1832 Asset Management L.P. Reduces Position in AT&T Inc. $T

Key Points

• 1832 Asset Management L.P. has reduced its holdings in AT&T Inc. by 21.2%, selling 24,495 shares and now owning a total of 91,318 shares valued at approximately $2.58 million.
• AT&T has posted a quarterly earnings report revealing a net revenue of $30.85 billion, surpassing analysts' expectations and achieving a 3.4% increase compared to the previous year.
• The company recently declared a quarterly dividend of $0.2775 per share, yielding 3.9% annually, with a payout ratio of 63.07%.

1832 Asset Management L.P. cut its holdings in shares of AT&T Inc. (NYSE:T - Free Report) by 21.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 91,318 shares of the technology company's stock after selling 24,495 shares during the quarter. 1832 Asset Management L.P.'s holdings in AT&T were worth $2,582,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Brighton Jones LLC increased its position in shares of AT&T by 26.5% during the fourth quarter. Brighton Jones LLC now owns 48,579 shares of the technology company's stock valued at $1,106,000 after buying an additional 10,188 shares during the period. Yoffe Investment Management LLC bought a new stake in shares of AT&T during the fourth quarter valued at about $213,000. Two Sigma Securities LLC increased its position in shares of AT&T by 306.0% during the fourth quarter. Two Sigma Securities LLC now owns 13,281 shares of the technology company's stock valued at $302,000 after buying an additional 19,729 shares during the period. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of AT&T during the fourth quarter valued at about $58,000. Finally, Beacon Pointe Advisors LLC increased its position in shares of AT&T by 0.8% during the fourth quarter. Beacon Pointe Advisors LLC now owns 835,069 shares of the technology company's stock valued at $19,015,000 after buying an additional 6,488 shares during the period. 57.10% of the stock is owned by hedge funds and other institutional investors.

AT&T Stock Down 2.4%

T stock opened at $28.7290 on Monday. AT&T Inc. has a 1-year low of $19.51 and a 1-year high of $29.65. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. The company's 50 day moving average is $27.99 and its 200 day moving average is $27.40. The stock has a market cap of $205.42 billion, a price-to-earnings ratio of 16.32, a price-to-earnings-growth ratio of 3.56 and a beta of 0.42.

AT&T (NYSE:T - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The business had revenue of $30.85 billion for the quarter, compared to analysts' expectations of $30.44 billion. During the same period last year, the business earned $0.51 earnings per share. The business's quarterly revenue was up 3.4% on a year-over-year basis. Sell-side analysts predict that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were given a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Thursday, July 10th. AT&T's dividend payout ratio (DPR) is presently 63.07%.

Wall Street Analysts Forecast Growth

T has been the topic of several analyst reports. Raymond James Financial reiterated a "strong-buy" rating and set a $31.00 price target (up from $30.00) on shares of AT&T in a research report on Thursday, July 24th. Tigress Financial upped their price objective on shares of AT&T from $32.00 to $34.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Hsbc Global Res cut shares of AT&T from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 24th. Bank of America began coverage on shares of AT&T in a research report on Monday, July 7th. They issued a "buy" rating and a $32.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of AT&T from $31.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $30.21.

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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