AT&T (NYSE:T) Trading Down 1.3% - Here's What Happened

AT&T Inc. (NYSE:T - Get Free Report)'s share price dropped 1.3% during mid-day trading on Wednesday . The company traded as low as $28.57 and last traded at $28.52. Approximately 14,153,150 shares traded hands during trading, a decline of 61% from the average daily volume of 36,321,152 shares. The stock had previously closed at $28.88.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Williams Trading set a $30.00 target price on shares of AT&T in a research report on Thursday, April 24th. TD Securities upped their target price on shares of AT&T from $29.00 to $30.00 and gave the stock a "hold" rating in a research report on Thursday, April 24th. Citigroup restated a "buy" rating on shares of AT&T in a research report on Tuesday, June 17th. Royal Bank Of Canada upped their target price on shares of AT&T from $28.00 to $30.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Finally, Cowen restated a "hold" rating on shares of AT&T in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, AT&T presently has an average rating of "Moderate Buy" and a consensus price target of $28.90.

AT&T Stock Up 0.1%

The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.98. The firm has a market cap of $203.82 billion, a PE ratio of 17.38, a P/E/G ratio of 4.02 and a beta of 0.42. The firm's 50 day moving average is $27.79 and its 200-day moving average is $26.12.

AT&T (NYSE:T - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The technology company reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). The company had revenue of $30.63 billion for the quarter, compared to analysts' expectations of $30.39 billion. AT&T had a return on equity of 13.63% and a net margin of 9.64%. The business's revenue for the quarter was up 2.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.55 EPS. As a group, equities research analysts expect that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be given a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend is Thursday, July 10th. AT&T's payout ratio is currently 68.10%.

Institutional Investors Weigh In On AT&T

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in AT&T by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 651,044,650 shares of the technology company's stock worth $18,411,543,000 after acquiring an additional 8,185,006 shares in the last quarter. Geode Capital Management LLC lifted its position in AT&T by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 163,761,301 shares of the technology company's stock valued at $3,719,723,000 after purchasing an additional 2,640,644 shares during the last quarter. GQG Partners LLC lifted its position in AT&T by 17.7% in the 1st quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company's stock valued at $3,222,711,000 after purchasing an additional 17,177,874 shares during the last quarter. Norges Bank bought a new stake in AT&T in the 4th quarter valued at about $1,858,418,000. Finally, Northern Trust Corp lifted its position in AT&T by 16.3% in the 4th quarter. Northern Trust Corp now owns 78,148,354 shares of the technology company's stock valued at $1,779,438,000 after purchasing an additional 10,945,679 shares during the last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.