Cornerstone Select Advisors LLC Buys Shares of 121,683 AT&T Inc. (NYSE:T)

Cornerstone Select Advisors LLC purchased a new position in AT&T Inc. (NYSE:T - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 121,683 shares of the technology company's stock, valued at approximately $2,771,000. AT&T makes up about 2.7% of Cornerstone Select Advisors LLC's holdings, making the stock its 8th largest position.

Several other institutional investors and hedge funds have also made changes to their positions in T. Norges Bank purchased a new stake in AT&T in the fourth quarter valued at $1,858,418,000. GQG Partners LLC raised its holdings in AT&T by 37.3% in the 4th quarter. GQG Partners LLC now owns 96,779,385 shares of the technology company's stock valued at $2,203,667,000 after buying an additional 26,280,866 shares during the period. Northern Trust Corp lifted its position in AT&T by 16.3% in the fourth quarter. Northern Trust Corp now owns 78,148,354 shares of the technology company's stock valued at $1,779,438,000 after buying an additional 10,945,679 shares during the last quarter. Assetmark Inc. boosted its stake in AT&T by 4,986.1% during the fourth quarter. Assetmark Inc. now owns 9,913,960 shares of the technology company's stock worth $225,741,000 after buying an additional 9,719,036 shares during the period. Finally, Invesco Ltd. raised its stake in shares of AT&T by 18.2% in the 4th quarter. Invesco Ltd. now owns 47,651,898 shares of the technology company's stock valued at $1,085,034,000 after acquiring an additional 7,347,354 shares during the period. 57.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on T. Citigroup restated a "buy" rating on shares of AT&T in a research note on Monday, April 7th. Wells Fargo & Company raised their target price on AT&T from $27.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, April 24th. JPMorgan Chase & Co. boosted their price target on shares of AT&T from $28.00 to $31.00 and gave the stock an "overweight" rating in a research note on Thursday, April 24th. BNP Paribas raised shares of AT&T from a "neutral" rating to an "outperform" rating and set a $28.50 price objective for the company in a research note on Thursday, February 13th. Finally, Tigress Financial upped their target price on shares of AT&T from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $28.71.

AT&T Stock Performance

NYSE T opened at $28.22 on Wednesday. The company has a fifty day moving average of $27.11 and a two-hundred day moving average of $24.63. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.66 and a quick ratio of 0.62. AT&T Inc. has a 1 year low of $17.00 and a 1 year high of $29.03. The company has a market capitalization of $203.04 billion, a PE ratio of 18.94, a P/E/G ratio of 3.00 and a beta of 0.42.

AT&T (NYSE:T - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). The firm 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 13.97% and a net margin of 8.95%. The company's quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.55 EPS. As a group, analysts expect that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th were paid a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 3.93%. The ex-dividend date was Thursday, April 10th. AT&T's dividend payout ratio is presently 68.10%.

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.

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