AT&T Inc. (NYSE:T) Position Reduced by WFA Asset Management Corp

WFA Asset Management Corp cut its position in shares of AT&T Inc. (NYSE:T) by 4.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 146,117 shares of the technology company’s stock after selling 7,100 shares during the quarter. AT&T accounts for 1.7% of WFA Asset Management Corp’s portfolio, making the stock its 14th largest position. WFA Asset Management Corp’s holdings in AT&T were worth $3,215,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of T. Riggs Asset Managment Co. Inc. increased its holdings in shares of AT&T by 356.5% in the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock valued at $27,000 after purchasing an additional 1,116 shares during the period. American Capital Advisory LLC increased its holdings in shares of AT&T by 107.5% in the 2nd quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock valued at $30,000 after purchasing an additional 807 shares during the period. Reston Wealth Management LLC acquired a new position in shares of AT&T in the 3rd quarter valued at about $35,000. Altshuler Shaham Ltd acquired a new position in shares of AT&T in the 2nd quarter valued at about $30,000. Finally, Marquette Asset Management LLC acquired a new position in shares of AT&T in the 3rd quarter valued at about $36,000. 57.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on T. Daiwa America upgraded AT&T to a “hold” rating in a report on Friday, July 26th. Wells Fargo & Company dropped their price objective on AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Moffett Nathanson increased their price objective on AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Hsbc Global Res upgraded AT&T to a “strong-buy” rating in a report on Tuesday, October 1st. Finally, TD Cowen increased their price objective on AT&T from $21.00 to $23.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.40.

AT&T Stock Performance

NYSE:T opened at $22.12 on Monday. The firm’s 50-day moving average is $21.47 and its 200-day moving average is $19.36. The company has a market cap of $158.72 billion, a price-to-earnings ratio of 17.98, a PEG ratio of 3.38 and a beta of 0.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.67 and a current ratio of 0.73. AT&T Inc. has a 52-week low of $15.46 and a 52-week high of $22.73.

AT&T (NYSE:T) last released its 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 net margin of 7.42% and a return on equity of 13.97%. The business had revenue of $30.20 billion during the quarter, compared to analysts’ expectations of $30.50 billion. During the same quarter last year, the company earned $0.64 earnings per share. The firm’s revenue was down .5% on a year-over-year basis. Equities research analysts anticipate that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 5.02%. The ex-dividend date was Thursday, October 10th. AT&T’s payout ratio is presently 90.24%.

AT&T Profile

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.