report) by 20.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 277,577 shares of the technology company's stock after selling 73,239 shares during the quarter. Concurrent Investment Advisors LLC's holdings in AT&T were worth $6,107,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in AT&T by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 624,994,998 shares of the technology company's stock valued at $10,999,912,000 after buying an additional 2,588,539 shares during the last quarter. Bank of New York Mellon Corp grew its stake in AT&T by 7.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company's stock valued at $1,549,375,000 after purchasing an additional 5,592,123 shares in the last quarter. Legal & General Group Plc grew its stake in AT&T by 2.7% during the 2nd quarter. Legal & General Group Plc now owns 60,109,127 shares of the technology company's stock valued at $1,148,689,000 after purchasing an additional 1,569,374 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of AT&T by 2.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company's stock valued at $985,307,000 after purchasing an additional 1,007,228 shares in the last quarter. Finally, LSV Asset Management boosted its stake in shares of AT&T by 1.1% during the 2nd quarter. LSV Asset Management now owns 30,092,610 shares of the technology company's stock valued at $575,070,000 after buying an additional 315,580 shares during the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.
T has been the topic of a number of recent analyst reports. TD Cowen upped their target price on shares of AT&T from $21.00 to $23.00 and gave the company a "hold" rating in a research note on Thursday, July 25th. Evercore ISI lifted their target price on AT&T from $19.00 to $21.00 and gave the stock an "in-line" rating in a research report on Thursday, October 24th. Redburn Atlantic raised AT&T to a "strong sell" rating in a research report on Monday, September 16th. Tigress Financial lifted their price objective on shares of AT&T from $29.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, September 27th. Finally, Scotiabank cut shares of AT&T from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $23.40.
View Our Latest Stock Analysis on T
Shares of NYSE:T traded up $0.19 during mid-day trading on Wednesday, hitting $22.24. The stock had a trading volume of 7,116,522 shares, compared to its average volume of 35,555,121. The company's 50 day moving average is $21.56 and its 200-day moving average is $19.44. AT&T Inc. has a 12-month low of $15.46 and a 12-month high of $22.73. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.67 and a current ratio of 0.73. The company has a market cap of $159.58 billion, a PE ratio of 17.93, a P/E/G ratio of 3.29 and a beta of 0.59.
AT&T (NYSE:T - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. AT&T had a return on equity of 13.97% and a net margin of 7.42%. The firm had revenue of $30.20 billion for the quarter, compared to analyst estimates of $30.50 billion. During the same period in the previous year, the firm earned $0.64 earnings per share. AT&T's quarterly revenue was down .5% on a year-over-year basis. On average, sell-side analysts predict that AT&T Inc. will post 2.22 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were issued a dividend of $0.2775 per share. The ex-dividend date was Thursday, October 10th. This represents a $1.11 annualized dividend and a dividend yield of 4.99%. AT&T's dividend payout ratio is 90.24%.
AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.
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